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How the New Space Economy is Going to Change YOUR Industry

Image Credit: Pixabay

When it comes to the potential for businesses to expand through the evolving space economy, the sky is literally the limit.

Global business leaders have already begun to mirror this sentiment by pouring considerable resources into the outer space arena. Founder and CEO of Amazon billionaire Jeff Bezos, for example, is already investing more than USD one billion per year into his space transportation firm, Blue Origin. Initiatives like this will only increase participation in the sector, advancing the New Space Economy over the course of the next several years.

We take a look at this playing field, touted to be worth one trillion USD by the end of 2020, exploring three major areas that will be instrumental in changing the face of multiple industries over the course of the next several years.

Internet 2.0: Unrivalled Global Access

Image Credit: Pixabay

It is an unfortunate fact that the World Wide Web does not serve the entire global population. More than half the world is still unconnected to the internet due to infrastructural as well as financial limitations in several rural areas.

Private enterprises have taken on the challenge of bridging this gap in the foreseeable future with companies like SpaceX and Amazon setting out to launch a constellation of internet-beaming satellites. This will expand the reach of the internet to a large proportion of the population that lives in areas without the right infrastructure in place. It will also mitigate some of the issues in connectivity/outages that the internet has to grapple with (due to technological advances in satellite transmissions) as well as reduce costs for the end consumer.

There is also the issue of the Earth eventually running out of space to store data. Data farms require physical real estate to store the troves of information that we produce daily, creating a need for developments (already in the works) to create a robust internet storage programme in outer space.

AI and Beyond: No Longer the stuff of Movies

Image Credit: Unsplash

When it comes to the space industry, artificial intelligence (AI) continues to be a tool that businesses find invaluable to create efficiencies and develop a competitive edge over others. Trained over time, AI models have proven to become highly skilled at executing specific tasks.

Earth exploration data, for example, is an invaluable tool for both governments as well as private enterprises to accumulate crucial data. Advances in Earth-imaging data will increasingly provide vital insights to help in the calculation of macroeconomic activity, accurately measuring migrant flows and the impact of climate change. The role of AI in the process will play a vital role in the extracting of such information and then appropriating this data for a variety of applications and services.

In order for the above-mentioned data collected to remain authentic and verifiable, the industry will see a heightened increase in demand for integrity verification software — an area that SpaceChain is currently addressing through its distributed ledger technology.

Fintech’s New Frontier

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The global financial industry’s resistance to technological advances (due largely to regulatory and security factors) has been changing rapidly in the last few years. The increased adoption of new technologies to facilitate this shift has been fuelled largely through growing efforts by service providers to strengthen overall security across their respective platforms.

When it comes to security, the blockchain world has provided both consumers and enterprises with heightened reassurance through various decentralised platforms. This is one area that SpaceChain is particularly excited about, with our very own industry-first blockchain hardware multisignature wallet technology being launched into outer space in December 2019.

The launch was a first step in introducing a crypto wallet that will mitigate hardware threats associated with the hacking of fintech applications. It will cater to high-dollar clients, custodial services, exchanges, and enterprise customers — providing for an all-round secure experience through a truly innovative platform in outer space. You can read more about the science behind our infrastructure here.

What does all this mean for businesses? The more people connected globally (through higher internet adoption) will translate to larger potential target audiences for businesses, elevated workforce figures as well as greater efficiency across the board. There will also be an increase in employment across the space industry to facilitate advancements through AI innovation, with heightened demand for data experts as well as analysts. The fintech industry will also slowly but steadily move towards bolstering security through decentralised platforms in outer space.

Keep up-to-date with all of SpaceChain’s developments via Twitter and subscribe to our newsletter on our website for our latest news.

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