In addition to offering new value propositions and creating new business models, Chao said he believes blockchain is a tool with great potential that will power bleeding-edge development.
Binance CEO Changpeng Zhao (widely known as CZ) is one of the most powerful and influential figures in the cryptocurrency industry today.
He recently proposed on Twitter that blockchain could be employed to globally fund a space elevator project to facilitate transportation to and from space. According to him, such a project would need features of distributed ledger technology to track expenses transparently and efficiently.
The space elevator proposition is based on a study published in September this year, in which two graduate students argued that such an engineering feat could be achieved with present-day technologies. Nevertheless, it remains unclear whether Zhao actually endorses such a project based on the study.
The Binance CEO is not the only one that sees blockchain’s potential for such an undertaking. Obayashi Corporation, one of the biggest construction firms in Japan, has estimated that a space elevator project would require a budget of US$90 billion.
Obayashi further stated that with the right materials and the use of blockchain to help finance the project, a space elevator could be completed as early as 2050.
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