Until a few years ago, only the wealthy countries were in a good position to explore space. By 1973, the idea of sending a private mission to space was not only unheard of, but it was also unimaginable. Who would be in a position to fund a mission that would cost close to $25.4 billion?

This is the exact amount it had cost the United States when it launched the Apollo Space missions. At the time, Howard Hughes was believed to be the wealthiest American at the time, and his personal wealth was estimated to be around $6.4 billion.

But since the beginning of this millennium, private space exploration has gone on to become a viable and potentially highly-lucrative sector. Richard Branson ($5.1 billion), Elon Musk ($20 billion), and Jeff Bezos ($143 billion) are some of the wealthy people in the world, and they also happen to be people who have invested in space tourism.

They have also invested in space-related transportation ventures. SpaceX was recently able to design, as well as successfully launch its own rockets. In 2012, a rocket belonging to SpaceX was able to take supplies to an International Space Station.

Apart from rocket development, many firms have also started making plans that involve surveying asteroids that are closer to the earth. Others are also trying to establish whether it is possible to go to the Moon in search of precious materials.

For the ever-evolving commercial space sector, it is noteworthy to mention that the rewards that will be received will be far greater than the human and financial risks that will be involved. For instance, space explorers believe that the Davida asteroid currently holds rare minerals and precious metals worth close to $10,000 quadrillion.

Many people are enchanted with the idea of human beings journeying into space. Space exploration enthusiasts actually believe that this is a dream that can come true. Elon Musk, SpaceX’s founder is on record stating that he would like to breathe his last on Mars when it becomes a human colony.

However, many are hopeful that when humanity is finally able to go through the final frontier, that it will be doing it as one community.

SpaceBit is a firm that has been looking for ways on how it can use the blockchain infrastructure and technology to help it fund as well as operates missions related to space exploration. According to the team behind the platform, they are of the belief that blockchain technology is an ideal platform that can be used to coordinate global expertise better than centralized organizations can be able to do.

Pavlo Tanasyuk its founder believes that instead of relying on the incredibly wealthy national governments, SpaceBit can be able to encourage private citizens to take part in such missions by providing a form of governance that is highly decentralized. He also questions the reason why people cannot take it upon themselves to determine the initiatives to be taken in future space exploration missions instead of relying on their governments.

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