Willis Lease and FLYdocs Spearheading Development of Blockchain Powered Aviation Records Platform
February 20 2019 - 3:53PM
Willis Lease and FLYdocs Spearheading Development of Blockchain
Powered Aviation Records Platform
Willis Lease Finance Corporation (WLFC) and FLYdocs have joined
forces to develop a pilot program demonstrating the use of
blockchain technology on an open source data sharing platform for
aircraft, engine and component records.
The two powerhouses are engaging in what they
anticipate will be widely regarded as a pioneering move in the
digital transformation of the aviation industry. Blockchain has
already established a reputation in the financial sector as the
core technology underpinning virtual currencies such as Bitcoin,
and this initiative between WLFC and FLYdocs seeks to explore
similar benefits within aviation. The cutting-edge development
attempts to be the first real use of a blockchain and artificial
intelligence (AI) solution for managing commercial aircraft,
engines and component transitions.
The sharing economy created by this new
cloud-based platform would present an opportunity to decentralize
data exchange, eliminate silos and create a transparent environment
for collaboration, with added value distribution for airlines,
industry partners, vendors, manufacturers and regulators. Users of
the platform can expect reduced friction in the transfer of assets,
purchases, leases and sales of aircraft. An added benefit of this
collaborative ecosystem will be the provision of anonymity in the
data, allowing for complete trust between users, so they drive
their own big data analysis initiatives rather than relying on the
OEM or third-parties.
Charles F Willis, Chairman & CEO of WLFC,
noted: “The fundamental goal of this pilot project is to provide
increased data integrity, record immutability and security to the
aviation industry. Blockchain and its associated technologies will
cultivate a marketplace for the sharing of technical and
performance information in a cost-efficient and transparent way.
Although Willis Lease and FLYdocs are acting as the architects for
the development of this communal platform, users will be able to
access the wealth of data and resources autonomously.”
Andre Fischer, CEO of FLYdocs also commented:
“The immediate value proposition for airlines will be the reduction
in working hours that are typically required to comply with lease
and ownership transitions. Even more interesting, however, are the
analytical implications of having consistent, shared and protected
data anonymously presented on a common platform and available to
airlines at no cost. While airlines remain in control, it provides
them with a wider choice between competing solutions as the
anticipated open platform environment will enhance competition of
data analytics. I expect airlines and data analysts to use this
disruptive technology to drive significant efficiency gains in the
maintenance, safety and aircraft security within the industry over
the next decade.”
The new platform will have significant potential
to change the way data is shared and driven within the aviation
sector. WLFC and FLYdocs will, therefore, be extending an
invitation to technology partners to join the pilot project. The
pilot is already utilizing the expertise of Microsoft Gold Cloud
Partner and One-Tier Cloud Service Provider, United Data
Technologies and might open up to more partners as the development
moves forward. Participation in the project may include benefits
such as complimentary use of services, influencing the product
roadmap and being a part of an innovative initiative that could
change the face of aviation.
About Willis Lease Finance
CorporationWillis Lease Finance Corporation leases large
and regional spare commercial aircraft engines, auxiliary power
units and aircraft to airlines, aircraft engine manufacturers and
maintenance, repair and overhaul providers in 120 countries. These
leasing activities are integrated with engine and aircraft trading,
engine lease pools and asset management services supported by
cutting edge technology through its subsidiary Willis Asset
Management, as well as various end-of-life solutions for aircraft,
engines and aviation materials provided through its subsidiary,
Willis Aeronautical Services, Inc.
About FLYdocsFLYdocs is the
world’s most advanced aircraft data and records management
platform. The FLYdocs Big Data solution is utilized by airlines and
lessors worldwide to efficiently manage assets, data and records in
real time to transition assets at sale or end of lease on-time in a
fully paperless way.
The FLYdocs system is underpinned by an
aggressive software development program which has new modules
available for customers including Project Management, FLYsign
Digital Sign-off [with electronic workflows], Authorizations &
Training Records Management and the FLYdocs integrated electronic
documentation and authoring system.
FLYdocs provides aircraft records management
software, related outsourcing solutions and technical aviation
services. It has 250 employees and is headquartered in Tamworth,
Staffordshire, UK, with offices in India, Philippines, China and
the US.
For more
information please contact:
Willis Lease Finance CorporationScott B. Flaherty Chief
Financial Officer (415) 408-4700
FLYdocsNomsa SibandaMarketing ManagerFLYdocs Email:
nomsa.sibanda@flydocs.aeroTelephone: +44 (0) 1827 289 186
Except for historical information, the matters discussed in this
press release contain forward-looking statements that involve risks
and uncertainties. Do not unduly rely on forward-looking
statements, which give only expectations about the future and are
not guarantees. Forward-looking statements speak only as of
the date they are made, and we undertake no obligation to update
them. Our actual results may differ materially from the
results discussed in forward-looking statements. Factors that
might cause such a difference include, but are not limited to: the
effects on the airline industry and the global economy of events
such as terrorist activity, changes in oil prices and other
disruptions to the world markets; trends in the airline industry
and our ability to capitalize on those trends, including growth
rates of markets and other economic factors; risks associated with
owning and leasing jet engines and aircraft; our ability to
successfully negotiate equipment purchases, sales and leases, to
collect outstanding amounts due and to control costs and expenses;
changes in interest rates and availability of capital, both to us
and our customers; our ability to continue to meet the changing
customer demands; regulatory changes affecting airline operations,
aircraft maintenance, accounting standards and taxes; the market
value of engines and other assets in our portfolio; and risks
detailed in the Company’s Annual Report on Form 10-K and other
continuing reports filed with the Securities and Exchange
Commission.
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