SpaceChain Secures First Multi-Signature Blockchain Transaction in Space

  • SpaceChain signs the first Bitcoin transaction outside earth as part of the ‘Kick-start Activity program’ by European Space Agency (ESA) Space Solutions.
  • The SpaceChain hardware, developed by GomSpace and installed on the International Space Station on June 25, holds a private key needed to verify multi-signature blockchain transactions.

Extra-terrestrial vacations or buying a piece of land somewhere in an interstellar world are now a thing of past. The latest activity that you can now execute up above the world so high happens to be a cryptocurrency transaction. 

Blockchain Enters the space 

Yes, you heard that right. SpaceChain UK Limited , an organisation that provides decentralised infrastructure for the new-age space economy, recently announced the successful execution of its first multi-signature blockchain transaction in space. This pathbreaking feat also marks the completion of a significant milestone with due support from the European Space Agency (ESA) Space Solutions.  The receipt, which is now open for public viewing, shows a transaction worth 0.0099 BTC authorised by Jeff Garzik, co-founder and CTO,  SpaceChain.

How it all happened

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As per reports, SpaceChainhad launched a testbed for blockchain multi-signature authentication service to the International Space Station (ISS) on a SpaceX Falcon 9 rocket via Nanoracks last year.The multi-signature transaction was delivered through a blockchain hardware installed on the ISS – a powerful computer supplied by GomSpace that is specifically designed for sophisticated data processing. This demonstration was also made possible by Nanoracks and its agreement NASA, which provided technical support through its Nanolab platform, paving the way for space utilisation through extensive research and testing.

As Garzik puts it, executing the multi-signature transaction in space is an outcome of his team’s relentless efforts in building a secure and stable open-source blockchain-based satellite network. On this occasion, he also shared his vision for SpaceChain, which is to emerge as a one-stop solutions provider for a state-of-the-art integration of blockchain and space. 

Integrated space and blockchain technology 

SpaceChain conducts in-depth testing to establish rigorous and trustworthy connectivity necessary to bridge the gap between blockchain hardware in space and land-based infrastructure on earth. Niels Buus, CEO of GomSpace, shares that he is honoured to be selected by the organisation as the main supplier for its blockchain hardware wallet. This milestone has provided a fillip for the use of space systems and services in the commercial sector, and he is excited to develop more such innovative technologies to help SpaceChain achieve future goals.







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Piyasi Mitrahttp://www.thecoinrepublic.com
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.

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