Posted 3 years ago | by Ben Armstrong
SpaceChain Gets ESA Backing, Plans New Launches
On September 18th, Blockchain start-up SpaceChain announced that they are the recipient of a 60,000 euro grant from the European Space Agency (ESA) to investigate the potential uses for their satellite-based blockchain wallet system.
The grant is part of the ESA’s “kick-start activities” fund, and it reinforces SpaceChain’s efforts to create and to place a hyper-secure, multi-signature, distributed satellite network in orbit.
Zee Zheng, SpaceChain’s co-founder and CEO, deems his grant a significant opportunity to learn more about blockchain space applications. Security issues are of special interest to many developers in the field.
SpaceChain is in Orbit
SpaceChain has already flight-tested blockchain nodes in space. The tech uses a three-signature system, with two being ground-based and the third occurring in orbit on the satellite. Therefore, each transaction requires at least two of the three signatures to be completed.
The satellite based nodes are far more secure than terrestrial networks processing on the open interest, since the data and protocols uplink directly to the satellite, thus reducing the need for internet access for transactions. With this kind of tech, the risk of hacking is potentially eliminated.
Since last year, over one billion dollars in crypto was stolen from the market, protection from hacking, data breaches and corruption is an absolute necessity. With a satellite based system, it will be much more difficult for hackers to break into the system.
New Ideas in Data
With the grant, SpaceChain will be able to demonstrate how space can benefit blockchain, with plans to launch three times during the next eighteen months.
SpaceChain is also working with the Singapore Space and Technology Association (SSTA), and will be in a position to network with companies like GomSpace, ST Engineering, Surrey Satellite Technology Ltd and Thales Alenia Space, all of which are SSTA members.
The president of the SSTA, Jonathan Hung, commented that Singapore has:
"hearts and minds that can propel us to strategic space hub status, leveraging our talented workforce, innovative society and entrepreneurial mindset to put Singapore in the forefront of the most exclusive fraternity on the planet, and beyond, with a group of like-minded individuals who want to make a difference for tomorrow's world."
SpaceChain's vision for decentralized space-based data networks seems to fit in with the SSTA's goals, and also appears to be attracting support from the ESA.