tech track papers

Categories: 2019, Future Space

Blockchain Technology – Understanding its Place in Space

Blockchain, the technology which is underpinning the cryptocurrency revolution, offers business organizations and governments the means to decentralize intermediaries and conduct peer-to-peer transactions using a distributed ledger and immutable records that are cryptographically linked. We continue to hear how about how blockchain will revolutionize the business enterprise. This overview is intended to separate the hype from reality and examine blockchain technology and its relevance in the space sector. Blockchain for space systems may offer some compelling advantages by reducing complexity across a range of applications, including • supply chain management and risk management • export licensing – reduce cost and redundancy • smart contracts/records management – auditability, automates & verifies fulfillment, executes the agreed terms. • cybersecurity for space-based communication systems • new and speculative venture-backed applications We will examine when blockchain might reach broad level adoption for these applications within the general markets and the space sector. The more transformative the change, the longer the time to integrate into the business model. BThe blockchain-led transformation will not occur soon — it will require years and maybe decades. However, every space stakeholder should watch closely as it gains traction and greater relevance.


Author: Karen Jones
Topic: Future Space

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