Making space for everyone

Humanity’s curiosity in exploring the unknown and testing our limits has been the driving force behind all that we have achieved. Space exploration is key to understanding our place in the universe and great strides have been made in that regard in mere decades.

While outer space itself technically belongs to nobody and everybody at the same time, space exploration has traditionally been in the jurisdiction of governments and nationalized space agencies. Security, time and financial concerns have closed off the space industry to private businesses — until now.

Richard Branson’s Virgin Galactic and Elon Musk’s SpaceX are just some examples of privately owned space agencies entering the fray, restarting the conversation about the commercialization of the space industry. While government agencies battle politically motivated inefficiency and budget constraints, commercialized space projects face the challenge of making profits using conventional economic models.

SpaceChain has a solution to both these problems — blockchain technology.

Putting blockchain in space

Blockchain at its core is about distributing access that was previously controlled by a third party.

As such, SpaceChain is launching blockchain nodes into space so that everyone, not just the government and national space agencies, will have access to space. With more players and contributors in the space industry, collective intelligence will be optimized, thus creating more opportunities for collaborative work.

With this inherent collaborative nature of blockchain technology, SpaceChain aims to establish a socio-economic model that can support a global shared and sustainable commercial space program.

By employing smart contracts through its decentralized platform that is built on satellite technology, SpaceChain also enables specialized personnel to work in a more inclusive setup. This reduces inefficiency and brings down the cost of space-based applications.

How it works

Similar to submitting apps in the mobile app store, SpaceChain’s open-source operating system (SpaceChain OS) gives users the chance to develop and launch their space-based application and upload it onto SpaceChain’s satellite network, only for a small fee.

For example, a cloud computing app built on SpaceChain’s application layer can be used for backup nodes for data recovery for important encrypted data. The encryption and cryptography will be performed on the satellite itself, ensuring the security of the data.

Companies looking to launch their own cryptocurrencies can also develop their apps and put them on a satellite using SpaceChain’s technology, greatly reducing costs as they would not need to buy and operate their own satellite. This opens up a whole new world for space-based markets and businesses, something that was not possible even as recent as 10 years ago.

Everyone wins

SpaceChain hopes to use their community incentive model to establish ecological, production and distribution chains of aerospace wealth. This will also attract more talent and companies with resources to participate in space exploration.

As American astrophysicist, author and science communicator Neil deGrasse Tyson once said: “Space exploration is a force of nature unto itself that no other force in society can rival.”

Our curiosity about outer space’s deep mysteries and the endless possibilities is one that has been universally shared among all humans since the beginning of time.

With blockchain’s immense capabilities and potential, SpaceChain hopes to encourage and bring back the historic cooperation and collaboration to inspire more people to participate in space exploration so as to extend human cognitive boundaries indefinitely.

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