The blockchain service looking to open up space travel

Can a new blockchain project help more people get into space?

by Manoj Sharma for CNR

Exploring space has always been a privilege, generally reserved for leading conglomerates and government authorities. The general public has never been able to take part in these missions. But, thanks to progress in space travel and rocket technology, the cost of space exploration has been considerably reduced. In fact, blockchain technology can also be adapted to streamline and simplify the complex processes significant for space exploration. Enter Spacebit, a new initiative that reckons it’s “democratizing space explorations!”.

Spacebit is looking to leverage blockchain technology to both reinforce and promote the space industry. Given that blockchain¬†has the ability to effectively disseminate cryptographically secure digital data to create a self-sufficient record system, it’s well known that it’s ideal for managing supply chains and executing transactions. But in addition, blockchain technology can also assist start-ups interested in space exploration to reinvigorate methods of raising funds.

Spacebit, then, is an innovative, decentralised space firm that boasts a team of renowned space blockchain pioneers. The company aims to democratise space access by efficiently tokenizing commercial space missions, which will allow the general public to directly participate in multiple space programmes and garner benefits from them.

The firm collaborated with Goonhilly Satellite Earth Station (GSES) to design a decentralised ground station scheduling system that is in the beta testing phase as of now. With this system, Spacebit envisions developing a model that offers access to low-Earth and deep space communication. The objective is to lower the entry barrier to space exploration, open commercial opportunities for the general public, and promote dialogue between multiple industries like finance, academia, commerce, and government.

Who knows? It might just transform the future of space exploration…