When it comes to a fully authenticated and transparent network, Blockchain has emerged as a great utility. This is why it’s being used across sectors wherever accurate insights and transparency is indispensable. From finance, banking, logistics, administration to even space-based applications, it is being integrated with advanced tech for next-gen solutions that are secure, reliable and can’t be tempered with.
Singapore based SpaceChain is a pioneer in satellite blockchain technology and has received support from the European Space Agency to develop new commercial use-cases.
Last year, SpaceChain partnered with Spire Global to discover and demonstrate the feasibility of Blockchain computation in space, incorporating Spire’s AI-embedded supercomputing module to fulfil a two-part mission. In January this year, SpaceChain sent the world’s fastest EVM blockchain into orbit.
During the Covid pandemic, decentralization, resilience, and precision emerged as some of the vital takeaways. Be it supply chains, system processes or workflows, everyone is keen on Blockchain integration as it offers a unique advantage in terms of authentication and validation.
“We have begun to view the concerns for supply chain management that occurred during the pandemic and our services can assist in boosting that transparency for chain custody, be it goods, capital or the internal outflow of the supply chain management process”, says Zee Zheng, CEO, SpaceChain in an exclusive interview with Geospatial World.
Being in the multi-signature wallet industry, it is essential that we keep our customers’ and partners’ digital assets safe and secure via our decentralized satellite infrastructure (DSI). Since digitalization and remote working is the way forward, people have been driven to adopt tools that they were not familiar with previously, which puts us in a strong position to render the necessary assistance.
We will also continue with our global payment device services by leveraging our DSI platform to facilitate global cryptocurrency transactions, including bitcoin, Ethereum and stablecoins.
The pandemic has caused the unbanked to be more vulnerable as they lack both the financial tools to undertake their business proceedings and loans to assist them in their operational and overhead expenses. Our global payment device offers worldwide coverage to our customers and partners regardless of geographical boundaries and limitations.
Regarding the supply chain and system process workflows, Blockchain demonstrates the transparency in supplies and vendor participation throughout the process. We have begun to view the concerns for supply chain management that occurred during the pandemic and our services can assist in boosting that transparency for chain custody, be it goods, capital or the internal outflow of the supply chain management process that both enterprises and consumers depend on.
Due to the mass adoption of digital tools, particularly in the financial industry, the adoption of decentralized finance (DeFi) is expected to increase as more emphasis is placed on financial liberty. Blockchain will play a crucial role as it serves as a form of decentralized currency and provides decentralization of smartphone apps for various communication tools.
The applications that we are developing help to provide continuity in the financial markets and the ability to transact as terrestrial infrastructure is being destroyed and cut-off from access due to disruptions caused by catastrophic events such as environmental and climate issues. SpaceChain’s platform enables that capability and continuity by facilitating payment programs that spur economic growth.
We provide decentralized space constellations that offer Blockchain payment programs for decentralized financial applications. These constellations act as potential customers and opportunities for us to serve them and also to supplement their applications that they are offering to their customers.
For decentralized space infrastructure, Blockchain plays a role that provides transparency, and the openness of the constellation via the New Space Economy helps us realize that it is commercially focused with embarkations on projects of international collaboration, which requires a balanced dynamic between our partners.
Blockchain integration makes key technology more open and accessible with numerous companies in various jurisdictions running in the constellation. This removes the need for one dominant party to control the entire constellation, molding a more decentralized market for our global clients to easily use our services without much concern for geopolitical issues.
As we begin to communicate with other constellations or disparate assets in orbit, ensuring that there is a mitigation of the bad actors in the middle makes security between satellite communications highly important.
For example, if unauthenticated communications is sent from a rogue satellite operating center that instructs a satellite’s solar panels to retract, or even deorbit, the outcome would be disastrous particularly if the constellation was providing vital GPS services.
To help mitigate such an event, the transparency of the Blockchain platform provides a higher degree of security to prevent an unauthorized maneuver by authenticating the source of instructions. This capability contributes to fostering a higher security and awareness in the space economy.
In terms of promoting access and scalability of the sector, our customers’ are sensitive to realities and the challenges with executing a space strategy. To that end, we are laser focused on providing the capabilities for secure communications across in orbit assets.
Since there are multiple Blockchain and ledgers provided by public infrastructures, numerous end users are working towards standardization.
One of the best sustainable solutions that SpaceChain could possibly undertake is to work with numerous satellite companies to leverage our payloads and build more applications surrounding their capacities, to add value to their services.
Space technology can be used to help improve terrestrial life, for example Earth observation to monitor methane gas leaks and visible land degradation that are both measurable.
Additionally, we also assist with security on these Earth observation situations, some of which employ sensitive data that requires monitoring. Space technology is able to offer a secure communications platform containing transactional information. We can also provide connectivity and solutions for these Earth observation companies that are monitoring the environment and are able to offer analytical feedback.
As a one-stop Blockchain-based Earth-observation data and service marketplace that allows customers to select data from multiple parties, the Decentralized Satellite Application (DSA) is a digital interface between satellite data, satellite service and users. It provides an interface for users to directly acquire satellite data or images and applies analysis tools with zero knowledge requirement.
The platform is supported by Blockchain infrastructure, where distributed and transparent ledgers take record of system operation. Transactions and communications of information are encapsulated in an envelope where the cryptographic algorithm is applied.
DSA in the next generation will be directly connected with the satellite system, allowing users to place orders with the satellite to directly provide services according to the users’ requirements. The platform also enables crowdsourcing services based on Blockchain smart contract technology.
Through the DSA platform, users can establish direct connections with aerospace companies and utilize aerospace systems as a daily tool that will promote the development of the aerospace industry to enable space technology to serve more people.
Artificial intelligence and Machine Learning help increase productivity by increasing automation, maximizing manpower and intelligence. Security is another issue as people who are unfamiliar with Blockchain technology have the misconception that it is susceptible to cyberattacks.
Since there are multiple Blockchain and ledgers provided by public infrastructures, numerous end users are working towards standardization. Different brands are attempting to make their hyper ledgers the standardized version to operate in, similar to creating a proprietary Blockchain.
Another challenge is Web 3.0. Hypothetically, if a decentralized version of Facebook exists and when you contribute to the platform, you are no longer merely a user but also a contributor who has some form of ownership. It is fundamentally a relationship shift between the user and the web product, and Blockchain is an essential component of it.
As Blockchain involves IoT services which acquires a high connectivity over people and devices, it plays an important role in advancing towards Industry 4.0.
One reason centralized IoT services are not gaining traction is data piracy and security. Blockchain is able to track data activity where every access and transaction can be recorded, providing a high level of transparency.
The emergence of smart cities requires a high level of technology in addition to blockchain, which enables the transparency and intricacies of the management capability of developing such cities to be truly astounding.
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