If you have ever wondered how airlines can trim down those hefty cargo handling costs, you’re in the right place. A study conducted recently at Heathrow Airport by Aventus and Airport Perishables Handling (APH) revealed that airlines could save up to 7% of costs by embracing Web3 technology. This report, which has excited many in the aviation industry, proves blockchain technology is capable of changing the world for the better.
For years, the aviation industry has been grappling with outdated technology, resulting in significant issues such as losses, damages, and even lawsuits. For instance, the tools used for managing Unit Load Devices (ULDs) have remained the same since the 1990s. This has resulted in many problems for both airlines and travelers.
How does Web3 help? The study shows that this next-generation technology can eliminate and tackle these age-old problems by providing immutable, tamper-proof records. Think of this as a digital ledger that’s 100% tamper proof, where every cargo move is logged in real-time, allowing airlines to have only a single source of truth. This feature not only eliminates disputes but also enhances regulatory compliance.
But that’s not all. A recent pilot study at Heathrow revealed that Aventus’s blockchain-based system eliminated communication issues and reduced manual paperwork by 90% and 83%, respectively. Additionally, ULD stock updates, which used to take hours, now take 30 minutes. Loading times are also down by 28%, which indicates that this technology is a game-changer.
According to Alan Vey, founder of Aventus, this technology is a revolutionary force for aviation and global supply chains. Now that Aventus is partnering with various companies across North America, Europe, the Middle East and Asia, these impressive changes are the first step to greatness. Michelle Roosevelt, director of Aviation Perishables Handling, echoed this sentiment. She highlights that this technology is crucial, especially in busy airports. Roosevelt has seen firsthand what this fast and responsive technology can do in transforming cargo tracking for the better.
Looking ahead, Aventus, which was founded in 2020, is on a mission to cut costs, improve efficiency and enhance transparency by blending the best features of Web3 with the familiarity of Web2. This way, businesses can get solutions that empower them to run efficiently.
The bottom line is that Web3 technology is not just a buzzword, it is an innovative technology working hard to make the travel industry smoother and more efficient. The study clearly demonstrates the potential of Web3 to provide useful solutions that have bottom-line benefits. More use cases for these technologies can be found by examining the different ways in which various companies, such as Horizon Fintex, are leveraging Web3 in their operations while serving customers.
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