European Space Agency (ESA) Business Applications and Space Solutions, has awarded funding to SpaceChain UK to develop commercial use-cases for satellite blockchain technology. This news emerged on 18 September.
SpaceChain is a space platform that combines blockchain and space technologies to build the first open-source blockchain-based satellite network. This network allows users to develop and run decentralized applications in space. SpaceChain further added that its operating system would be available to anyone while remaining secure and immutable through robust blockchain cryptography.
The ESA is an organization of 22 member states dedicated to the exploration of space and to support the development of European capability. ESA’s Business Applications and ESA Space Solutions program co-funds projects and start-ups. The agency also offers technical and business support to companies that seek to deliver rapid innovation.
Zee Zheng, SpaceChain co-founder and Chief Executive Officer expressed –
“It is an honor to receive support from the European Space Agency. The fintech industry currently suffers from low levels of security in relation to the storage and transmission of digital currency, preventing it from achieving the same level of professionalism and trust as the traditional banking industry. We are thrilled to solve that by bringing our blockchain technology to new partners in the EU and UK.”
SpaceChain conveyed that its satellite blockchain technology was designed to bring more security to the transmission of digital currencies and smart contracts. The firm continued that this would be enabled by using a distributed satellite network and multi-signature transactions. SpaceChain emphasized that it has developed an open-source operating system while launching and flight-testing two blockchain nodes into space.
SpaceChain sustained by adding that the current blockchain transactions carry significant security risks. The space firm noted that to solve this problem, SpaceChain had developed a multi-signature satellite wallet that is faster and more secure. SpaceChain added that instead of using one private key, the SpaceChain wallet can use a two or three signature scheme. SpaceChain summarized that the funds in the wallet remain safe even in the event of connectivity failure.
The National Aeronautics and Space Administration (NASA) is studying potential use cases of blockchain technology, with the aim of ensuring the privacy and security of aircraft flight data. The paper published by Ronald Reisman, an aero-computer engineer at NASA’s Ames Research Center, recommends that blockchain networks and smart contracts could help mitigate security issues associated with the aircraft. The United States will be incorporating a new surveillance system shortly.