For over fifty years, humans have explored space and garnered continuous societal benefits. Some of the significant advantages of space explorations include the expansion of scientific knowledge, diffusion of innovation and the creation of markets, strong connections between countries engaged in the explorations, etc. However, space explorations require a huge amount of financial support from the government and over the years, the funding has witnessed a considerable decline, impacting the efficiency of various space projects.
Financial Challenges Restricting Space Exploration
While the world leaders anticipate great potential from space exploration projects, adequate funding of these missions still remains questionable. Presently, the funding for space exploration as a percentage of overall federal dollars is at an all-time low. NASA gets approximately USD 18–19 Billion, which is less than one percent of the overall federal money. This number is also drastically lower than what the government used to invest in the past. In the year 1966, the government spent nearly 4.5% of the national budget to reach to the moon. The space agency also admitted that due to the lack of funding, many projects often get delayed or even canceled before completion.
Democratising Space Exploration
Space explorations have been limited to government and powerful conglomerates. Common masses have never been a part of space exploration projects and attained benefits from the same. However, democratising space exploration projects will enable users to be a part of this glorious initiative with a chance to garner direct benefits from the same. Additionally, it will also solve the funding issues that the space industry has been dealing with for a long time.
Blockchain can effectively distribute cryptographically secure digital information to develop a self-sufficient record system for executing transactions, managing supply chains, digital rights, etc. This technology can revolutionize the spacecraft’s capability to facilitate enhanced communication, timing, and positioning. Moreover, it can also offer the space industry an intrinsically efficacious method of acquiring funds directly from the public. This can directly help in solving the slow and complicated procedure involved in governmental bureaucracy, thereby encouraging better innovations in the space industry.
Spacebit — The Answer to Democratize
Spacebit is an innovative decentralised space company that is developed by a strong team of renowned professionals. The company aims to democratize access to space by efficiently tokenising major commercial space projects. It enables individuals to effectively take part in space programs and obtain substantial returns.
The enterprise teamed up with Goon hilly Satellite Earth Station to develop a decentralised ground station scheduling system that will be launched in a couple of months. Presently, the system is in beta testing phase on the EOSIO platform. The scheduling system envisions to create an effective model that offers access to low-Earth and deep space communication. Moreover, the interactive models have been created to reduce the entry barrier, promote dialogue between multiple industries, and open new commercial opportunities.
Democratising and Augmenting Space Explorations
Democratising space exploration missions is an effective way of acquiring necessary funding and enabling common masses to participate in this highly-profitable domain. Moreover, blockchain is a prolific technology that can aid space companies to effectively democratize their space projects. Spacebit is one such space enterprise that has leveraged this robust technology to create a decentralised structure, where public investment in space exploration projects is no longer just a dream.