The day isn’t very far away when the international space community will see human colonies orbiting the Earth. One of the moons of Jupiter named Europa and Mars will likely support human populations. The ultimate aim is establishing human colonies far beyond our Solar System which will provide one benefit, namely interstellar commerce. This will need a financial system based on one particular payment method. For example, Europe uses the Euro and the United States uses the dollar for financial exchanges.
There are a total of 8 major currencies across the globe, the values of which change on a regular basis with reference to each other. Such altering currency values can prove to be a major issue. While time taken for financial transactions are short on Earth, the time taken for same during interstellar transactions can be minutes, days or years. Such extremely long information transit times may make currency exchanges impossible. Hence, creation of a single currency among the space colonies may be a practical idea.
Crypto-currency is ideal in this case as its units are uniquely identifiable. For instance, the DUC coin or the Digital Universal Currency may be used for transactions between space colonies. The value of a DUC coin can be set as one US dollar and at the core of the entire DUC system will be the blockchain type system. It is a ledger which records and keeps track of the rightful owners of all balances of DUC in existence. So while making a DUC transaction, an individual effectively announces to the system that he would opt to transfer a balance of DUC on the ledger to another owner from one. Such transactions are first grouped into a block after which members of the system compete to achieve the first place in confirming legitimacy of those transactions in the block. After confirmation, blockchain or ledger is updated to show most recent transactions.
Earthly crypto-currency transactions are instantaneous. On space colonies, transactions may take more time, giving rise to risks of hacking while notifications are in transit. Hence blockchain operations may need alterations and adjustments, for which Satoshi Nakamoto may already have innovative ideas.