Blockchain is a rapidly evolving technology offering great potential for business development in the tech space and for the adaptation of a Web 3.0. The most prevalent applications for blockchains to date are cryptocurrencies or digital currency such as Bitcoin. However, many aerospace and supply chain companies know that blockchain networks are a perfect match for aviation applications offering an immutable, incorruptible, digital, and highly efficient way of keeping track of parts, materials, and maintenance records and content.
Blockchain has the ability to transform maintenance logs and parts traceability. Due to the nature of the decentralized network and database, records can virtually never be changed or manipulated, even by a database administrator. This can help ensure that parts produced are legitimate and live up to the necessary airworthiness requirements, and can ultimately offer a virtually immutable maintenance record of every part on an aircraft, as well as every time it’s been handled and by whom. This will soon offer a much more efficient approach to documentation of an asset’s lifecycle. At the same time, this would mean that operators would be able to sell and purchase parts with the confidence that the documentation is accurate and compliant with all maintenance regulations.
We believe that this could finally open the door for a truly universal module-based Common Source Database (CSDB) for 2200 or S1000D digital documentation. On the other hand, enterprises could also elect to adopt more localized private versions of CSDBs similar to the coexistence of the internet and intranets.
The latest and greatest cryptocurrencies (like Cardano) utilize a Proof of Stake (PoS) consensus to propagate transactions on their blockchain networks. The algorithm is based on randomly selected validators, who “stake” the native network’s tokens by locking them into the blockchain, to produce and approve transaction blocks. Validators are rewarded based on their total stake, incentivizing nodes to validate the network based on a return on investment (ROI). PoS is largely viewed as the greener, and a more scalable version of the older Proof of Work (PoW) consensus used by Bitcoin and Ethereum, which requires significant energy expenditures.
In Proof of Stake cryptocurrency consensus algorithms, hosts or node operators act as validators and are selected to produce the next block based on their stake. Although often designed with random functions to prevent a front-running consensus, a larger amount staked by a validator could give them a higher chance of producing the next block. Proposed blocks by validators are then propagated to the rest of the set, who verify and add the approved block to the blockchain.
Proposed blocks by validators are propagated to the rest of the set, who verify and add the approved block to the blockchain. Rewards are then distributed from the fees from all of the block's transactions.
Users delegate part or all of their stake from their secure online or offline wallets to a validator who will be in charge of securing the network. The reward will come from the validator sharing part of its revenue with those delegating their stake to him. Those rewards can be either automatically enforced by the protocol, or depend on the good will of the validator.
The first of such stake pools has been established by our team for Cardano (ADA) Mainnet blockchain and is called SkyWriter X Node [ticker: SKY1]. https://pooltool.io/
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