Thoth Technology, a Canadian space technology firm, announced that it has planned to build a 12.4-miles-tall space elevator tower. The firm claimed that the elevator will make a major cost reduction in space flights.

The Canadian firm said in a statement that the elevator will help the space flights to navigate the first 31 miles of travel which usually requires rockets. In addition to needing to carry sufficient fuel to get a payload into orbit, they need extra fuel in order to carry the required fuel to reach that point in the first place.

The idea was proposed more than a century ago, but the idea of a space elevator is always fanciful to all. Thoth Technology has been granted a United States patent for the elevator.

The elevator as told will stand more than 20 times higher than the world's largest man-made structure i.e. Burj Khalifa in Dubai, which is 2,722-foot-tall.

According to Ian Tomaszewski, Thoth space systems specialist, if the launch will be made from the elevator then we can get to Space in a single stage to orbit.

Normally on a rocket launcher you would launch vertically for a while and then you expel those stages of the propellant and those will fall back down to the ocean, and then you continue on. But the elevator will eliminate this part of the journey and will be able to get to Space in a single stage.

The firm said that the tower will be built of reinforced inflatable sections. An interior tower made of multiple pneumatically-reinforced segments would allow elevation.