Credit: Shutterstock (used with permission)

Aim high and shoot for the moon. This phrase is often used to encourage kids to pursue their dreams, and now it’s something we can literally tell young people to aspire to in their lifetimes.

Blockchain is disrupting entire industries on Earth but one tech startup thinks it can be applied to fund and develop space applications and technologies. It's all-systems-go for the decentralized, open-sourced effort called SpaceChain. Sound extremely ambitious? Elon Musk wouldn't think so.

The visionaries behind the blockchain in space effort believe that people from all corners of the globe can contribute resources to make the colonization of our solar system a team effort. Well-funded companies and governments shouldn't necessarily possess a monopoly in space colonization. SpaceChain's vision includes setting up a network of satellites running blockchain nodes, an initiative that's expected to materialize in 2018. All of SpaceChain’s operating systems will be fully open source, meaning any developer and scientist can take a look at and understand the code and system.

SpaceChain's engineering team is comprised of former associates of the China Aerospace Science Technology Corporation, China Rocket, China Academy of Space Technology and other well-known institutions. Former bitcoin core developer and board of director at the Linux Foundation Jeff Garzik serves as investor, cofounder and chief technology officer.

Also, Tim Draper personally mentored SpaceChain founder Zuo Zheng at Draper University in 2016 and believes that the open source project "will create a new ecosystem that connects millions of businesses, developers and consumers with easy-to-access aerospace and blockchain technology.” SpaceChain will compromise one part of a Space DAO, decentralized autonomous organization, comprised of other space and technology organizations, scientists, developers and investors all working together on space missions.

Companies like SpaceChain are leading the way in creating the technology that will allow any developer to create new space applications using blockchain technology, including the use of satellites. According to the firm's website, they’re building the world’s first open-source satellite network that will become the next-generation infrastructure for the blockchain industry. "SpaceChain and its influence will be used to inspire and educate a new generation of students, researchers and citizens around the world to get involved in space exploration, a necessary activity to ensure our survival," according to the project's whitepaper.

The venture is continuously seeking ways to develop technologies that help mankind explore and thrive in the next and final frontier. In the 1960s President John F. Kennedy extolled Americans to embrace such an effort: "We choose to go to the Moon in this decade and do the other things, not because they are easy, but because they are hard; because that goal will serve to organize and measure the best of our energies and skills …" Thanks to blockchain and open-source science and technology, it's possible to unite people in an ambitious plan to go to and thrive in space.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not necessarily represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer.