Toronto, Ontario--(Newsfile Corp. - February 4, 2020) - The aerospace parts industry has long looked to take advantage of new technologies to become more efficient. A burgeoning focus is with 3D printed parts on demand to provide rapid replacement options while reducing expensive physical parts inventories. This solution can make a part available in hours versus days or weeks, helping carriers improve their up-time while reducing part costs. Markets are now forming around digital assets for printed parts so that buyers have a wide library of parts in one location. Blockchain technology, a key component of a trusted solution, is ready for physical parts provenance and digital twinning throughout the supply chain. Yet, a trusted B2B digital logistics platform for supply chains doesn't exist today.VeriTX© is positioned to become the trusted marketplace for digital assets, utilizing a platform-based business model, enabling the regulated digital supply chains of Industry 4.0.
As per the 2020 Global Aerospace 3D Printing Market report, the global Aerospace 3D Printing market is valued at 1.85 billion US$ this year and is expected to reach 16.76 billion US$ by the end of 2026 - a growth rate at a CAGR of 36.6%. 3D printing has taken hold as a high-availability option for critical parts development and replacement. The technology, also referred to as additive manufacturing, uses precision hardware (and computer-aided-design software) to build a complete 3D object layer by layer. Proof of this has become easy to find. Last year, Lockheed Martin created a 3D-printed titanium dome for its high-pressure satellite fuel tanks, cutting production time for that project from two years to three months.
The VeriTX leadership team has deep domain expertise and a long record of successful execution on large programs. While working with a large aerospace company, VeriTX co-founder James Allen Regenor Col USAF(ret) executed seven proofs of concept to prove the technology, and understands the value creation models. "When we look at the future of digital supply chains in aerospace, the Air Force is taking huge strides to push out to the point of use. VeriTX trusted digital marketplace allows customers to democratizes trust and manufacture on the edge," said Regenor. More recently, Mr. Regenor was awarded a United States Air Force contract to investigate how to transform maintenance operations in the military and civilian aviation operations.
To create trust amongst participants within the VeriTX ecosystem, transactions must be done peer-to-peer, without an intermediary accessing selling and purchasing information. Large parts manufacturers can't open up their information to the platform. To enable peer-to-peer transactions in a transparent environment, decentralizing certain features using a blockchain is key. Along with a blockchain-backbone, strong governance frameworks to manage the network are important to the VeriTX vision. To execute this, VeriTX selected a technology partner that understands where blockchain should and shouldn't be used. Northern Block comes in as a partner who has a track record of aiding enterprises that need industrial grade systems to market with products that leverage blockchain to gain competitive advantages.
"Northern Block was the obvious choice to partner with to accelerate the product development to get VeriTX to revenue. Their thought leadership in distributed computing and flexibility to build products in highly regulated industries is an asset for us. They are also pioneers in building self-sovereign identity networks with strong governance frameworks for trust-creation, something that is very important to VeriTX," added Mr. Regenor.
The VeriTX model works across multiple verticals from aerospace to medical to industrial. The United States Air Force has one of the largest aircraft fleets in the world so there is no better place to start transforming supply chains. Just last week, the Air Force Accelerator, based in Boston, MA, announced that VeriTX was part of its 2020 cohort.
About Companies
About VeriTX© - VeriTX is a trusted digital commerce marketplace for buying and selling digital and physical assets, and maintaining trusted maintenance and lease records. To learn more, visit www.veritx.co.
About Northern Block, Inc. - Northern Block is a blockchain consulting and venture creation firm. We fuel the creation of disruptive business models and user-centric applications that achieve trust through open, transparent and fair systems. To learn more, visit www.northernblock.ca.
Key Contacts
James Allen Regenor Col USAF(ret)
Founder and President
VeriTX©
jim@veritx.co
Mathieu Glaude
Northern Block Inc.
Founder and CEO
mathieu@northernblock.ca
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