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Not too long ago, space explorations were reserved for governments only, It was a mammoth task that required huge capital. However, there are few recent companies that dared to dream, building the infrastructure capable of exploring space and beyond. With the help of technology, even startups are entering the space race.
Blockchain entering the final frontier-which is space-could be a game changer. Governments are not leading the way anymore, startups are.
Centralization Is Still An Issue
Blockchain was built to create a decentralized network for transactions and sharing data. However, the nodes operate on the internet which is based on a centralized framework. For example, a decentralized ecommerce platform is running on the blockchain but on the backend for nodes it is using services like AWS or IBM Cloud. They are the ones that provide the backend infrastructure services. This are centralized networks and they can decide to shut you down if they see fit especially if you're a threat to their business.The effects of blockchain and its potential to disrupt the current major industry players hasn't been fully realized yet. Suppose this major players realize that this will put them out of business and they decide to block the blockchain nodes? How would that play out? Once the majority of nodes are shut down, the system will collapse thereby killing the business.
The front end might be decentralized bit the backend is still centralized. Currently, a 'truly decentralized' blockchain network is yet exist.
Back Up In Space
Spacechain launched a crypto wallet into space on board a falcon 9 rocket by SpaceX. This launch happened back in December of 2019, making it the first active bitcoin node orbiting the earth on board the International Space Station (ISS). It's purpose is to help in creating a robust decentralized blockchain infrastructure high above the Earth, beyond the jurisdiction of any country and immune to physical hardware hacks.Spacechain CEO, Zhang, feels that setting up a blockchain infrastructure in space can act as a backup server, conduct more secure transactions thereby preventing hacking and also to intercept suspicious activity. The thinking seems strategic but it has some flaws.
There are some experts who believe that a blockchain in space wouldn't solve the centralization problem. Spacechain is not a DAO or a decentralized entity, it's a centralized company. Also the frequency of communication between the satellites will be under regulation of the government the receiving satellite is located at. So the backend is still centralized-ish.
It's forward thinking and Innovation is still happening. To fully break off from a centralized system is near impossible. We're all interdependent.
Conclusion
I believe that setting up blockchain in space will open new doors for the industry especially when the building of 'space nations' commences. Imagine a space nation powered by blockchain technology? hundreds - if not thousands - of nodes forming an intricate web communicating with each other.
In case of an Internet shutdown or a system failure having a node in space will prevent the loss of data. When performing space mining, the data can be collected and store on a blockchain database. It can even be monetized through tokenization where entities will pay to access this out of the world data.
The space frontier could unlock a new growth potential for blockchain with a myriad of use cases and help in achieving a more decentralized network.
What are your thoughts? Let me know in the comments.
Thanks For Reading!
Profile: @youngkedar98
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