Blockchain technologies are unfolding their skills and abilities to a greater extent. Previously blockchain tech entered into video conferencing social media platforms enabling more security and protection features.
Recently blockchain is intruding on the space industry. With the decentralization power in blockchain technologies will guide the private and public space
organizations to operate effectively and pursue in achieving the goals.
The linkage between blockchain and supply chain industries is becoming strong and rigid. Supply chain professionals are interested in using the blockchain technologies in their operations. How can blockchain help in supply chain management? The experts of IBM blockchain technology assure their degree of confidence in enhancing the trust between supply chain networks. Blockchain technology increases transparency and resilience in the supply chain.
Blockchain in space: “it’s the decentralization power of blockchain that makes them ideal for space industry” said Andrew James Murrell, the head of Future Telecom Programme Exploration at the European Space Agency (ESA). Blockchain ensures transparency so the data stored in them are shared across diverse nations. This is suitable for international companies as well as for the association between private and public organizations.
PwC space industry analyst Aravind Ravichandran declares that blockchain has multiple applications in sectors namely; satellite communications, logistics, and supply chain management. The benefits of implementing blockchain can decrease the political influence and increase the degree of diversity and resilience. Space institutions like NASA will be cognizant of the happenings in the supply chain. This is only because of the transparency and secure information allowed by the blockchain. If the organization encounters any kind of delay or failure blockchain will also let them evaluate the areas that went faulty efficiently.
Andrew James Murrell also reported the numerous applications of blockchain in supply chain management where transparency or traceability is critical. NASA Commercial Crew is a critical program that facilitates the space agencies like NASA or ESA to have an end to end tracking of the supply chain.
SpaceChain is promoting a satellite-based blockchain network and also creating an open-source operating system for space focused blockchain applications.
Tokenization of space: Tokenization is another pivotal area that enables an efficient exchange or communication of various space resources. Blockchain technology provides techniques that are decentralized and secure. The space assets are processed, manipulated, and converted to space digital tokens. According to Aravind Ravichandran, space tokenization will be divided into 3 broad categories:
- Satellite imagery
- Space assets
- Space resources
However, the future of the space industry will be absolute with the emergence of blockchain decentralization.
