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Following a successful presale, aviation blockchain company Aeron said it is ready for its ARN tokens to go on sale for the public.
Worth 50 cents each, tokens allow buyers to support the company using bitcoin and Ethereum. Aeron said its presale raised more than $1 million from 843 backers.
Aeron’s solution has a smartphone app replacing the manual act of logging flight hours on paper. The company is developing a decentralized database and online system that would host global data on aircraft, flight schools and pilots. The company said that since these logs can be verified online, it could improve safety.
According to Aeron, the solution would detect any mismatched data between ATC, the pilot or the operator. This would allow aviation authorities to eliminate the issue. Authorities would also be able to detect pilots operating with an expired license. Flight, FBO and other payments could be made through the app.
The business model Aeron has on its website shows that key partners in developing its blockchain solution include the FAA and EASA. Targeted clients for the solution include flight students, pilots, instructors, operators, FBOs, maintenance providers and others.
“The improvement in aviation safety today can be achieved by using blockchain technology,” Aeron says on its website. “It will exclude the possibility of loss, distortion or forgery of vital log data, therefore significantly reducing the risk of fatal accidents. Information should be transparent and available for the authorities to improve safety.”