14
lea
ding (^) i
de
as
stra
tegy
+bus
ines
s^ iss
ue^9
6
strated positive results in a workforce credentials initiative could help build buy-
in for bigger, more ambitious projects. And tak ing prudent first steps through
in telligently sized pilot programs can prevent digital culture shock.
Build an ecosystem. Bringing to gether stakeholders to agree on standards
that will define the busi ness model is perhaps the biggest challenge in blockchain.
In some instances, a single, dominant com pany has enough sway to set stan dards
and rules of its choosing and require others who want to partici pate to abide by
them. This “sponsor-led” model is unlikely to be appropriate for the multipolar
aero space industry, however. Instead, a consortium-based model could prove a
better fit. When working together, consortium mem bers establish governance,
oversight, and au dit mechanisms and to set rules for participation.
Design deliberately. Permis sionless blockchains, in which any one can initi-
ate and view transac tions, have many valuable uses. But an aerospace industry–
specific blockchain project with the goal of providing data for the life of the air-
craft will likely need to have a rigor ous array of permissions to ensure that
sensitive information is avail able only to the parties that need it. The governing
body, likely an in dustry consortium, would have the power — and responsibility
— to set those ground rules. It’s impor tant to include cybersecurity, com pliance,
audit, and legal specialists in design decisions from the begin ning. Assembling
the right team will help avoid costly missteps and build trust among all members
of the ecosystem.
Navigate regulatory uncertain ty. Although blockchain is a global technology,
any solution will have to meet specific jurisdiction require ments. For example,
the European Union’s General Data Protection Regulation (GDPR) requires that
personally identifiable data be eras able. The regulation is regional, but a global
blockchain design has to ac count for it in workforce-related use cases. We expect
similar regulations to influence the design and execution of the proposed use
cases outlined above. National aviation and trans portation safety regulators will
likely also need to be satisfied that block chain meets their requirements for
record-keeping and is at least as reliable and auditable as existing systems. As our
Global Blockchain Survey has found, the idea here is to develop solutions along-
side simultaneous efforts to reassure regulators — instead of waiting for approval.
The goal is to “show, not tell” how transparency works to gain support.