While blockchain is best known as the digital transactions technology that underpins cryptocurrency bitcoin, it can also be harnessed to track, record and transfer assets across all manner of industries, potentially smoothing operations, cutting costs and improving cash management.

The challenge faced by the aerospace industry in keeping track of tens of thousands of different parts came to light when it emerged after last month's fatal explosion that some airlines do not keep track of the history of each individual fan blade within an engine.

In addition to the operational and cost benefits, improved parts management could speed up safety checks after an accident, industry experts said, and an increasing number of aerospace suppliers are looking at blockchain as a potential solution.

Blockchain offers a secure encrypted audit trail because there is only one version of the data, meaning it can be used to ensure traceability without reams of paperwork. It is already being used to track cobalt on its journey from Congo mines to smartphones, for example.

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