| |May 20189CIOReviewoperated them for how many hours, when and if they failed, who repaired them and when etc. The data could be entered manually or automatically by enterprise re-source planning (ERP) systems. Once entered according to the rules, data would be distributed to all participants in the blockchain. It could not be changed without a consensus of all participants. Cryptography would make misinformation extremely difficult, and the distribution of data among many companies would make it almost impossible to hack.Blockchain will also replace paperwork and time-consuming manual duplication, storage, certification, sharing and searching of paper.This is breakthrough for Aviation industry and MRO business where blockchain becomes a single source of the truth to all parties involved in this complex supply chain. It will help to significantly improve the repair time & cost ­ which is so critical to aviation industry where time on the wing is key.Second I would like to discuss about F&A indus-try getting disrupted by blockchain, on how companies could manage order-to-cash operations via a digital fi-nance and accounting (F&A) solution that leverages blockchain technology in a new way to dramatically transform operations, customer satisfaction, and cash flow management, by eliminating billing errors and ac-celerating payment time.Today approximately 70 percent of invoice disputes occur due to inaccurate information and missing or late invoices, which frustrates customers, and also ties up cash in accounts receivable, delays payments, and in-creases costs. Today using distributed ledger blockchain technology, allows various internal and external stake-holders to easily and transparently share data among multiple computer systems. This eliminates the potential for data mismatches among multiple parties involved in F&A functions ­ such as accepting and processing or-ders, managing fulfillment, and generating invoices ­ and as a result, reduces time spent managing disputes. This blockchain F&A solution also integrates with cus-tomer and supplier banks, allowing visibility to transac-tion status across end-to-end operations. By automating the payment process once the transaction has been vali-dated and approved, the solution eliminates the poten-tial for errors, which speeds payments processing and delivers a more seamless customer experience.Finally, I would like to take through a case in making where water resource management & distribution can be done transparently using blockchain technology. It is so important in an agrarian country like India with around 60% of its people depending directly or indirectly upon agriculture.Water being a limited resource to be distributed evenly between agriculture and civil usages. Blockchain-based technology will utilize smart contracts to convert water rights into digital assets.Each individual farmer will be assigned a digital to-ken which represents a fractional ownership in actual water rights and removes the financial barrier to entry. These asset-backed tokens offer stability and value.This will ensure complete transparency in movement, collection, distribution, usage, and recycling of water and will take away the role of middleman and chances of any corruption.In summary blockchain is a great opportunity for all the industries to transform the records, transactions and payments framework in a decentralized way and create a new business model with trust encrypted digitally. Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction. This is the immense potential of blockchain
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