Blockchain in Space: What are the Current Plans?

Blockchain has been one of the most significant breakthrough technologies released recently, with many technology innovators being inspired enough to draw comparisons to the industrial and internet revolutions.

So what does this new technology mean for the space industry? This digital ledger has offered a new level of security for people wanting to make monetary transactions within their businesses. People could buy litecoin and use it to purchase a product, something that hasn’t been seen before.

The heightened level of security and trust delivered among users is perfect, as it cannot be hacked or centrally controlled. It gives a new way to facilitate current processes, create cost savings, and securely exchange value and information.

Combined with the Internet of Things and Artificial Intelligence, Blockchain has created a so-called holy trinity of disruptive technologies.

Blockchain in Space

The first time blockchain was used in space was by a company called Blockstream, which distributes cryptocurrency. The following year studies began in France between SpaceChain and PricewaterhouseCoopers surrounding blockchain applications in space.

Many applications remain untouched surrounding blockchains, but the viability in space has been proven. Missions to Mars and the moon are giving companies vast amounts of data. Private space companies are currently exploring how viable it is to offer utility tokens that could release data gathered on these missions.

This data will help fund future missions to enhance the overall knowledge known. Monetizing data is the perfect way to self-fund the advances in this technology. The data is crucial for private companies to generate help for other space agencies and companies to perform future missions. 

Is Blockchain in Space a Solution? 

The idea of blockchains used in space looks to be a solution. It can be a useful tool to develop efficiency and transparency in future processes. Manufacturing and supply chain management may promote the accountability and traceability of productions throughout a chain.

This would benefit customers as the transparency would be much more enhanced. The use of satellites for nodes in data processing or storage also has the potential for creating space-themed blockchain applications.

The Future of Blockchain in Space 

Experts have asserted that only a select number of companies have taken steps to push for blockchain innovations in space. The conceptual creation of blockchain-based databases by ConsenSys has helped pinpoint satellite positions.

It is becoming an increasing necessity for companies such as SpaceX, which launch fleets of satellites that need to avoid collisions with debris. The U.S. Air Force owns the only other database similar to this.  

Communication with satellites is a simple application for blockchains to understand, with a lot of infrastructure in development for better space exploration. This may be an extremely practical application for blockchains.

The ongoing race to build more satellites to improve the already high-speed internet is extensive but could easily be supported by the transparency of blockchains to help marshal the economy built surrounding these satellites.

On top of this, the growing success of space flights from Elon Musk or Jeff Bezos has inspired others to enter the race, an area limited to NASA and the ESA for the initial 50 years of space exploration.

Tokenization is creating a much more achievable goal for organizations looking to perform expensive test flights, which previously would bankrupt companies if not successful.

This has allowed those with big dreams to find some reality within them. If the funding problems are addressed with varying capital structures and sources, access to space for more companies would be much more achievable.

Dreams of exploring space to create a better understanding could soon be a reality that benefits all of us.

Blockchain is still in its conception, but the opportunities that the technology could offer may be one of the most impactful areas the exploration of space has seen.

The transformation of supply chains and how we create revenue to support the goal of space travel and exploration is becoming more practical as innovations are being made.

The use of blockchain in space may currently feel further than our understanding, but there is much more knowledge to be obtained and much more technology to be developed.

Similar Stories