With the space industry rocketing in value to US$423.8 billion in 2019, a number of startup companies are vying for a piece of the action. Blockchain,

How blockchain can launch more space industry startups into orbit

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2021-05-26 12:00:13

With the space industry rocketing in value to US$423.8 billion in 2019, a number of startup companies are vying for a piece of the action. Blockchain, experts say, can fuel the commercial space race by opening up access to the market.

“With blockchain… spacecraft move from single owner to multi-owner, from single tenant to multi-tenant, from single application to multi-application, that unlocks so many more economic possibilities, startup possibilities,” Jeff Garzik, SpaceChain’s co-founder and chief technology officer, told Forkast.News.

“Not just SpaceChain, but what other space startups are doing as well, is leading to kind of a new space race, where startups, entrepreneurs see the opportunity,” Garzik said. “They also see that now it’s accessible to someone who’s not a millionaire, and who just has a great idea and they can start a business and succeed.”

SpaceChain is aiming to build an open-source satellite network to enable a next-generation infrastructure for blockchain industry in outer space. According to SpaceChain’s white paper, the goal of having blockchain nodes in space is to improve the physical security of transactions.