The shares of Structural Monitoring Systems plc (ASX: SMN) rocketed higher by over 13% today after the comparative vacuum monitoring (CVM) technology company announced a major update with one of the world’s leading aviation original equipment manufacturers (OEM).

As its name implies, Perth-based Structural Monitoring Systems is involved in the development of technology that can detect early stage metal fatigue.

A lot of progress is being made by the company, but it is still at a testing stage for some of its products and thus it may be too soon to invest on this news. The company expects that pre-requisite approvals from the domestic aerospace regulator will be finalised in Q1 2017, followed shortly after by critical FAA approval. This is essentially a formality given the bilateral agreements in place between all the major global aviation regulators.

As well as this news, the company also reported that Boeing has completed the administrative process of formally approving the CVM for the centre wing box application employed in its Delta/Boeing programme.

This means a modified Boeing service bulletin that includes the use of CVM to conduct the health monitoring of the wing box components has been issued. This now allows all 737-NG operators worldwide to use CVM sensors to replace existing ground-based, time intensive inspection protocols.

Whilst it may be a little premature to make an investment today, I feel it is definitely worth adding to your watch list. If this technology is adopted en masse by operators then I believe the company could experience explosive growth.

But until there is proof that operators are seeing value in it, I would suggest holding off an investment. Instead shares such as Sydney Airport Holdings Ltd (ASX: SYD) and Auckland International Airport Ltd (ASX: AIA) could be alternative options for investors right now.

As well as these two shares I believe these three blue chip shares are ready for an investment today. Each provides a solid fully franked dividend and could climb higher in the next few months in my opinion.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.