Blockchain Technology and Space
When asked about blockchain and its role at conferences ten years ago, I would always answer: “I have friends working on asteroid mining. In 30 years, when swarms of intelligent robots are extracting the resources of the asteroid belt, how will they transact among themselves, in allocating resources of energy, communicating bandwidth, propellent, and raw materials to be refined? Will they use banknotes, IOUs, wire transfers, credit cards, or paper checks? I don’t know if what they use will be called Bitcoin, but I am sure that it will be based on the technologies and principles that we are developing and experimenting with at a rapid pace today!”
Should Robots Use Credit Cards?
Ten years later I am even more certain about this. Blockchain technology has the potential to revolutionize the space industry by enabling secure, transparent, and efficient systems for managing and executing transactions related to space-based assets. The integration of blockchain technology in space exploration and operations can facilitate transactions, create new revenue streams, and improve communication and data sharing among various space industry stakeholders.
We need a deeper understanding of how blockchain technology can be used, identifying potential applications, and examining how blockchain-based systems can manage and track ownership and rights for space-based assets.
One of the most promising applications is the use of smart contracts to automate processes. Smart contracts can be used to automate a wide range of processes in space exploration and operations, such as resource allocation, mission planning, payload delivery, insurance, data sharing and inter-satellite communication, as well as remote control and regulatory compliance.
Challenges in Technology and Regulations in Space
However, there are also several challenges facing the implementation of these approaches. Scalability of blockchains still needs to improve, and security issues caused by the harsh conditions of the space environment are even more impactful for the resilient redundancy required by blockchains. Interoperability issues caused by the many stakeholders involved in the space industry can be a real roadblock, and regulatory challenges exist caused by the lack of clear regulations and guidelines for the use of blockchain technology in space exploration.
To address these challenges, companies, governments, and international organizations should be actively working on developing clear regulations and guidelines for the use of blockchain technology in space exploration. This should include efforts to standardize the use of blockchain in the space industry, creating guidelines for data privacy and security, and working on a framework for interoperability. The global nature of space exploration, with stakeholders at political, economic and cultural opposites of a spectrum of approaches, clearly invites the deployment of consensus mechanisms that blockchain technology pioneers, which do not depend on a centralized decision mechanism.
Technologies Intertwining with Blockchain
There are several other emerging technologies that can be integrated with blockchain technology to enhance space exploration. These include among others Artificial Intelligence (AI), Internet of Things (IoT), Quantum Computing, 5G and Edge Computing, 3D printing, Robotics and Autonomous systems, and Augmented and Virtual Reality (AR/VR).
AI can be used to analyze and make sense of the large amounts of data generated by space exploration and operations, which can be integrated with blockchain technology to enable more efficient and accurate decision-making. IoT technology can be used to connect and manage various devices and assets in space exploration and operations, while blockchain technology can be used to create secure and transparent systems for managing and executing transactions related to these connected devices.
Quantum Computing can be used to solve complex problems in space exploration, such as simulating the behavior of complex systems or optimizing the use of limited resources in space. 5G networks and edge computing can be used to enhance communication and data transmission capabilities in space exploration. Blockchain technology can be used to create a secure and transparent system for managing and sharing data among various space industry stakeholders. New business models can emerge based on pay-per-use approaches, made possible by the lean and decentralized nature of blockchain technology.
3D printing can be used to print parts and components for use in space exploration and operations. Robotics and autonomous systems can be used to perform various tasks in space exploration and operations.
AR/VR can be used to enhance the training and operations of space personnel, and it can also be used to improve the experience of the people in the space industry.
We will be discussing these and other exciting topics related to space exploration at the Nexus Nairobi conference Jan 31 - Feb 4, 2023.
