Recently, we know that the electric car company Tesla (NASDAQ:TSLA) has invested $1.5 billion in bitcoin, noting that it plans to start accepting bitcoin as a form of payment for its products in the near future.
After that, billionaire and Galaxy Digital founder Mike Novogratz called Elon Musk ‘a genius’ in his decision to hear the interests of a new generation.
Actually, the first cryptocurrency has a very good chance of becoming the main unit of payment between different planets in the first ‘space bank.’
Investment bank JPMorgan (NYSE:JPM) has already tested blockchain payments between satellites in low-Earth orbit. The bank's development team did not send their satellites into space, working with a Danish company that allows third parties to run software on their satellites.
Elon Musk has frequently warned that without the establishment of a colony on another planet in the solar system, humanity is doomed to extinction.
The cause may be a Third World War, a terrible infection that is much more serious than COVID-19, or a threat from space.
The Perseverance Rover has landed on Mars recently, tweeting "I’m safe on Mars. Perseverance will get you anywhere" and all set for a big experiment.
The first colonists will have to go to the Red Planet in 2024, with the aim of deploying a base on the surface of Mars and preparing an outpost for future residents. In what financial reality will we live in the next ten years?
Blockchain in Space
Indeed, Elon Musk plans to declare Mars independent: the Red Planet will not be subject to the laws of Earth.
The relevant provisions are already available in the Starlink Satellite Internet User Agreement and SpaceX launched another batch of internet satellites.
Another company, SpaceChain, has announced the successful implementation of the first bitcoin transaction using multi-signature technology from the International Space Station (ISS). The transaction is confirmed by three or at least two signatures; 1-2 generated on Earth and one in space.
This initiative was implemented due to cooperation with the European Space Agency. This organization equipped the project with funding and technological support.
Using blockchain and artificial intelligence technologies, China also launched the Beidou-3 satellite into geosynchronous orbit on a Long March 3B rocket. This was designed to help complete the formation of China's satellite navigation system.
In other words, before our eyes, the foundation is being laid for a technology that can act as a link between the jurisdictions of different planets in space.
Tokenization of Natural Resources
Another important issue is the implementation of technology in a very real sector of the economy. For example, NASA astronaut and former head of the International Space Station Chris Hadfield noted that blockchain can be used to increase the security and transparency of the supply chain. This is necessary for the implementation of space programs and the digitization of the space industry.
I do believe that Blockchain technology can play a crucial role in the development of the entire solar system. This ranges from the installation of nodes on satellites to the tracking of mining on the Moon.
Indeed, the cost of a mistake in the space industry is too high. Its price can be people's lives or billions of dollars in losses.
Blockchain acts as a natural supplement for verifying the correctness of any processed data when launching rockets and operating satellites.
Satellite operators are also interested in creating a decentralized and open database of satellite information.
At the moment, it is appropriate to talk about optimism—and not the complete victory of blockchain. That’s because, when we consider all the variety of application ideas, this technology is just beginning to be implemented in the space industry.
Smart Contracts For Autonomous Life Support
Elon Musk has repeatedly stated that he is going to build a settlement on Mars that will not depend on the supply of resources from Earth.
We are talking about equipment that produces energy, fuel, and breathable air. The entrepreneur plans to deliver all this to Mars with the first cargo shuttles in 2022, using the help of a rocket of his own production.
The global space network of smart-contracts can become the main operator in the field of management between:
- Satellites
- The entire digital infrastructure of Mars.
That includes the tokenization of natural resources, monitoring the operation of robotic equipment, as well as tracking space debris.
According to the Orbital debris program Office, over 23,000 potentially threatening objects are being tracked now and it is going to triple by 2030.
I suppose that any technology is based on the close interaction of academic science, practice, and business. The example of Elon Musk is indicative: on the one hand, he deals with the colonization of Mars. On the other hand, this manages to please the company's shareholders with the growth of Tesla's capitalization.
The future market is full of mysteries. Could H. G. Wells have imagined in 1895 that the newest super-heavy rocket, the Falcon Heavy that launched from Cape Canaveral, would launch the Tesla Roadster sports car from Elon Musk's personal collection into Earth's orbit?
Of course, blockchain technology will not be able to solve all the problems of everyday life for the colonizers of Mars, but Humanity has entered the era of real space exploration. There is no turning back. Through hardship to the stars.
Sources: CNBC.com, Financial Times, SPACE.com, Nytimes.com, Reuters.com Bloomberg.com