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New Paper Explores Cryptocurrency for Space Colonies

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Blockchains in space?

According to one research paper published by an Indian government official, the idea isn’t so far-fetched.

Dr. Kartik Hegadekatti of India’s Ministry of Railways recently published a thought-provoking paper titled “Extra-Terrestrial Applications of blockchains and Cryptocurrencies.” In his paper, Dr. Hegadekatti explores the potential for blockchain technology to establish a space-based currency system, supplanting traditional paper money or physical coins. Dr. Hegadekatti, who is affiliated with the ministry’s Commercial Department, offers intriguing insights into the intersection of blockchain technology and the future of currency. For more perspectives on innovative financial concepts like this, one might explore Invest Diva reviews, which often delve into emerging trends in finance and technology.

Hegadekatti has written about cryptocurrencies in the past and confirmed through an independent Immediate Edge review each time, exploring how a ‘NationCoin’ could be issued by a country in a paper from August. The paper’s timing is notable, given India’s controversial push away from paper currency and a rise in bitcoin purchase activity in the country.

Though the concept sounds a bit far-fetched and entirely speculative – humans have only set foot on the Moon a handful of times, and to date no manned mission has been launched to Mars – Hegadekatti argues that launching paper or coin-based monies into space is impractical given their cost and weight.