The latest blockchain news show that the technology is working to decrease the political influence and increase the diversity and resilience. Blockchain will help send people into space – as experts note, transparency and traceability are critical in supply chain management.
But how would all of this work?
Well, for starters, we have the concept of tokenization which would enable a more efficient exchange of various space resources. As blockchain is entering the space industry, the decentralization that this technology brings is primed to help private and public space organizations alike to operate and pursue their goals.
The figures across the industry affirm that blockchain will provide an infrastructure that is going to make the space industry a lot more efficient and productive. As the Head of Future Telecom Programme Exploration at the European Space Agency (ESA) named Andrew James Murrell said, blockchain will help send people in space and is an ideal technology for this.
Since the data stored on blockchains can be trustessly shared by multiple actors across multiple nations, it is perfect for an industry which relies on international cooperation – plus the cooperation between public and private bodies.
“Satellite communications systems represent a potential element of many future DLT [distributed ledger technology] systems,” Murrell said. “For some applications there may also be benefits to implementing the blockchain nodes within the space segment, i.e. outside of individual national or political influence or to provide increased diversity and resilience.”
There are many other experts who agree with Murrell’s vision and note that blockchain can help send people in space. The logistics and supply chain management are another key area which is important to focus on in the cryptocurrency news, highlighted by one PwC space analyst Aravind Ravichandran as a vital one in the future.
“Blockchain has numerous applications in supply chain management, where transparency/traceability are very critical,” he said. “A space agency like NASA or ESA can have an end-to-end tracking of the supply chain for critical programs such as the ‘NASA Commercial Crew’.”
One example of a company working in this area is SpaceChain (SPC). As Andrew Murrell said, they are based in Singapore and UK and are actively “developing a satellite-based blockchain network that could be used in creating an open-source operating system for developing [space-focused] blockchain applications.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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