Bitcoin bulls predicting BTC prices “to the moon” are in no short supply. But now, it looks as though the meme could become a reality. This is due to a new blockchain satellite project announced by the European Space Agency.
In partnership with blockchain startup SpaceChain, the ESA is exploring use cases for a blockchain wallet system powered by satellites in orbit. The move is a precursor to work that could ultimately see more extensive blockchain satellite infrastructure in space.
It comes after the ESA announced a grant of 60,000 euros to SpaceChain to work on the project. This follows the startup’s successful trials of blockchain nodes in space.
According to SpaceChain, the funding should “kickstart activities” towards developing a “hyper-secure, multi-signature, distributed satellite network”.
The technology will allow transactions to go through on three signatures – two from earth and a third from orbit. Two out of a possible three signatures will validate transactions.
Is A Space Network More Secure Than An Earth-Based Network?
SpaceChain co-founder and CEO Zee Zheng said the space network was more secure than earth-based networks connected by the open internet.
According to Zheng, this means the infrastructure is less at risk of hacks than ground-based blockchain technology.
“We don’t need internet access to perform this kind of transaction which eliminates a lot of potential risks for hacking.”
“We are looking at a market that last year saw $1 billion in crypto stolen. That will be much much more difficult for hackers [on our system].”
Describing the grant as a good opportunity to explore further applications of blockchain in space, Zheng said the move would be of keen interest to developers looking to the future of blockchain tech.
“We want to use this opportunity to showcase how space can benefit the blockchain space.”
SpaceChain is currently planning three separate launches over the coming 18 months, as development work continues.
The same technology as that used to power bitcoin and other cryptocurrencies, the space-based system is expected to introduce a range of practical benefits. These include security, but also a range of other global applications for the technology envisaged by SpaceChain developers.