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Blockchain In Space
Despite its general popularity, many people still tend to be unfamiliar with the word blockchain, even though they are aware of its connection to the expanding space of cryptocurrencies and online transactions.
To put it simply, blockchains consist of a public ledger, which is shared across all the devices (nodes) participating within a blockchain network. A blockchain stores transactional information in “blocks” or chunks. These blocks then form a chain of information, which every node has a copy of. This makes the information that is stored easily verifiable.
The technology is recent, and the world has yet to fully realize what blockchain can offer. Furthermore, its infancy is paralleled by the growing private space sector, prompting some to ask how blockchain will affect and enhance this field. For instance, initial coin offerings come with the promise of using blockchain to fund missions in the space investment “gold rush,” a sector that numerous organizations believe will be worth a trillion dollars by 2040.
Financial accessibility can be one of the most significant hurdles for firms. However, blockchain technology that enables alternative capital sources like initial coin offerings (ICOs) could significantly minimize a few of these barriers to obtaining capital. Moreover, expeditions in space should also devise a way to earn from the data they collect in space, and blockchain has potential applications in this area too.
