Copy link
Increase text size
Decrease text size
Link copied

SpaceChain wins €60K grant from European Space Agency for blockchain satellite wallet

Thu, 19 Sep 2019, 03:55 am UTC

The European Space Agency (ESA) has awarded blockchain startup SpaceChain UK a 60,000 euro ($66,400) grant to commercially develop its satellite-based blockchain wallet.

As per a press release, the funding, which came from ESA’s “kick-start activities” fund, aims to support SpaceChain’s effort to develop a hyper-secure, multi-sig, distributed satellite network in orbit.

The fintech industry currently suffers from low levels of security in relation to the storage and transmission of digital currency, preventing it from achieving the same level of professionalism and trust as the traditional banking industry,” Zee Zheng, SpaceChain co-founder and CEO, said.

The firm, which has already flight-tested blockchain nodes in space, uses a three-signature system technology. Two of which are ground-based signatures and the third is in orbit, on the satellite. To complete a transaction, at least two of the three private keys are required. But in the event of a connectivity failure, the funds will remain safe as the two ground-based signatures can be used.

Multisignature transactions have been proven to be highly robust security measures for financial systems and we are very excited to be partnering with ESA and expanding these security measures to the new space economy,” SpaceChain co-founder and CTO Jeff Garzik said.

If successful, SpaceChain’s project could secure additional funding in the future from ESA’s Business Applications and Space Solutions.

Zheng told CoinDesk that compared with terrestrial networks processing, satellite-based nodes are way safer as data and protocols are uplinked directly to the satellite.

We don’t need internet access to perform this kind of transaction, which eliminates a lot of potential risks for hacking,” Zheng told the news outlet.

He further underscored that the latest ESA funding provides an opportunity for the crypto community to learn about blockchain space applications.

“We want to use this opportunity to showcase how space can benefit the blockchain space,” Zheng said, adding that SpaceChain is planning to launch three times over the next 18 months.

In July, blockchain startup Diana also launched a new “lunar registry” that aims to put plots of space on the lunar surface in an ownership database. It aims to offer collective ownership to the moon that will be mapped out on a blockchain.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,652.53 (-0.74%)
  • Ethereum (ETH) $241.43 (-0.39%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $253.57 (-1.63%)
  • Bitcoin SV (BSV) $194.08 (-1.66%)
  • Bitcoin (BTC) $9,652.53 (-0.74%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft