Blockchain technology makes it possible to secure digital transactions in a decentralized international way, and now the newly reinvigorated space race is beginning to align itself with this technology. The end result? Astonishing breakthroughs, economic opportunities, and a total realignment of economic realities. We’re going to explore a small component of the associated potential in this writing.
Blockchain in Space
Because of blockchain technology, decentralized currency facilitates new economic opportunities for businesses large and small. As AI and IoT tech combines with cloud computing toward expanded decentralization, this reality has compounded. Many people don’t realize that the “black hat” IT world generates about the same economy as the “white hat” IT world. But not all “black hat” IT is illegal; some of it just isn’t known about in a legal sense.
Think of it this way: if you bought a car through the dark web and used back-avenues for shipping, then got the car registered legally and paid taxes on it, you have done nothing illegal. You’ve taken advantage of technology to reduce your cost burden for a necessary good: namely, your vehicle. Such an acquisition is perfectly legal, provided you register the car, it’s not stolen, and you pay taxes.
But economically speaking, since the transaction wasn’t done through traditional trackable channels owing to blockchain avenues via the dark web, it will be grouped with the “black hat” economy generated via IT. Here’s the point: just because the IT economy isn’t always generated through traditional means doesn’t mean it’s illegal, It may just not be visible to the number crunchers.
This is important for the blockchain spaceand the $270+ billion cryptocurrency market, making it possible for Low Earth Orbit (LEO) satellites to provide server solutions that are literally in outer space. This is what the term “blockchain space” means in a literal sense. Of course, one might refer to any cryptocurrency as being in the blockchain space, but in this case the term has a specific definition owing to companies that have privately launched satellites.
A Practical Exploration of Existing Vulnerabilities
In 2017, an error Google made resulted in half of Japan losing the internet briefly, and having slow internet for a time after the fact. Finance industries were definitely affected, and fintech is the birth of blockchain tech. Owing to economic convenience and overall economic impact, cryptocurrency markets affect virtually every industry, and that already extends to LEO. Think of Bezos’ rocket, think of Musk’s SpaceX.
Billionaire players need tech infrastructure in space. There was already a vehicle toward blockchain in the higher reaches of our atmosphere. Now, blockchain satellites have made space truly interplanetary. Notable advantages of this include:
- More Secure Data Storage on Private Networks Separate from Traditional Internet Servers
- Development of “Smart” Contracts Through Blockchain Space Tech, Enabling Developing Countries
- Securement of Satellite Constellations Against Hackers Through Associated IT Infrastructural Realities
- Elimination of Blockchain Dependence on Terrestrial Infrastructure Removing Security Vulnerabilities
Read more: A Look Inside Deep Space Networks
A New Leap in Technology
Blockchain tech is burgeoning and has clear advantages for diverse industries, not least of which for financial sectors–from which blockchain tech came initially. This is likely the future, and as blockchain tech optimizes, expanded security and cost reduction via automated LEO satellite constellations will facilitate further exponentiation of digitized currency. Thus, blockchain in space represents the next logical step in IT development.