Blockchain technology is a decentralised technology, which is stable and flamboyant. There are millions of systems around the globe through which the information passes; still, it will be unmodified. One can see the information in blockchain technology but cannot alter it. A lot of digital payments are done through blockchain technology. Besides giving full transparency and stability, blockchain technology supports peer to peer sourcing.
It has high-security measures which are a combination of hash functions and other security protocols. In the context of the space industry, there is a lot of data generated. For continuous and unambiguous data, blockchain can be a boon. Let us dive deeper and understand the pros of blockchain in the space industry and exploration.
Emerging technologies like blockchain and decentralised data are making a lot sound in recent years, but the technology is still new to people hence its very hard to imagine any application of it in our life. There are many commonalities that tie blockchain and space. Blockchain describes a very different way of data storage. That is decentralised too, having a common database but more secure as blockchain uses cryptographic algorithms.
How Blockchain technology can be used in the Space Industry?
The cryptocurrency application of Blockchain is popular in the finance industry and other sectors. Blockchain is already in use for several years in the space industry. Some prominent applications in this context are:
Supply Chain Management
Keeping track of supplies in space is very important in space. Blockchain is used in man-aging big space construction projects and managing the resources for space exploration.
Satellites as nodes for better and secure communication
The satellite network can be used as a node in the chain of information where you can store as well as perform transitions. This allows the space sector to give an important contribution toward better and secure communication.
Space asset tokenization
Asset tokenization in space is not an easy task; it requires enabling a crypto token-based
ownership of space assets including spacecraft, satellite and potentially astronomical bodies such as asteroids.
Blockstream was launched in 2017, which became first-ever state lite to use blockchain technology. SpaceChain first used blockchain in space in 2018 that formed the base for the constellation of satellites to support the blockchain-based operating system.
Some major predictions of blockchain in the space industry are very intriguing as their development is happening at an accelerating rate. The investment for the space industry has gone down in last years but the introduction to new technologies like blockchain and others is going to change the face of the space industry. It will help a great deal in cost-cutting and other developments.
Space Giants SpaceX and Amazon, which has large investment are sending a large fleet of satellites which could increase the risk if collisions.
Commercialising Space Exploration using Blockchain
Commercialising space exploration will be far more efficient using revolutionary blockchain technology. The feature of tokenization of a spacecraft allow institutions to prepare different component of the spacecraft. Big Institutions like NASA and ESA take this
opportunity to obtain things efficiently with more clarity and origin.
SpaceX and other companies are working on commercialisation of space exploration for a very long time but it is not feasible the point of time. With all these progressive new technologies, new avenues are opening up every day.
Blockchain is a cutting edge technology which is changing the approach to work for many industries and the Space industry being one of them witnessing the same. With every advancement in space industry Blockchain is being used and it is cost-saving, accurate and secure for the space industry.