Blockchain in space

It is no secret that the space industry has been experiencing an unprecedented surge in recent years and is expected to continue to grow. On a daily basis, we see news about countries and private companies competing to claim their stake in future lunar missions, expand their orbital presence and attemping to create comprehensive space programs. As exciting and invigorating as it may be, the space industry still faces various challenges, including issues with security, trust and transparency, which potentially hinder its growth. To help remediate these issues, blockchain can serve as one of the potential technology solutions.

For example, it can enhance the security of space infrastructure. Spacecraft and satellites require a secure data communication network. A decentralized ledger system can provide a more reliable, tamper-proof method of storing and transmitting data. This technology could prevent unauthorized access to spacecraft systems, minimize the risks of cyberattacks and ensure that sensitive information remains confidential. Some satellites might be vulnerable to cyberattacks, and hackers can try to disrupt their communication systems, leading to the loss of critical data and, in some cases, control of the satellite.

With blockchain technology, satellite operators can create a decentralized communication network that is more secure and less susceptible to cyberattacks. Blockchain’s decentralized ledger system can ensure that the data transmitted between satellites is tamper-proof, and any attempts to modify or intercept the data are immediately detected.

In addition, blockchain’s smart contract feature can be used to automate the process of verifying and authenticating communication requests, thereby reducing the risk of unauthorized access to spacecraft systems. These smart contracts can be programmed to verify the identity of the sender and receiver of a communication and only allow authorized parties to access the data.

Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish. Apply today

When it comes to the transparency of space exploration missions, blockchain can also play a valuable role. As space exploration becomes more privatized, transparency is crucial to fostering trust and accountability among stakeholders. Blockchain can provide an immutable, public record of transactions, allowing investors and partners to track progress, monitor the use of funds and verify the authenticity of mission data. To help you visualize this, imagine a rocket launching into space carrying a satellite designed to study the universe in the near future.

Using blockchain technology, a public record is created, allowing investors and partners to track the launch process in real time. The blockchain record ensures that funds are being used effectively and provides a tamper-proof and transparent record of the mission’s success. As more private companies enter the space race, blockchain technology can foster trust among stakeholders and keep a permanent record of humanity’s journey into the cosmos.

Last but not least, blockchain technology can support the development of space-based supply chain management systems. Space infrastructure requires a constant flow of resources and materials, and blockchain can provide a secure, transparent platform for tracking the movement of goods and ensuring supply chain efficiency. This technology can help reduce the risk of errors and fraud, enabling companies to manage their operations more effectively.

It is clear that blockchain technology can play a large role in the critical infrastructure of the space industry and has numerous benefits that can support its development. From enhancing security to improving supply chain management systems, the potential use cases are vast and exciting. As the industry continues to grow, blockchain technology is poised to play an increasingly important role in shaping the space industry’s future.

Irina S. Litchfield is the Principal of Lumeria.

This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.

Learn more about Cointelegraph Innovation Circle and see if you qualify to join

All Dutch and English crypto news!

Bitcoin bank proposal gains momentum in El Salvador

The Bank for Private Investment will “diversify the financing options” available to investors in both Dollars and Bitcoin.

Home miners may benefit from NiceHash, Marathon Digital collaboration

The new NiceHash firmware will combine the advantages of two products.

Mining execs establish organization to influence US crypto voters

A board member of the Bitcoin Voter Project described the group as nonpartisan and planned to take a different approach than initiatives like Stand With...

Crypto Biz: Riot Platforms and Bitfarms dispute escalates

This week’s Crypto Biz explores the corporate battle between Riot Platforms and Bitfarms, Tether’s $1 billion budget for startups, Ripple Labs’ new custodian deal, and...

Beste exchanges

Koop je crypto bij Bitvavo