honeywell uses blockchain tech to modernize buying of aviation parts
December 18, 2018
Honeywell (NYSE: HON) is bringing the ease of everyday online buying and selling to the aviation parts industry with GoDirect™ Trade. The new e-commerce platform will improve access to new and used aircraft parts for airlines, air transport and business aviation customers by offering transparent pricing and the option to buy inventory directly from its website — a first-of-its-kind experience.
“GoDirect Trade represents an evolution in our market, and being backed by a major equipment manufacturer brings the confidence we need to be one of the early adopters,” said Thomas Noonan, director of material and part sales, StandardAero Total Aircraft Spares. “This technology will help propel the aviation industry forward into the realm of other e-commerce sites that many of us use each day without a second thought.”
Previously, buyers looking for aviation parts such as avionics, auxiliary power units and more would have to call numerous companies, wait days or even weeks to price a part, and risk buying from a company that did not have the inventory immediately in stock. On GoDirect Trade, Honeywell is using blockchain technology to ensure every listing includes images and quality documents for the exact part being offered for sale, giving the buyer confidence about purchasing the part. In addition, every part on GoDirect Trade is immediately available for sale and shipping. There is no need to wait days or even weeks for the seller to confirm availability.
“Currently, less than 2.5 percent of all transactions in this space are done online,” said Lisa Butters, who is leading the new Honeywell Aerospace venture. “Up until now, the ability to shop for spare parts online with prices, product images and quality documentation all in one place was unheard of for the aviation industry.”
Building upon experience from the Honeywell Aerospace Trading business, GoDirect Trade aims to build stronger connections between buyers and sellers. For example, buyers and sellers can directly contact one another via the platform, streamlining the process to ensure both parties are satisfied with the exchange. As with similar websites in other industries, online reviews of both buyers and sellers are encouraged.
“We are the first marketplace to enable customized seller storefronts, and we are the first to leverage blockchain technology to build trust between the buyer and seller,” Butters said. “All of these firsts will bring us into a new era focused on the buyer’s experience while enabling sellers to grow globally. Our platform and mindset will change the way the industry does business.”
GoDirect Trade is part of Honeywell’s GoDirect family — the industry’s most complete portfolio of more than 50 value-adding aviation services and applications that provide operators, flight crews and maintenance teams with critical information to control their services and network. To learn more and start exploring GoDirect Trade, visit the new e-commerce platform.