The unique use of the blockchain in the aerospace industry is another example of the blockchain’s flexibility in its application.
The idea of combining the technologies of the modern airspace vertical with the blockchain is certainly one of the more interesting innovations of the blockchain recently.
Of course, this technology is not going to completely revamp everything; it still relies on working with existing telecommunications and energy infrastructure.
The introduction of the blockchain itself to a wider audience, however, brings forward a new wave of innovation, and we can expect more and more specialized blockchains and applications to be implemented the same way as the airspace industry in the future.
According to tech giantsAccenture, the blockchain technology is set to completely disrupt the aviation industry by 2020—and for a very good reason.
With it, the aerospace industry is expected to receive impactful interactions and integrations as it can be used for a variety of industries and specific use cases. Since the blockchain is primarily software-based, accommodating for changes is much more flexible and the costs are usually not too expensive.
So, why is the blockchain especially significant in this industry?
The answer to that is simple; with it, there exists a way to move self-powered and energy-contained communication nodes off the surface of the earth meaning that land-based processors are no longer necessary.
With that being said, most people are not aware of the aerospace industry let alone the application of the blockchain in this vertical. To the surprise of some people, the industry is worth billions which makes it ripe for new technologies to disrupt the industry.
Thanks to Internet and social media in particular, that situation is about to change as more urban transport prototypes and important events in the industry are publicized, taking these innovative ideas to the next level in terms of public awareness and reception.
Vimana Global’s vision to build urban transports of the future sounds ambitious but it is not a pipe dream.
In fact, the company is on a roll with its progress so far, wowing policymakers and deep-pocketed investors in hotspots such as Dubai, Monaco and Davos with their project showings.
As of early February, Vimana is the proud recipient of the biggest largest crypto investment from the renowned Singapore blockchain investment firm Taas, who are also major backers of the Bancor Protocol, a cryptocurrency startup that made waves last year.
What makes Vimana unique is that the team clearly tells a unified story and presents a credible strategy about their ambition, making it captivating to both investors and the public.
The company is on track to launch not only their futuristic air taxis but also their new airspace-based blockchain protocol which they hope will help to monetize the airspace as well as providing a reliable flight communications network as an improvement to today’s systems.
As mentioned before, Vimana is working on two fascinating projects; the first project is the company’s invention of a cutting-edge, autonomous aerial vehicle that is called air taxi. Air taxis are essentially a futuristic form of transport that carries passengers from destination to destination by air but at much lower altitudes than airplanes.
The company first unveiled the project at the World Blockchain Summit in Dubai last October to a welcome reception from the crowd.
Vimana will also be creating its own blockchain which will be developed between Vimana’s team and the NEM.io Foundation. The VMX blockchain, which is based on NEM’s protocol, will enable smooth communication and control between Vimana’s flying taxis. It will also be extended to other operators who wish to fly their own aerial systems, carry passengers, and other related functions.
The drone market will be the target of the company’s business plans but they will also be working on ways in monetizing multiple airspaces all over the world with the technology they have at hand.
The airspace touches on communications, energy, and literally space itself.
The problem with the airspace is that it is hard to treat it as an asset. You cannot see it, you most definitely cannot touch it—how do you even begin to quantify it?
Although that is still a problem today, there have been standards developed by countries and organizations to treat airspace as an asset.
For example, airspace in several cities around the world is charged based on how tall buildings are and how much space they cover. Flight paths for traditional airplanes and airwaves, on the other hand, are auctioned off to the highest bidder instead.
There are, however, many places where airspace remains a relatively unpriced commodity which is a waste. This is simply because it cannot be effectively monetized due to a lack of technology or proper airspace standards and policies in place.
With the kind of technology that Vimana is launching, the airspace suddenly becomes commodifiable and thanks to the blockchain, it can be tokenized. In Vimana’s case, they will be focusing first on controlling and commodifying the air traffic control between multiple low flying vehicles e.g drones before potentially moving on to other scenarios.
Keep an eye out for the company’s token sale as the Vimana ICO is bound to be one of the most impactful ICOs in recent times.