Will Space Be The Next Frontier For Blockchain?

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Cryptocurrency is taking over the world and has touched almost every industry. However, with the rise of blockchain technology, there is potential for cryptocurrency to be used in space-based applications. Blockchain is well suited for space-based applications because it is secure and decentralized. 

For example, blockchain could track the location of satellites and other space debris. This would provide much-needed transparency and accountability in the space industry. 

Does this strike your interest? If so, this blog post will expand on the “Will Space Be the Next Frontier for Cryptocurrency.”

What are the potential benefits of blockchain and space exploration?

Source of public funding

Government agencies and private companies have traditionally funded the space industry. However, with the rise of cryptocurrency, blockchain technology is a new potential space exploration and development funding source.

With blockchain technology, space projects can be funded through crowdfunding or selling tokens representing ownership in the project. This could provide a new way for space projects to get the funding they need to get off the ground.

There are already some examples of this happening. One company, SpaceChain, is working on a platform using blockchain technology to fund space projects. And many more startups are working on similar ideas.

It remains to be seen whether a cryptocurrency will become a significant source of funding for the space industry. But it is undoubtedly an exciting possibility that could accelerate this sector’s development.

Smart contracts for private transactions

Another potential benefit of blockchain for space exploration is its ability to facilitate payments and transactions in space. Traditional payment systems rely on infrastructure on Earth, which is not available in outer space. 

Without this infrastructure, cryptocurrency can make payments and transfer funds between parties. This could be especially useful for space missions that involve multiple countries or private companies, as it would allow them to easily transact with each other without the need for complex contracts or intermediaries.

In cryptocurrency, smart contracts are digital agreements written into code and stored on a blockchain. These contracts can facilitate private transactions between two parties without needing a third party, such as a bank or an exchange.

Smart contracts can revolutionize how we facilitate business by making transactions more efficient, secure, and transparent. They could also help reduce costs and speed up settlement times.

A few platforms offer smart contract functionality, including Ethereum, EOS, and NEO. However, these platforms need to be better suited for private transactions due to their lack of privacy features.

This is where SpaceChain comes in. SpaceChain is a decentralized platform that lets users create and execute smart contracts privately. Transactions on SpaceChain are encrypted and stored off-chain, meaning they cannot be tampered with or seen by anyone except the parties involved in the transaction.

SpaceChain is still in its early stages of development, but it has the opportunity to become the go-to platform for private smart contract transactions. If you’re looking for a platform that offers privacy and security, then SpaceChain is worth keeping an eye on.

Track and verify space mission data

Additionally, blockchain could track and verify data collected during space missions. Many space missions generate vast amounts of data, which can be challenging to manage and share between different parties. Cryptocurrency’s distributed ledger technology, known as the blockchain, could be used to securely and transparently track and verify this data, ensuring that it is accurate and can be easily accessed by all relevant parties.

Founded in late 2017, SpaceChain established the first satellite platform to provide secure custody, transact digital assets, deploy smart contracts, and facilitate Decentralized Finance Infrastructure (“DFI”) on space nodes. They aim to bring advanced security and global access, integrating software-defined payloads to progress blockchain applications in orbit. In addition, SpaceChain currently has a network of nodes operating on satellites and aboard the International Space Station (ISS). And lastly, SpaceChain has demonstrated commercial and deployment success in delivering space missions and is now ready to capture high growth and high value.

Another project that is looking to use blockchain technology in the space industry is Space Decentral. This decentralized network aims to provide a platform for developers to create applications that can be used by anyone, regardless of location. The project is still in its infancy but has already received backing from some big names in the space industry, including NASA.

So far, most initiatives aimed at using blockchain technology in the space industry have focused on tracking data related to space missions. However, some projects are also working on using blockchain technology for other purposes, such as providing financing for space missions or even allowing people to purchase shares in space missions. It is evident that blockchain technology has the potential to change the way we interact with the space industry, and it will be exciting to see how these projects develop over time.

Crypto to the moon!

With the launch of Elon Musk’s SpaceX mission to Mars, space might be the next frontier for cryptocurrency. Cryptocurrency has already made its way into outer space with the development of satellite-based Bitcoin transactions. In addition, there are plans to launch a crypto-powered space station. With the vast potential of space exploration, crypto might play a significant role in this new era of exploration.

Only time will tell what role cryptocurrency and blockchain will play in the great unknown, but one thing is for sure: space is an exciting new frontier for crypto.

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Zack Gehin
Zack Gehin
Hi, I'm Zack! I created ZTMG! I nerd out about the future, crypto, nfts, sci-fi, AI, and all things tech. When I'm not designing software, working on bettering user experiences, and hiking with my dog, I am here writing. Feel free to follow me and say hi!

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