Aeron to launch blockchain project for aviation safety (ICO token)
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There are few places in the world where ensuring the accuracy and integrity of records is more important than in the realm of aviation safety. But current systems cannot guarantee the integrity of critical data and therefore leave the doors open to potential risks to passenger and crew safety. One start-up company, calling itself Aeron, is betting that the unique characteristics of blockchain technology can rectify this situation and in the process allow them (and maybe you) to profit from saving lives.
The same techniques that decentralized digital currencies such as Bitcoin use to maintain an unalterable fraud-proof log of payments and balances can also be used to ensure the integrity of safety-critical records in the aviation industry.
One key area targeted by Aeron is in the recording and maintenance of accurate flight logs. Current flight logs can easily be forged or changed, and incentives exist for people to do exactly that. For example: pilots may alter logs to make it appear that they have more experience than they really do, flight schools may fake pilot experience and aircraft operators may wish to under report aircraft flight hours in order to save on compulsory maintenance costs. Using blockchain technology to create a fraud-proof distributed database for this information can help to eliminate these safety risks. At the same time, it can provide a convenient way to reliably share information between interested parties.
In addition to a data hub and apps for pilots and aviation companies, Aeron is also building a consumer facing portal for passengers and flight school students to access a validated global database of aviation services. The first version of this portal is scheduled to launch as early as November 2017.
The token sale
Aeron is currently running a token sale in order to raise funds for the development of this technology.
A total of 100 million ARN tokens have been issued. These tokens are secured by the Ethereum blockchain and are ERC20 compliant. Out of the 100 million total, 60% are being sold in a crowd sale, while a further 20% are allocated to incentivize participation in the ecosystem and drive network growth, 18% issued to the development team, and 2% retained for covering administrative costs.
These tokens must be purchased by anybody wishing to access Aeron services, and will additionally be usable to book flights through the aerotrips.com consumer portal. In this way, they are expected to increase in value if the company is successful.
Tokens can be purchased up until the 23rd October 2017 for $0.5 USD each. Bonus tokens are available to the early buyers.
Visit the Aeron website here: aeron.aero for more information.