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Aventus, a layer-2 blockchain protocol designed to enhance Ethereum’s scalability, has seen a significant surge in the price of its native token AVT, reflecting a growing interest in its innovative Web3 solutions.

At press time, AVT was trading at $2.77, marking a 66.3% increase over the past 24 hours.

The Aventus (AVT) price spike coincides with a pivotal development in its use case.

Partnering with Airport Perishables Handling (APH) at Heathrow Airport, Aventus conducted a pilot study to showcase how blockchain, through the Polkadot ecosystem, can transform traditional processes for the aviation industry.

The Aventus Network (AvN) addresses Ethereum’s scalability issues by providing a second-layer protocol that enables businesses to build on Ethereum while integrating with other promising blockchain technologies through Polkadot and Substrate.

In the pilot study conducted in collaboration with Aviation Perishables Handling (APH) at Heathrow Airport Aventus demonstrated how blockchain technology can help businesses address longstanding inefficiencies in the aviation industry, particularly within cargo handling.

Historically, the global Unit Load Device (ULD) management system has remained largely unchanged since the 1990s, heavily relying on manual data entries.

This outdated approach has led to significant challenges, including data visibility issues, secure information sharing, and costly ULD losses, damages, and delays, collectively costing airlines over $1.6 billion annually.

Aventus’s Web3-based solution introduces a blockchain-driven approach to tackle these issues.

The blockchain-based solution developed by Aventus brings several advantages to ULD management.

By providing immutable, tamper-proof records, the solution creates a single source of truth, which not only reduces disputes but also enhances regulatory compliance.

Additionally, the use of self-executing smart contracts minimizes administrative overhead and errors, while real-time visibility into ULD location and condition streamlines data sharing and operational optimization.

The pilot study conducted at Heathrow Airport produced impressive results.

Aventus’s technology led to a 90% reduction in communication and error incidents due to digitized data capture, an 83% reduction in manual documentation time, and an 81% decrease in the time between ULD stock updates — from 3-4 hours to just 30 minutes.

Furthermore, loading times were reduced by 28% due to optimized ULD loading workloads.

Alan Vey, Founder of Aventus, emphasized the transformative potential of their technology, stating that the results they got were truly remarkable, underscoring the transformative potential of blockchain for not only the aviation industry but for supply chains globally.

Vey also noted the company’s plans to expand partnerships across North America, Europe, the Middle East, and Asia.

As Aventus continues to push the boundaries of blockchain innovation, its impact on supply chain efficiency and its market valuation is expected to rise, reinforcing the value of integrating cutting-edge technology with established industry practices.

The post Aventus (AVT) soars 66% after successful Heathrow Airport blockchain pilot study appeared first on Invezz

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