Blockchain-based startup SpaceChain wins € 60,000 grant from the European Space Agency (ESA). The funds received will be used to study the cases of using their satellite wallet system.
ESA supports SpaceChain’s efforts to launch an ultra-secure multi-signature distributed satellite network into orbit. The company has already tested blockchain nodes in space.
The technology uses a system with three signatures, two of which are on the ground and one in orbit, on the satellite. Each transaction requires at least two of the three signatures.
Zi Zheng, co-founder and CEOSpaceChain, told CoinDesk about the high level of security of networks that are processed on the Internet with the transfer of data and protocols over a direct communication line to the satellite.
“We don’t need access to the Internet to complete this kind of transaction,” said Zhen.
Zheng said the ESA grant could be an opportunity for the community to learn more about blockchain space applications. He noted the high interest of developers in improving security.
We want to use this opportunity to demonstrate how blockchain can benefit the space, ”said Zhen.
He added that SpaceChain plans to launch three times over the next 18 months.