The European Space Agency (ESA) has given a 60,000 Euro grant to blockchain startup SpaceChain, so that it can investigate the use-cases for its satellite-based blockchain wallet system.
Coindesk reports that the grant by the ESA’s “kick-start activities” fund will boost SpaceChain’s efforts to put a hyper-secure, multi-signature, distributed satellite network in orbit, and that the company has already flight-tested blockchain nodes in space.
The technology uses a three-signature system, with two ground-based signatures, and a third in orbit on the satellite. Each transaction requires at least two of the three signatures to complete.
Zee Zheng, SpaceChain’s co-founder and CEO, told CoinDesk that his satellite-based nodes are far more secure than terrestrial networks. He said, “We don’t need internet access to perform this kind of transaction, which eliminates a lot of potential risks for hacking.” He added, “We are looking at a market that last year saw $1 billion in crypto stolen. That will be much, much more difficult for hackers [on our system].”
Zheng also said that the grant from the ESA was an opportunity for the crypto community to learn more about blockchain space applications, and he noted developers’ high interest in the security upside.
“We want to use this opportunity to showcase how space can benefit the blockchain space,” Zheng explained and said that SpaceChain plans to launch three times over the next 18 months.