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SpaceChain Executes First Multisignature Blockchain Transaction in Space with GomSpace Hardware

·3 mins read

Milestone advances SpaceChain vision of creating a decentralized orbital constellation for fintech applications and business transactions as part of the ESA Kick-start Activity program

HARWELL, United Kingdom, Aug. 18, 2020 /PRNewswire/ -- SpaceChain UK Limited (SpaceChain) today announced the successful execution of the first multisignature blockchain transaction in space, marking the completion of a significant milestone supported by the European Space Agency (ESA) Space Solutions as a Kick-start Activity. The transaction was performed by SpaceChain co-founder and CTO Jeff Garzik. The transaction slip has been made available for public viewing.

In December 2019, SpaceChain launched a testbed for blockchain multisignature authentication service to the International Space Station (ISS) aboard a SpaceX Falcon 9 rocket via Nanoracks.

The multisignature transaction was delivered through a blockchain hardware installed on the ISS – a powerful onboard computer supplied by GomSpace that was designed for state-of-the-art data processing.

The ISS demonstration was also made possible by Nanoracks and its Space Act agreement with NASA. Nanoracks provided the necessary expertise and technology through its Nanolab platform, creating an efficient way for space utilization that is conducive for space research and testing.

"Executing the multisignature transaction in space encapsulates our continuous efforts in building out an open-source blockchain-based satellite network that is secure and immutable," said Jeff Garzik, SpaceChain co-founder and CTO. "SpaceChain aims to be the one-stop solutions provider for the integration of blockchain and space. As we continue to identify more use cases for blockchain-based satellite networks in space, we hope to bring blockchain to mass adoption."

SpaceChain has conducted stringent testing to ensure robust and reliable connectivity between the blockchain hardware in space and land-based infrastructure on Earth. With the added remoteness and security of space infrastructure, new digital products can be built upon the technology and use cases identified for digital banks and fintech companies.

Upon initiating the multisignature transaction, the encrypted data was transmitted securely through a ground station to the ISS, which holds a private key to verify and approve the transaction.

"It's an incredible honor to be selected by SpaceChain as the main supplier for its blockchain hardware wallet. The success of the first multisignature blockchain transaction in space demonstrates the onboard computer's capabilities in supporting decentralized constellations in space with unparalleled data processing performance," said Niels Buus, CEO of GomSpace. "This milestone has built momentum for the use of space systems and services in the commercial market, and we are excited to further integrate our innovative technologies to help SpaceChain achieve its goals in space and beyond."

SpaceChain's added security and resilience for integrated space and blockchain technology will provide a solid base for building out future solutions, as it continues to explore and develop applications based on its platform in collaboration with reputable and best-in-class alliance partners.

About SpaceChain
SpaceChain fosters decentralized infrastructure for the New Space Economy. By combining space and blockchain technologies SpaceChain is making the development of space applications easier and making space more accessible. SpaceChain UK Limited is a subsidiary of SpaceChain Limited. For more information, visit spacechain.com.

About GomSpace
GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The company is listed on the Nasdaq First North Premier exchange under the ticker GOMX. FNCA Sweden AB is the Company's Certified Adviser. For more information, visit gomspace.com.

About the European Space Agency
The European Space Agency's Kick-start Activity Program is designed to make it easier for entrepreneurs and start-ups to explore thematic areas with promising business potential and to create new commercial services and applications relying on space assets and data. Successful Kick-start projects can be further developed with additional funding from European Space Agency Space Solutions. For more information, visit business.esa.int.

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View original content:http://www.prnewswire.com/news-releases/spacechain-executes-first-multisignature-blockchain-transaction-in-space-with-gomspace-hardware-301113618.html

SOURCE SpaceChain