Why does the space race benefit crypto innovation?

With various companies competing to enter space, lots of development is happening in the supply chain that is supporting crypto innovations.

The explosion of space exploration has led to the development of crypto-innovation that is supporting private individuals and groups’ dreams of entering space without any assistance from governments.

The fact that private companies are now allowed to enter space has led many companies like SpaceX, Blue Origin, and many others to develop their own rockets and spacecraft. 

Till now, companies were allowed to launch satellites in space using the government’s space agencies, but in the last decade, private companies have started offering this service and have started sending satellites in space without any government intervention.

Today, private companies have begun investing billions of dollars in building their own rockets and spacecraft for the exploration of space.

To support this, many crypto projects have been launched specifically designed to cater to the needs of space programs. Crypto projects based on Moon and Mars are leading the race and have gained traction too in crypto space. Some companies want common citizens to experience space travel, some want humans to build colonies on Mars.

The process of achieving this involves procuring raw materials and products from a variety of manufacturers and distributors. In order to achieve this, blockchain technology is required in order to optimize spacecraft development.

By using blockchain technology, companies can accelerate the sourcing process from the manufacture and rollout of rockets to the distribution and delivery of spacesuits.

As the space program is a zero error project, crypto innovations can help companies track transactions and will offer suppliers and manufacturers the ability to record and manage transactions in digital databases that are secure and decentralized.

Blockchain will also ensure trust among the various wholesalers, distributors, manufacturers, and anyone else involved. Every transaction between these entities and the products or parts they are exchanging will be recorded in an immutable digital ledger, reducing the potential for fraud, mismanagement, and abuse. 

Even NASA has embraced blockchain technology for sourcing spare parts and raw materials for the space program. They have started using blockchain to improve the “cognitive networking and computing infrastructure” of deep-space missions in an effort to make better data-driven decisions for autonomous spacecraft.

Gone are the days, where workers used to spend days sourcing nuts, bolts, and electrical cables required to build a rocket or spacecraft, and costly delays in the space program. On occasion, they would misplace parts at work sites, causing delays that would cost companies millions of dollars. 

Today, we are experiencing the fourth industrial revolution, drones are working for us in fields, scanning space; decentralized finance (DeFi) is disrupting the financial sector and bringing unbanked people into the financial stream. 

Understanding the importance of cryptocurrency, governments across the globe are working on building central bank digital currencies (CBDC). Nations including the US, China, Hong Kong, Thailand, the EU, U.K., India, and Australia are exploring potential use cases for tokenized money.

CBDC based on distributed ledger technology (DLT) will further impact financial organizations and its use cases will extend beyond finance to other industry verticals like security, supply chains, healthcare, retail, and e-commerce.

With space development taking pace, crypto innovations will strengthen further and many more projects will be launched thereby taking crypto to the mainstream.  

Jagdish Kumar

Klever Writer

Follow me on twitter.com/TokenBharat

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Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

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