Honeywell International's Aerospace division has racked up $2m in sales so far this year on its blockchain-backed online marketplace for used aircraft parts. GoDirect Trade offers secure, transparent transactions, while also significantly reducing certification and origin verification times. Honeywell Aerospace is targeting $10m in sales by the end of this year, and eventually aims to sell entire second-hand aircraft on the site. The company says it will use a combination of machine learning algorithms and artificial intelligence (AI) to help customers identify parts that are no longer needed or have been modified beyond repair.
Honeywell International's Aerospace division has racked up $2m in sales so far this year on its blockchain-backed online marketplace for used aircraft parts. GoDirect Trade offers secure, transparent transactions, while also significantly reducing certification and origin verification times. Honeywell Aerospace is targeting $10m in sales by the end of this year, and eventually aims to sell entire second-hand aircraft on the site. The used aircraft parts market was valued at $5.4bn in 2018, and is set to grow to $7.7bn by 2026.