US and India-based blockchain startup Accubits Technologies announced in March that it will launch the world’s first enterprise blockchain satellite under a mission titled Chainsat. The entire project will cost around $1.2 Mn. As part of the mission, Kerala-based Accubits will send a low earth satellite (LEO) weighing 12 Kg in the first quarter of 2021 to establish an enterprise blockchain ledger that can enable a secure transactional network for next-generation financial & IoT systems. Accubits is currently in talks with SpaceX CEO Elon Musk for the satellite launch vehicle.
Speaking to Inc42, Aharsh MS, cofounder and CMO, Accubits said, “Being decentralised in nature and the internet does not fit the majority of blockchain requirements as demanded by enterprises. Chainsat will fix this problem by facilitating an off-grid network for blockchain transactions that bypasses the terrestrial internet.”
Founded in 2012 by Jithin VG, Ditto PS, Gokul A, Aharsh MS and two others, Accubits Technologies is an AI and blockchain-focussed startup with its offices in US, India and Dubai. The company is developing a blockchain-as-a-service platform in sectors ranging from fashion technology to complex CRM systems.
However, Accubits’ key application areas include finance, retail, supply chain and manufacturing. The startup has launched a couple of products too namely iCosys, Reinsurance and BaaS solutions.
Responding to the question of why a blockchain satellite , MS stated that due to the varied regulations in various countries, it’s difficult to use the internet through a secure channel. Chainsat aims to establish communication with the satellite, based on UHF telemetry with 115 Kbps data and S-Band payload transmitter with up to 5 Mbps data and an experimental X-band transmitter with up to 150 Mbps data. The satellite will have an onboard data storage capacity of 4TB in space-hardened memory modules.
