In-Orbit Transfer of Ownership

by | Sep 25, 2021 | Blockchain, Product, Space Exploration, Uncategorized

By tackling the legislations in orbital parking and enforcing smart contracts for mission control, DµST Network cements the foundation to assist the transferring of space assets in orbit. Establishing the application of bureaucracy and smart contracts as the intrinsic value of using blockchain technology in our solutions is crucial, since this division of DµST requires the participation and agreement of different actors.

The credibility of each of these actors need to be validated in order to build a trustworthy framework, where commodities can be created out of the actors’ assets. This will enable asset owners to permit other actors on DµST Network to access telemetry data, give commands and check mission control. Every action performed on the platform by the actors will be recorded and registered securely by the smart contract on the blockchain. 

With any satellite in orbit, the owner will be in possession of and maintain their space asset for the duration of their lease period as granted by the regulatory domains. The data and command details of the satellite will be documented by the smart contract on the platform. 

However, in a situation where the owner wants to relinquish control of their satellite, they will be able to do so using DµST Network. The platform will be the medium where the owners will transfer their ownership and cryptographic keys of the satellite to the new owners, and enforce the agreement with a smart contract. 

DµST Network has been formulated to make this transfership easier. From orbital parking and mission control, DµST ensures that the entire journeys of registered satellites are directly logged into the blockchain for auditing by the authorized actors. Insurance companies and law firms are, therefore, conveniently equipped with all the information they need to conduct due diligence. When the detailed history of the satellites are recorded on DµST, the commodification and trading of the space assets is made easy. 

In the same vein, when an actor wants to buy or lease a satellite, they can look up the background details of the registered satellite to understand its utility and worth. Then, insert their own information onto DµST Network to request for purchase. 

When all is said and done, what we have is a network that not only unifies actors in the commodification of space assets, but also a platform that champions the exploration of the final frontier — space.