9/7/2023 0 Comments Unlox algorand![]() ![]() Making (printing) the part took about 40 minutes. Since the process was entirely digital, once the part was ordered, it was sent instantly to the 3D printer, which was waiting. Polymer aircraft parts: Time from order to delivery was reduced from 133 days to 1 hour.VeriTX reduced lead time exponentially to just 6 hours. F15-Eagle fighter metal aircraft parts: Typically takes 265 days from order to delivery.The impact of the VeriTX digital supply chain was proven with real-world use cases: For those who do not have 3D printing machines, VertiTX has machine partners who can print the parts and have them ready for pick-up or delivery. The platform enables the exchange of digital assets, which will eventually become tangible in the last step. All the necessary information such as pricing, specifications, and provenance is included. Sellers upload parts on VeriTX platform.This includes the idea, prototype and final design of parts ranging from traditionally forged metal engine parts to polymer-molded interior parts used in aircraft cabins. VeriTX will digitize and decentralize the parts manufacturing process by breaking it down into four steps: Until now, the aerospace manufacturing industry has largely relied on business systems developed in the 1980s- ordering parts from printed catalogs via fax and phone. “Algorand was the ideal solution to onboard our ecosystem partners to the network, because of its flexible architecture, low transaction fees and transactional throughput scalability.” “We chose Algorand as the blockchain infrastructure to power our platform, after looking at several technology providers and rigorous due diligence,” said Col James Allen Regenor, USAF (ret), VeriTX CEO. This enables the additional benefits of tracking the parts from order to delivery on an immutable distributed ledger, and verifying the provenance (origin and authenticity) of the parts, mitigating the $3-billion problem of counterfeit parts. The VeriTX Platform, a digital marketplace that directly connects buyers and sellers of aircraft parts that can be 3D printed on-demand at the point of use, is building on Algorand’s public, pure proof-of-stake blockchain. An Air Force maintenance commander estimated VeriTX would yield a 30% cost savings, 90% reduction in waste, and a 25% increase in aircraft performance (uptime). As the US Army, Navy and Air Force all move toward a digital supply chain, the combined market size for digital aircraft parts is expected to reach $3.1B by 2025. The VeriTX digital marketplace allows customers such as the Department of Defense and commercial airlines to save significant time and money in manufacturing aircraft parts and to gain valuable economic and logistical data that can be used to maximize efficiency. Veritx Corporation, marketplace for digital assets enabling decentralized manufacturing, will develop a digital supply chain for aircraft parts using the Algorand blockchain technology. ![]()
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