Space mining becoming trillion dollar industry

Although Tesla CEO, Elon Musk, and Amazon CEO, Jeff Bezos, are increasing the chances of space tourism, space mining is also becoming a legitimate idea in the coming days. It is seen as a new possibility of human civilization and a process of making new profits on another planet. Now technology has become so advanced that it has made landing on the asteroid a reality apart from the concept of space tourism.

SpaceX, for instance, has been highly successful in launching the latest version of the Falcon 9 Block 5 into space. Moreover, two of its three boosters are also in line to carry a heavy payload into space, thereby reducing the cost of launching to a great extent.

Neil deGrasse Tyson, one of the renowned astrophysicist, has said that the world’s first trillionaire will be the person who can land on an asteroid and make his fortune thereby. According to a recent data released by NASA, the space agency has confirmed of the fact that the number of minerals that is present in the belt of asteroids between Jupiter and that of Mars would be equivalent to a wealth of whopping $100 billion for every person on earth.

However, there is no legal clarity regarding the ownership of such space resources. Moreover, the laws that are available for spare are not transparent. This was said by Ian Christensen who is the director of the private sector programs at the Secure World Foundation which is considered to be a space related think tank. He further added that there is no single point of authorization to allocate resources within the space. The most coveted law till date is the United Nations-sponsored Outer Space Treaty which came into existence in the year of 1967, but the confusion over the row still exists. Even the government as well as the experts are quite unsure about the proper uses of these valuable resources and remain a million dollar question which is yet to be answered.

In recent modifications in the legislation part, governments are issuing licenses to the organizations who want to conduct various activities within the space. Moreover, in those countries where private companies play a significant role in space exploration, such companies are bound to abide by increased enforcement.

According to the experts, legislation is lagging behind the technology. As a result space exploration process is still struggling to come to the forefront. Immediate action on the same will be required to make the statutory procedure in good shape.