Blockchain goes Mainstream in Space Industry

European Satellite agency to Implement Blockchain for satellite based wallet system.

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Announced today by the business, the grant from the ESA’s”kick-start actions” fund bolsters SpaceChain’s attempts to set a hyper-secure, multi-signature, dispersed satellite community in orbit. The business has flight-tested blockchain nodes in distance.

The technology utilizes a 3 signature method, with just two ground-based signatures along with a third in orbit, on the satellite. Each transaction needs at least 2 of those three signatures to finish.

Zee Zheng, SpaceChain’s co-founder and CEO, informed CoinDesk his satellite-based nodes are a lot more protected than terrestrial networks processing on the open net with protocols and data uplinking straight into the satellite.

“We do not require net access to execute this sort of trade,” Zheng said,”which eliminates a great deal of possible dangers for hacking”

That is going to be much more challenging for hackers [on our platform ],” he added.

Zheng known as his grant in the ESA that an chance for the crypto community to find out more about blockchain distance software. He noted programmers’ high interest from the safety upside down.

“we would like to utilize this chance to showcase how distance can reap the blockchain area,” Zheng said. He included SpaceChain plans to start three occasions during the subsequent 18 months.

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