Blockchain Aviation Summit to foster innovative developments

A report dated 31 March by Emirates News Agency highlighted the gathering in Abu Dhabi focused on blockchain technologies in the aviation sector.

The report commenced by informing that the inaugural International Civil Aviation Organization (ICAO) Blockchain Summit and Exhibition would kick-off in Abu Dhabi today. The attendees would number over 800 individuals from 90 countries.

The report conveyed that His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces would be the patron. The event is co-organised by the UAE General Civil Aviation Authority (GCAA) and the ICAO.

Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the GCAA Board of Directors cited –

“The UAE is continuing its leading role in the field of innovation, with its sustained performance in this year’s Global Innovation Index. The UAE is the top ranking country in the Arab world, according to the Global Innovation Index. We are honored that ICAO has selected the UAE as the host nation of the first ICAO Blockchain Aviation Summit and Exhibition.”

The report touched upon the prominence of the summit. The convention serves as a platform to harness the potential of blockchain technologies. This is in a bid to ensure a secure and efficient civil aviation system. The 2019 conclave, entitled, ‘Blockchain: Unlock the Potential’, will offer the international aviation community valuable information.

THE AVIATION INDUSTRY IS LITERALLY A PERFECT MATCH TO EMBRACE BLOCKCHAIN TECHNOLOGIES. SUCH SUMMITS ACCELERATE THE LOGISTICS.

The report expressed the farsight of ICAO and GCAA. The bodies hoped that through the summit and exhibition, the adoption of blockchain through the entire aviation industry would be accelerated. This embrace would not be limited to aircraft but also to other assets such as financing to business operations, contracts management, record keeping, and security.

In January, the Emirates News Agency highlighted the bonding between the United Arab Emirates (UAE) and Saudi Arabia to collaborate on key partnerships including a cross-border digital currency. This coming together for a cryptocurrency project was to understand the effect of a central currency on financial rules.

The report concluded by capturing the opinion of Saif Mohammed Al Suwaidi, GCAA Director-General. Saif Mohammed emphasized that selecting the UAE was a clear indicator in recognizing ongoing efforts to invest in new technologies. The areas of focus were diversified and not restricted to the aviation sector. Saif Mohammed also quoted on the strong relationship between the government and private industries. To wrap up, he mentioned about ongoing endeavors to improve the thriving aviation business.