What is block chain?

A blockchain is a decentralised, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

Block chain was invented by Satoshi Nakamoto

Application of block chain in space

Blockchain is an obscure term to most Americans, even if due to its growing popularity they know it’s linked to the burgeoning world of cryptocurrency and cyberspace transactions.This technology is so new that the world is just tapping into its potential. Its nascency is mirrored by the developing private space industry, leading some people to wonder how blockchain may impact and improve this area.

The professional services network PricewaterhouseCoopers (PWC) analyzed several potential uses of blockchain for the space industry that included financing, tokenization, procurement and satellite communications.

Blockchain’s Data Mobilizes Growth in Space

Blockchain was first used in space by Blockstream, which is an organization that distributes cryptocurrency. The following year, SpaceChain linked up with PricewaterhouseCoopers in France to study its applications in space.

Missions to the moon and Mars offer companies a treasure trove of data, and private space companies are already exploring the viability of offering utility tokens that might distribute data gathered on the missions.

According to PWC's report on the applications for blockchain in space, “They could be involved in creating an ICO-based funding ecosystem to enable interested entities to contribute to funding mechanisms for start-ups.”

Using satellites as nodes for data processing or storage could also lead to the creation of space-based blockchain applications.

Stacking Up Blockchain’s Future in Space.

Aravind Ravichandran, who studies blockchain and space applications for PricewaterhouseCoopers, have taken a lead on block chain innovation in space.Satellite communication is an easy and understandable application for blockchain, and a lot of the infrastructure to support greater space exploration is still in development. It may prove to be a very practical application for blockchains too.

The ongoing race to build extensive satellite constellations, including thousands of small satellites to provide high-speed internet, would be easily supported by blockchain’s transparency and help mobilize the economy being built around these satellites.

Additionally, the continued success of space flights like Elon Musk’s SpaceX or Jeff Bezos' passing the Karman Line has inspired others to join the fray, an area limited to NASA and the ESA for the first 50 years of space exploration.

Test flights can cost companies millions of dollars and funding such an endeavor can feel herculean and therefore make failure truly game over for an organization. However, with tokenization, what seemed astronomical might soon be attainable for many dreamers who were previously sidelined.

If those funding concerns are addressed with alternative capital structures and sources, think of the access to space that more companies might potentially have. Dreams of exploring and understanding space could become a reality that benefits us all.

Blockchain may seem like a new-age, abstract term, but its ability to open space up for so many of us might make it one of the most impactful tools in the space gold rush.

Transforming supply chains and how we make money off of and pay for space exploration can make previously unattainable goals practical. Most likely, blockchain’s use in space may currently lie beyond our understanding as we are just scratching the surface of its power.

How many of us might one day venture into space? The answer is still unknown, but nonetheless, the idea is exciting. Even if we do not go to space, how many of us might one day participate in the space economy? As we continue to create a new horizon for humanity, I posit it is a larger number than most people think.

Recently, block chain technology is extensively used in space.........