How Data Sharing Will Dramatically Change the Aviation Industry w/Eldon Thomas

The aviation industry is ripe for excess and unnecessary spending. How has this affected the balance of power? How will technologies like blockchain promote better data sharing and conversations? On this episode, we are joined by Eldon Thomas from Velo Aviation and Jet Data to answer these questions.    We can share information and data across the industry on the best solutions for performance and reliability. -Eldon Thomas   Takeaways + Tactics GE is driving more revenue on the aftermarket services than they are from selling new engines. OEMs invest a lot of money into the products so they can capitalize on the backend, and the leasing companies all want products for a price that makes sense for their balance sheets. A tracking and information system for parts will help everyone in the industry, and keep insurance costs in check. Blockchain technology is coming to aviation.   Resources For more aerospace industry news & commentary: http://northstaresg.com/ To learn more about Craig Picken and the NorthStar Group, visit http://northstaresg.com/.   Eldon shared how he got started, and explained his interest in supply chain management in aviation. Next we talked about the whole parts industry and the factors controlling it, followed by the possibilities blockchain presents for aviation, and how it can completely change everything for every stakeholder in the industry. We also discussed: Why companies end up overpaying for insurance What makes the airline industry unique Why there’s a demand for surplus parts The airline industry is unique. There is a global need for parts which is unpredictable, and parts traceability is expensive. The entire industry can be transformed by Blockchain, the same technology used in Bitcoin, to create a very secure database that is difficult to hack and misuse to bring sanity to an often insane supply chain.