As the blockchain space continues to evolve, we'll discover more ways to leverage it to handle a variety of problems. For Lockheed Martin, the aircraft OEM, blockchain presented itself as the solution to logistics and supply chain management issues.
Lockheed Martins is an original equipment manufacturer for various aircraft brands that employs over 100,000 people. The company founded in 1995, has its main office in Maryland, USA but is a global brand that handles projects with various entities across the world.
Their recent move puts them on a long list of businesses that are looking to Blockchain to handle ledgers and data tracking. Under this new agreement with SyncFab, a blockchain-based company, Lockheed Martin will gain direct access to the procurement and supply chain platform that runs on a blockchain created by SyncFab.
SyncFab is designed to match OEMs with suppliers across Switzerland. All the matches within Switzerland will be to companies listed as Swissmem( Switzerland’s mechanical and electrical engineering industries) members. This association is responsible for nearly one-third of exports from Switzerland.
This agreement with what is technically an engineering matchmaking firm is only one of many other companies that have employed SyncFab's blockchain service. In 2018, the Department of Energy aligned with SyncFab to handle logistics, which invariably means that a whole section of government handles supply chain management with blockchain service.
However, SyncFab is still very excited by this move. According to their CEO and founder, Jeremy Goodwin:
SyncFab is honored and privileged to work with Lockheed Martin in our mission to expand access and digitally transform Swiss Industrial Supply Chains in partnership with Swissmem.
Supply chain has popped up as one of the most important use-cases for blockchain technology. As the popularity and importance of distributed ledger technology continue to rise, we'll see even more companies embracing the technology of the future.
