• Thu, 17 Oct 2019, 11:29 AM
  • All times are UTC
  • Edition:
    International
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) $8,117.89 (-0.23%)
  • Ethereum (ETH) $177.47 (-0.70%)
  • XRP (XRP) $0.297700 (+3.28%)
  • Bitcoin Cash (BCH) $219.00 (-1.49%)
  • Litecoin (LTC) $54.00 (-0.85%)
  • Bitcoin (BTC) $8,117.89 (-0.23%)
Oct 17, 2019 (Thursday)
11:13
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
10:41
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
09:32
Burj Khalifa owner Emaar taps JPMorgan’s Quorum blockchain for new rewards and loyalty platform
07:42
Towo Labs secures investment from Xpring to develop XRP hardware wallet firmware
07:22
Crypto Technicals: Bitcoin cash (BCH) finds strong support at 208.85, break below to strengthen bearish bias
07:03
US Fed actively looking and debating digital currency issuance: Dallas Fed President Robert Kaplan
07:03
Crypto Technicals: LTC/USD pauses at trendline support (52), further weakness on charts
05:50
EY launches blockchain solution to enhance public fund management
05:49
Crypto Technicals: ETH/USD set to extend weakness, eyes trendline support at 158
04:43
Crypto Technicals: BTC/USD finds major support at 55W EMA (7762), break below to plummet prices
04:39
Natixis, Raiffeisen Bank and others participate in global tokenised collateral trial on R3’s Corda
Oct 16, 2019 (Wednesday)
14:31
Bermuda starts accepting stablecoin ‘USDC’ for tax payments
13:19
Oxford English Dictionary officially adds ‘satoshi’
11:26
Crypto Technicals: XMR/USD holds above trendline support, 'Bullish Divergence' raises scope for upside
11:17
South Korea seeks to transform trade finance using blockchain technology by 2021
10:43
Crypto Technicals: XRP/USD finds stiff resistance at 21W-EMA (0.3008), break above to accentuate gains
09:51
Layer1 raises $50M from Peter Thiel and others to build bitcoin mining facility in Texas
08:39
Crypto Technicals: LTC/USD consolidates break below 20-DMA, on track to test trendline support at 52.25
07:41
Ford trials geofencing and blockchain technology to optimize energy efficiency of vehicles
06:54
India's YES Bank wants to lure more clients for its next planned blockchain model
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft