Blockchain addresses the pre-existing limitations, which are thwarting innovation in the space industry.
Launching of Space X by Tesla is considered the most revolutionary thing in the space industry. Certainly, Tesla was the first private company which is spearheading space advancements. For a long time, NASA, ISRO and other government space agencies carried out research to improve space technology. But with minimum private institutes funding space research, the space scientists have often felt the dearth in resources. Today, the valuation of space industry stands at US$423.8 billion. And since Tesla has leapt industry, more start-up companies are venturing into space research.
But as the scope in space research and industry, is expounding, many players are trying to monopolize the space market. This highlights a major question about whether the space industry is the labyrinth of only large enterprises for space innovations or does it unlock the opportunity of space research by start-ups and entrepreneurs. This also displays a major threshold of the socio-economic challenges in the space industry, issue of patent ownership research and making the space tools and products sustainable and environmentally friendly.
To address these challenges, Blockchain is observed to be amongst the leading technology that can foster innovation in the space industry. A paper titled ‘Disrupting the Space Industry” by SpaceChain, briefly explains the contribution that Blockchain will bring space advancements.
Blockchain is a decentralized technology, storing information across each block. It acts as a digital ledger and is considered to be amongst the most transparent technology invented so far. The paper states that integration Blockchain in the space infrastructure enables open-economic model which empowers new projects, especially space-based ones. This implies that every organization involved in space research would have control over the space resources and tools. Integration of Blockchain also employs smart contracts through its decentralized platform so that inefficiency gets reduced. The Blockchain will also monitor the cost of space-based application development.
Over the past few years, artificial intelligence has been the backbone in space research. In October, the European Space Agency launched the first AI-enabled satellite. Integrating Blockchain across the AI-driven space research tools and research will enable accurate monitoring of processes and operations to take place. For example, for a while space, researchers are monitoring climate change patterns globally. By integrating Blockchain across the automation software used for climate change research, a dataset can be maintained, decoding the patterns of climate change over the past decades. Additionally, installing Blockchain across the communication network of satellites would help in tracking the planes and ships.
Over the past few years, the incidents of cyberattacks, malware, and data breach have thwarted space research. As countries are getting their hands full, with space advancements, the cybersecurity crisis has expedited. Incorporating Blockchain will also help in reducing the incidents of cyberattacks and enhance cybersecurity.