Even though blockchain has been around for quite some time, it still has a lot of untapped potential in many areas. Fortunately, many companies and projects are aware of the variety of possible applications and have begun to use distributed ledger technology to improve areas and make them more technologically advanced. In our previous articles, we looked at blockchain in areas such as fashion, healthcare, education and banking. Today we’ll talk about these technologies for the space industry.
How can blockchain technology be used in space?
In the past, space exploration was largely the exclusive domain of government due to the enormous research and development costs and risks that could be associated with potential failures.
These days we can see more and more privately funded initiatives. From space tourism to rare resource exploration, space seems to be one of the most important areas of development for the foreseeable future, as is blockchain. And the connection doesn't end there.
Here are some of the applications of blockchain technology in space:- Financing. Due to the complexity of the processes, those departments involved in the space sector need significant investments. Blockchain has an answer to this demand in the form of initial coin offerings (ICOs), where potential investors have the opportunity to buy tokens of a space project they are interested in, and operates similarly to crowdfunding.
- Logistics. The supply chain for spacecraft construction is as complex as it gets and fraught with risk. Situated in different parts of the world, entities responsible for different parts of high-tech products benefit greatly from the transparency and traceability that distributed ledger technology provides. Especially considering how costly mistakes are in this area.
- Space Management. The data sharing aspect is vital in the space industry because it improves navigation, speeds up scientific discoveries, etc. This is especially important for those government agencies that will be involved in space research in the future. Blockchain provides a tamper-proof and transparent way to share knowledge that is not tied to one jurisdiction. This could eliminate mistrust between countries and likely allow them to work together more effectively.
- Data monetization. Space exploration produces tons of valuable information that can generate revenue to fund future missions. Owners have the ability to store data on a distributed ledger and provide access to interested individuals and companies through utility tokens.
- Innovation. Blockchain can be used in many ways to improve technologies used by industry giants such as the National Aeronautics and Space Administration (NASA).
What projects are related to space and blockchain technology ?
- Blockstream offers a satellite network that broadcasts the BTC blockchain from space and ensures uninterrupted operation. Which will allow you to use Bitcoin even without a reliable Internet connection.
- ConsenSys Space is part of the IT company ConsenSys; in 2018, it acquired Planetary Resources, an aerospace firm that aims to extract valuable materials from celestial bodies (such as asteroids). Moreover, ConsenSys Space has created an open-source blockchain-based database called TruSat to identify and track the position of satellites in orbit to ensure there are no collisions or accidents caused by space debris.
- SpaceChain
Offers its clients new business solutions that combine blockchain and space. For example, crypto companies can send their nodes into space to speed up their work. The firm also has space-age multi-signature wallet technology. It helps users keep their wallets safe through satellite verification of their transactions.
What are the challenges of using blockchain in space?
Although combining these two exciting and modern fields is certainly While it offers numerous benefits, it still poses challenges. First, the legal framework for most developments is inadequate. Space activities overlap a lot with the military, so a major government shift towards a more positive attitude towards blockchain is needed for full-scale growth.
Secondly, as we have already said, those initiatives related to space are expensive, so not many companies can participate in the “gold rush” of the 21st century.
Finally, the European Space Agency (ESA) points to the “hype” around crypto projects as a barrier to the adoption of blockchain technology, as it can lead to unrealistic expectations and misallocation of funds.
To sum it up, the fact that both blockchain and aerospace are areas of the future makes them a good match. This has already resulted in many interesting innovative projects, and we have every reason to expect that there will be even more of them. Although not without its challenges, this collaboration is being actively explored, even by major players such as NASA and ESA.
