Blockchain and the Space Industry

The thirst of man’s inquisitive nature never seems to end, the very first proof of this evident fact was the landing of Neil Amstrong on Moon. From then on, space has been considered as the ultimate frontier to be explored. But the expedition in this field resulted in the integration of Blockchain and AI in this sector. Being done with the way blockchain works and the pros and cons of its intervention in the electoral procedures, here is another interesting application of blockchain, in the space industry.

Early this year, NASA granted a sum of $330,000 to the scientists working at the University of Akron. The reason for this grant comes out to ascertain the potential of blockchain technology in space communication. The reports posted by the university spokesperson state that:
We will employ the blockchain technique to design a secure and decentralized infrastructure for processing the massive data for space exploration and related science. Our infrastructure will be designed to facilitate deep learning-based data analysis.
Having an in-depth sight over the space industry and analyzing the dominance, a well-defined fact gets evident, that the blockchain based companies now appear to turn the tables on the primitive Venture Capital Model (VC Model). VC Model is the one in which entire enterprise is owned by founders or executives and the working team holds shares, driving them to work better to earn better. On the other hand, blockchain methodology ensures decentralization, tackling all sorts of risk and security issues effectively. It has been witnessed over the years that the information in this sector has always been kept private and hidden, be it companies, organizations or scientific communities. The reasons to count on include the high-cost equipment, expensive projects and revolving around the well-reputed “players” of the field. Such a reserved atmosphere suffocated the birth of new start-ups and thus innovation, which issue is now addressed by the open source formats like blockchains providing opportunities to all.

Many remarkable features of blockchains have proved to be of great significance for the space industry. One of these features is the decentralized data validation which has eased the complicated and extremely significant space ventures known as Distributed Spacecraft Mission (DSM). In such ventures, a group of space explorers coordinate for a specific project and now blockchains technology acts as the relay, controlling the data reception, validation and updating for the entire network. Moreover, blockchains now are the ultimate destination for the management of data received from the launched spacecraft network playing a vital role in the feasibility of space-based sensors network.

The high level of security and risk management provided by blockchains has also opened the doors of space tourism for the public. Currently, the widely developing companies in this industry implementing space tourism include SpaceX, Virgin Galactic, and Blue Origin. These companies are even looking forward to incorporating the blockchains as the ultimate payment method involving bitcoin or Ethereum. Seeing the success owed by this integration, the founder of Virgin, Sir Richard Branson stated that “Bitcoin is working” and announced the payment for tours through bitcoins, claiming Virgin as the first space traveling agency for tourism purposes. The PR Manager of Worldcore, Sean Patterson stated about the tourism company Spaceship Two, owned by Virgin Galactic that,
Now, Bitcoin holders can get a chance to join the future passengers of SpaceShip Two, and the price of a round trip is approximately 340 BTC.
Keeping up with the modern technology involvement, ESA has released a survey report addressing the feasibility of this integration and all its future prospects. The document reveals the faster and efficient payment, easy contract applications simplifying the record maintenance, audit process, data tracking and provision of necessary rights to every member of the network. Taking into account all these benefits gained by this integration, the revolution of the space industry by this technology intervention gets crystal clear, though there are some aspects still longing for attention and modifications, much like the adequate, needs-compatible system development, maintenance, and proper implementation.

No comments

Powered by Blogger.