Blockchain Technology Is Making Its Way Up In The Space Industry

Blockchain Technology Is Making Its Way Up In The Space Industry

Blockchain Technology Is Making Its Way Up In The Space Industry

Since its inception, blockchain technology has amassed a huge popularity around the world within a short span of time, as the blockchain is already accepted by many industries, including Banking, Healthcare, Agriculture, Food, Politics, Real Estate, Legal Industry, Security, Government, Rentals & Ride Sharing, and Charities & Aid Organizations; and the applying of the blockchain in the space industry is something unique, which many of us could ever think. Much time will be required to acknowledge the direct application of the blockchain in public lives, since the technology is new.

The blockchain provides a distinctive way to store data, the way is

  • a decentralised,
  • distributed,
  • peer-to-peer (P2P),
  • transparent,
  • traceability,
  • self-performing,
  • speed,
  • secure, and
  • tamper-resistant one

There are some promising uses of the blockchain in the space industry. The blockchain application which is used for supply chain can be used in space mining or large space construction projects management, where tracking of any object is possible. With blockchain implementation, energy can be stored and energy production & consumption by space systems can be controlled. Satellites can be used as nodes in the chain, having two types of nodes viz., participating nodes and validating nodes. The main purpose of participating nodes is to store data whilst validating and adding data are the purposes of validating nodes. Receiving and broadcasting data and apps along with storing them are possible in the blockchain network, which will be done by satellites as nodes. The blockchain network of satellites can be used as the infrastructure to store data and perform transactions.
Having job vacancies in satellite communication is possible. The blockchain can be looked upon in launcher and satellite manufacturing companies for tracking and managing the supply chain.

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Blockchain Technology Is Making Its Way Up In The Space Industry

The tokenization of spacecraft and payloads is shown as a great success. The tokenization of spacecraft is an opportunity for different entities to build different components. Institutions such as NASA and ESA can benefit much more transparency and traceability of the blockchain. Tokenization is defined as a process by which physical assets can be digitised and stored on a blockchain database respectively.
Earth can be observed through blockchain applications.
How users share data can be also transparent with blockchain implementation.
The exploration of Space can be commercialized faster and in a more efficient way by means of the blockchain. In the space industry, the blockchain will not be developed, but the wider use of blockchain will also be possible. Cryptocurrency and blockchain have been mostly used in the financial industry. People perhaps know both of them have been also used in the space industry.

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The blockchain company Blockstream launched a satellite called the Blockstream Satellite, whose purpose is to freely broadcast the Bitcoin blockchain around the world all the time. It protects against interruptions in the network. With the satellite, using Bitcoin is possible.
SpaceChain is widely known as the community-based platform, which has used the blockchain in space for security. The company has created the satellite-based blockchain system of SpaceChain that communicates with a satellite with the purpose of performing a transaction, stored in the database. This proved to be a successful mission, considered as strong support for the company. Launching more satellites to communicate with the system is also in its list. A blockchain company called ConsenSys acquired the asteroid mining company Planetary Resources in 2018. The blockchain is predicted to support asteroid mining by means of tokenization.
ConsenSys Space is a subsidiary, which was launched by ConsenSys Space, who launched a blockchain-based database called TruSat by which the orbital position of satellites is monitored. The US Air Force has a public [satellite] database which is decentralized, which helps the satellites to get the in-orbit positions neutrally and without bias.

Although it is now difficult to predict many possible uses of the blockchain due to its emerging nature, the space industry can take advantage of existing applications and financial technology, government satellite communications, and broadcasting & Internet access are some of the existing applications. There is a regulatory issue associated with the blockchain, especially with cryptocurrency and data protection. The clarity is expected to come out soon.

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