Cryptocurrencies: The Future of Space Economy

image:Bloomberg

For a long time the human being has been inclined towards the conquest of space. At the moment, officially, there is not enough technology to reach manned ships far beyond the Moon, but this is already coming. And when scientists can build that path, it will be necessary to be prepared in other areas, such as economics.

This is what Dr. Kartik Hegadekatti of the Ministry of Railways of India thinks, since he recently published an analysis where, basically, he assures that the cryptocurrencies and the blockchain are the economic solution in space. Or they will be in the not so distant future as you might believe.

According to Hegadekatti, in his report, transporting physical money from Earth into space, whether to the Moon, Mars or other planets, would cost much more than the currency in question would cost. Thus, for example, transporting $ 100 into space at a cost of $ 1000 per kilogram would in principle cost an additional $ 1. And the larger the distance, the higher the price: transporting it to Mars would convert the sum to $ 150, so that would be as costly as it was impractical.

It would also work with 'plastic money', that is, debit or credit cards, since transporting the necessary equipment to use them is also very problematic. Given these drawbacks, the solution is undoubtedly the blockchain and digital currency, which everyone could carry with them without problems to make transfers in real time.

To achieve this, it is explained that a single blockchain could serve the Earth and the Moon, while further away, because of the distance, would have to develop new chains of specific blocks and assets for each planet carrying powerful microprocessors that would allow a ' Smart mining '. In addition, the blockchain would also work to create contracts, make votes, collect taxes and even build a new banking system.

Although it sounds like science fiction, Hegadekatti is not the first to come up with it. In fact, in October we learned that the California Space Center (CSC) has taken even one step further by creating a blockchain transfer system designed to function in space and cooperate in a future spatial colonization. Genesis Mining, meanwhile, even managed to make the first bitcoins transfer into space.

And perhaps such colonization is not so far away. Currently there are several companies and projects that intend to launch manned missions to Mars before 2030, such as Space Shuttle North America and the Mars One initiative, which has already recruited hundreds of volunteers for a return trip to the Red Planet. However, enough technology to transport and maintain humans in environments as inhospitable as that of Mars is still in development. We will see if they succeed in the next few years.

sources: Cryptonoticias, Coindesk, Bloomberg