SpaceChain Receives Funding For Blockchain Network In Orbit
Extra-terrestrial ambitions are rewarded. The British blockchain start-up SpaceChain will also install a blockchain network in space. Bitcoin satellites are by no means a new invention.
The British blockchain start-up SpaceChain receives government funding for the development of a decentralized satellite network in orbit
As stated in a press release, which BTC-ECHO has received, SpaceChain receives 440,000 British pounds (around 480,000 euros) in funding. The start-up also has access to research and development facilities. Together with Addvalue Innovation and Alba Orbital, SpaceChain will develop a decentralized satellite infrastructure (DSI). At the core of the DSI, a blockchain is operated to enable direct control of a satellite in real time. The network nodes should orbit in low earth orbit (LEO), with an altitude of no more than 2,000 kilometers.
Once the DSI architecture and the blockchain payload have been developed, a test phase follows to check reliable connectivity and performance. Once this has been successfully completed, providers of space resources, satellite applications and fintech companies can access the SpaceChain network.
The funding is provided by EUREKAsGlobalstars initiative awarded. EUREKA was founded in 1985 and is an international network that aims to promote collaboration in research and development in 45 countries. As a result, 14 countries of the cooperation network were invited to submit proposals for this project. With the planned blockchain-powered mesh network of satellites in low earth orbit, SpaceChain and its partners are planning to „democratize access to the emerging space sector with lower entry barriers for individual companies“.
Space exploration projects are huge and require close collaboration and partnership. This milestone opens up new opportunities for building commercial solutions using space and blockchain applications,
Blockchain in space
SpaceChain announced earlier this summer that it had carried out its first blockchain transaction in space. The hardware housed in the International Space Station authorized a transfer of 0.0099 BTC (about $ 92 at the time). Jeff Garzik, the chief technology officer, carried out this transaction.
However, this will not be the first time that the blockchain has also populated space. Blockstream has already sent a Bitcoin satellite into orbit. One of the special features of such space projects is that the satellite network is available around the clock around the globe. The users are thus independent of an Internet connection and any country or government-specific restrictions. In the case of Blockstream, in addition to an existing satellite antenna, only the purchase of a special “satellite kit” is necessary.
