I hear laughing in the room, I can feel you smiling behind your desk , reading my words who could sound insane to a highly secured and closed brain. This question is not from me, I would have liked to wonder such specials questions, but no It’s really not from me. The first time I read this title was about Blockchain technology and how the technology would react if we were colonizing another planet and transferring information between the 2 planets. This is not as easy as it sounds.
Until now, we didn’t find any way of going faster than the light speed and because of the distance between The Earth and Mars, the fastest the information could be transferred between the planet is 3 minutes if the planets where as the closest they can get. 3 minutes appears to be nothing but when it comes to Money it’s a real mess. Let’s take the example that all the information about my money are stored on Earth but I’m on Mars. I have 10 000 USD on my bank account and I send 10 000 USD to a friend. During the 3 minutes between my transaction and the reception of the information, I could actually pay several services and my bank account would still think I’m positive. According to the blockchain experts, we would need either to wait for the confirmation of the transaction or have one blockchain on each planet who can interact between themselves with a longer confirmation time.
- Longer Distance
Now, what happens if the planet you want to send money to is 10 000 light years away? We can’t do faster than this, you would have to wait these years to confirm that the payment was received. But seriously why would you need to transfer this amount of money over there? If you are moving from Earth to this planet, the money will arrive before you for sure (if the light doesn’t get lost or distorted).
- IOU and money transfer
IOU is almost an acronym, but it’s not, but I don’t know the term to say it, which means “I owe you”, it’s pretty useful when you want to transfer money as you don’t have to send the real bills or the gold to make the transfer, you just transfer an IOU of 10 000USD and the transfer is considered done. It’s a system as the base of SWIFT, Ripple or Western Union. On far distance it doesn’t make sense anymore as an IOU is a trust based token. The person or entity that owe you the money could be dead or bankrupt before reimbursing you. This is why Public Blockchain can be the solution as the token really travels with the information.