Everyone is familiar with the very fact that technological breakthroughs are cutting through the hype. In this era of the digital-oriented world, blockchain inspires a wide range of tech innovators to make a comparison of it with the internet and industrial revolutions. The incorporation of blockchain in space is something that is not normal and more advancements can be expected in that area.
But how can it prove to be beneficial in the space industry?
Blockchain can be utilized in space in numerous ways such as crowdfunding space missions, tokenizing spacecraft, and their payloads, tracking supply chains for mined resources and space machinery parts, and even the development of self-policing pace governance system, where corporations and higher authorities can utilize smart contracts for the creation and enforcement of laws for each other.
A spokesperson for the European space agency shared his views on Forecast. News that
“Companies can create utility tokens by utilizing blockchain technology and can commercialize the data which is collected during space exploration missions. For instance, companies can tokenize space in spacecraft that can be rented out to people in the future who want to send things to space. ”
Digital ledgers offer unprecedented security and trust among individuals to fight a strong battle against cybercriminals, proving to be an innovative way combating streamline existing processes. Surprisingly, blockchain is known as the “Holy Trinity of Disruptive Technology” along with the Internet of Things(IoT) and Artificial intelligence (AI).
Inspecting Blockchain’s Origin In Fintech
With its emergence in fintech, blockchain boosted the cryptocurrency craze which initialized with bitcoin. today, the world is accommodated with digitization and technological advancements, digital money is evolving all around the globe because of its dependency on the blockchain or distributed ledger.
The chief technology officer of Blockstream, Chris Cook, who is very well known for launching the very first satellite network for the distribution of bitcoin blockchain, claimed that
“Distribution of Bitcoin blockchain through satellite proves to be a vigorous alternative to the terrestrial network.”
Blockchain technology is incorporated in almost every sector, from patient privacy to drug supply chain compliance. From the verification of artwork authenticity to validation of oil and track transactions and even land ownership around the globe. Existing and new evolving innovators are prone to capitalization on blockchain’s assurance in the run of Low Earth Orbit (LEO), providing new favorable circumstances for collaboration, innovative satellite as a service business model. And the latest methods for the management of space supply chain and even how to develop payloads.
Amplifying Satellite Value In Chain
Helena Correia Mendonça, principal consultant in the aerospace and ICT departments of Portuguese law firm, Vieira de Almeida (VdA), says that
“ There exists a massive right set of circumstances for blockchain in satellite networks. There would be no doubt in saying that blockchain in satellites helps to develop reliability and trust with a high rate of accuracy and efficiency. ”
Satellites can also be a crucial source of space data to perform updation on blocks, verification of origin, and integrity of data, and will drive logistics applications and smart contracts, proving to be profitable to insurance industries. Space provides an ideal environment for the execution of smart contracts without human interruption.
A 30-year veteran of the satellite, telecom, and cloud services, who is currently serving as CCO of cloud constellation, Dennis Gatens, agrees on the fact that mission to the moon and then to mars will require crews for decision making inside the human loop mainly because of the transmission time delay between crews near to Mars or on Mars and resources back to this world. Blockchain and artificial intelligence-enabled edge computing play a very critical role in this manner. Deep space will eventually become a crucial part of national security strategy. Moreover, blockchain will play a valuable role to ensure that data is compromised and not secure.
Exploring IoT Payments In a Fully Decentralized Way
Blockchain payments are recently tested by JPMorgan Chase & Co among satellites orbiting the globe depicting that digital devices can utilize technological advancements behind virtual currencies for transactions.
Devices that maintain a connection with each other are highly associated with customer electronics, such as Google Home. Financial infrastructures want to advance in such a way that smart devices are capable enough to perform transactions anonymously.
Umer Farooq, the CEO of JPMorgan’s blockchain business Onyx considered space to be the best spot to try out blockchain transactions.
The bank’s blockchain team, instead of sending their own satellite, operated with GOMspace, which is a Danish company. GOMspace permits third parties to execute software on its satellites. Farooq claimed that satellite experimentation depicts that blockchain networks are powerful enough to enable transactions between everyday objects.
Head of the blockchain launch at Onyx, Tyrone Lobban said that,
“ This experimentation also depicts that a marketplace can possibly come into being where satellites send data to each other in exchange for payments. More private organizations and companies possibly will launch their devices into space in the near future.“
Blockchain technology plays a crucial role in the exploration and space industry. This revolutionary technology can provide secure yet decentralized methodologies for manipulating and processing space resources as space digital tokens. Tokenization of space resources for example orbits, satellites, space crafts, asteroids, and numerous other space objects in the formation of digital tokens. Based on blockchain will depict plenty of numerous applications in the space mining industry.
Furthermore, blockchain algorithms that are based on smart contracts can be used to keep track of space transactions. And communications in a trustworthy, transparent, verifiable, safe, and secure manner. The way JPMorgan has explored this novel use case of space-based transaction infrastructure by utilizing blockchain technology. Depicts an unpredictable future of technological advancements and innovations.