Blockchain Satellite Project Receives Funding from the European Space Agency
The SpaceChain startup has been granted 60,000 euro by the European Space Agency to develop a multi-signature and hyper-secure wallet that will be satellite-powered.
The announcement was made on Sep 18 where it was stated that the grant came from the fund “kick-start activities”. In any case, the project for SpaceChain becomes successful; it will acquire additional funding from Space Solutions and Business Applications for ESA.
The startup has already put some blockchain nodes in space for testing objectives. This technology makes use of a three-signature system. Two of the signatures will be here on the ground while the other will be in orbit where the satellite is. Every other transaction that involves this platform will have to bear at least two of these signatures to go through.
Blockchain Satellite Network in Orbit
SpaceChain has been at the forefront of building a satellite network that is blockchain-based and open-source since 2017. An open-source operating system has already been unfolded. The security of the system in terms of transactions will have a massive boost because of the two signatures that will be required.
The satellite-based node gives the signature. However, if there is a hitch in connectivity, then the other ground-based keys can be applied to complete the transaction.
SpaceChain’s co-founder and CEO Zee Zheng mentioned that the nodes are even safer than terrestrial networks processing with data. He said that this technology does not require internet access to complete. This, therefore, eliminates any risks of being hacked.
According to Zee, last year, $1 billion worth of crypto was stolen because of loopholes, and therefore this system has come to deal with such. It cannot be hacked, and consequently, no crypto will be taken.
SpaceChain is said to collaborate with Deimos Space UK because of their expertise on ground segment systems, in-flight systems, satellite navigation, and space situational awareness.
Zheng also added that this grant is a golden opportunity to acquire more knowledge on blockchain space applications. He said they are going to use this chance to show the world how space can be of significant impact to the blockchain space. Zee concluded that his startup is planning to initiate three times in the coming 18 months.