SpaceChain, a Singapore-headquartered space blockchain organization, announced that its blockchain hardware wallet technology was launched to the International Space Station (ISS), as part of SpaceX’s CRS-19 commercial resupply service mission.
The payload will be installed on Nanoracks’ commercial platform in the US module of the station, and will be the first technology demonstration of blockchain hardware on the ISS. Together with SpaceChain’s two existing operational satellites, it will form part of the organization’s decentralized orbital constellation for fintech and business applications. SpaceChain expects the testing of this payload to be completed by early 2020.
Once activated, the payload will demonstrate the receipt, authorization, and retransmission of blockchain transactions, creating “multisig” transactions which require multiple signatures (approvals) to complete, increasing the security of the operation. All data will be both uplinked and downlinked directly through Nanoracks’ commercial platform. SpaceChain’s implementation adds the remoteness and security of space infrastructure to blockchain technology to lay the foundation for a new generation of products built on its technology.
With its blockchain constellation, SpaceChain hopes to address land-based centralized infrastructure concerns, while accelerating technology advancement, international collaboration, and adoption of space-as-a-service for modern businesses.
“The third payload launch is a significant milestone not just for SpaceChain but also toward the development of the New Space Economy,” said Zee Zheng, SpaceChain co-founder and CEO. “The integration of space and blockchain technologies has uncovered new possibilities and opportunities and we are very excited about the prospect of working closely with financial service providers, fintech and Bitcoin developers, IoT service providers, research institutions and space agencies in the coming months to further accelerate advancements within the ecosystem.”
“Blockchain is the next major disruptor in space,” said Jeff Garzik, SpaceChain co-founder and CTO. “SpaceChain addresses security vulnerabilities for financial systems and digital assets in the growing digital economy. Through integrating technologies, new paradigms that were once beyond reach can now be created and add exciting elements in the New Space Economy.”
Earlier this year, SpaceChain was awarded funding by the European Space Agency (ESA) under its Kick-start Activity program, to further develop and identify commercial use-cases for its satellite blockchain technology.