AIC Title’s Clay Healey: “I want the records for every aircraft in the world housed in my office.”
AIC Title is looking to revolutionise aircraft transactions by building a new system to allow customers to search aircraft records for aircraft registered anywhere in the world.
“My vision is that within the next five years the records for every aircraft in the world will be housed in my office in Oklahoma,” says Healey. “You will have access to the records on every aircraft in the world – on every registry — just as when you get a title search from the FAA.”
“OK, five years may be ambitious, it could take six,” he jokes. “But I promise you we will do this before anyone else and have already invested the time and capital to make this happen
AIC Title says it has already successfully introduced Blockchain technology for clients using its Closing Room services to transact aircraft. But Healey says that customers should not have to worry about how the technology works.clay healey aic itle serice
“Blockchain gives clients immutable, secure records and has a lot of advantages — but they don’t need to worry about the details of how the technology works” says Healey. “When I start my car, I don’t care about the electronics, the engine or anything else. I just want my car to start.”
Eventually AIC Title plans to have thousands of computers creating a bespoke blockchain. “I hate not owning things, which is what happens when data is on a cloud,” says Healey. “We want to own our own system.”
Healey, an experienced aircraft owner, bought AIC Title in 2003 with a plan to use information technology to update what he considered an “an archaic industry.”
“The biggest change that we’ve had is really the ability for us to get the information, house that information, and retain the information that we have for all of our clients,” says Healey. “AIC Title Service allows you to know that all the information — whether it be on a closing, filing a document, a title search, or an international registry search that we do for you — all of that information is stored and housed here at AIC. We’re the only company in the industry that downloads and retains all of that information.”
The data is stored in AIC’s own tornado-proof data room, backed up in another data centre in Oklahoma and stored in another location. The company is also highlighting rising cyber-crime attempts involving wiring instructions for aircraft transactions and is using two-step authentication technology in its Closing Room.
“Everything we do is about getting transactions to close. That is why we have the trademarked the term Aircraft Closing Room®,” says Healey.
Healey says that this is just the start. He adds: “If you could see the ideas running through my head it would probably scare you.” Healey’s goal is for AIC to be the central source for the information, services and security the industry needs.”