Welcome to the world of 3IPK, where we help to make sure that the aircraft you’re flying is safe by using blockchain technology and DCore. DCore was developed as an open-source blockchain with simple developer tools, DCore is a leading blockchain built by DECENT to provide a straightforward process to create decentralized applications (dApp).
On the surface, our goal is to provide much-needed transparency within the aviation industry, where the supply chain is a long, drawn-out and complex process. An airplane is essentially made out of thousands of components supplied by hundreds of suppliers. We’re not just talking about little things like the bolts and screws or the handles on the seat, but also critical safety equipment like flight control computers, pitot tubes, engine parts, which are required for safe flight operation.
At the end of the day, an aircraft is a complex system and the whole aerospace industry relies on safety as a business-critical aspect. So every part needs to continuously meet the highest quality and safety standards. We ensure that every component used within manufacturing is authentic and that supply contracts are streamlined.
Our Co-Founder and CEO, Maria Capova, wanted to build 3IPK on the blockchain to mitigate problems during the tracing, authentication and originality assurance within the supply chain for the aviation industry.
3IPK uses a Smart Dust fingerprint functionality that allows for real-time tracking and tracing of parts including related certification data and documents as it moves throughout the supply chain. In doing so, the end producers know exactly where the specific part is, and more importantly what is its certification and flight clearance statuses are at any point in time. This allows for a drastic increase in efficiency and safety which reduces costs across the entire supply chain.
Our token, which is a stable coin called IPK. In a situation like this, having a stable coin pegged to the US dollar — the standard currency used in the global aerospace business — is of vital importance. While recent market downturns have affected the market’s perception of cryptocurrencies, the IPK token is different. Despite creating a new token, 3IPK is not aiming to perform ICO or raise funds through any traditional cryptocurrency methods. Having the stable coin is merely to serve the purpose of ensuring a smooth and safe transaction, in addition to a faster clearance for suppliers of aircraft manufacturers with guaranteed visibility and transparency. The stable coin is linked with the supplier contracts that are already in place, once a milestone has been achieved, the equivalent IPK is transferred to show how much of the contract has been fulfilled. This is standard practice in the aviation industry.
As we highlighted above, the supply chain in aviation spans multiple countries and is intensive on cash transactions. Building up a platform where the traceability of product and flow of payment could be improved is not only going to benefit the aviation industry but the end consumers — passengers in the long run.
By creating a stable token such as IPK, we are essentially digitalizing the payment process involved within the supply chain. When a portion of parts certification deliverables have been approved by all stakeholders including the final customer, the platform can show exactly how much of a contract is processed and the USD equivalent sent to date. This level of transparency is unprecedented in the aviation industry and provides all stakeholders involved with clarity on how much of the contract has been delivered. Using a stable cryptocurrency, such as IPK, allows for ease in trackability as well as the transparent payment flow.
We hope you are as excited as we are in the development of 3IPK, and we promise to keep you up to date on more details that will emerge in the upcoming months!
