Global blockchain development company HashCash Consultants announced the formation of a partnership with an eminent US Space Research Institute. The company will be offering its expertise in blockchain towards building an Orbital Asset Tokenization system for blockchains.
Orbital Asset Tokenization
Orbital assets refer to objects rotating along a spatial orbit such as asteroids, orbit vectors, outer space debris, satellites, and more. The structures can be tokenized to facilitate easy recording and data sharing using highly secure blockchain technology. The tokenization process features the use of smart contracts for assistance in transparent data transfer, tracking, and recording. Space monitoring devices also function efficiently as a transceiver for the tokens.
HashCash CEO and blockchain speaker Raj Chowdhury emphasizes the significance of blockchain technology in space research, saying “Blockchain’s secure network characteristics function outside the earth as well. Its decentralizing traits removes the possibility of errors in conventional single-point access modes of space communication, in addition to eliminating concerns of tampering with cryptographic encryption.”
Use of Blockchain in Space Research
“A consortium blockchain system running on smart contracts empowers space tech stakeholders with access to a connected dashboard featuring the latest added blocks encapsulating orbital tokens and space decision tokens. With real-time functioning, blockchains also reduce the time taken to relay a space message from satellites to ground stations,” stated Chowdhury.
In addition to better tracking and monitoring, blockchain also helps with better access and flexibility. The technology also facilities quicker processing of transactions and automation compliance across processes such as S2S, G2S, U2S, G2G, and A2A.
Global Frontrunner in Blockchain Research and Development
HashCash has been a market leader both in terms of innovation and implementation. The US-based company designed and deployed blockchain solutions in more than 26 counties across 5 continents. The company received the top award among blockchain developments companies in an international list compiled by a global business research firm. The company is also actively involved in innovative research, recently collaborating with international organizations for the construction of a blockchain-based DI lab and a Space Commodities Exchange.
The incorporation of HashCash’s blockchain technology will resolve multiple setbacks faced by space research, helping scientific organizations with better accuracy, faster operation speeds, and lower chances of data tampering.