SpaceChain Announces New Commercial Use Cases for the Blockchain Industry in Outer Space
By: Spacechain Foundation
Tags: Crypto, Space, Blockchain, Press Release

SpaceChain Announces New Commercial Use Cases for the Blockchain Industry in Outer Space

SpaceChain’s blockchain-enabled payload, incorporated with the space nodes of its customers, is heading to space aboard the SpaceX Falcon 9 rocket in June 2021; missions validate space-as-a-service adoption among organizations looking to address land-based infrastructure concerns that inhibit blockchain developments SpaceChain Foundation Follow May 27 · 4 min read

IN CONJUNCTION WITH CONSENSUS BY COINDESK — May 25, 2021 — SpaceChain today announced two launch missions slated for June 2021 which will see the successful deployment of its decentralized satellite infrastructure and multisignature services by corporate customers, including digital asset management firm Nexus Inc., digital currency exchange Biteeu, and community project Divine.

Scheduled for June 3, 2021, the space node designed by SpaceChain will be launched into space aboard a SpaceX Falcon 9 rocket and installed at the International Space Station (ISS). This will be SpaceChain’s fourth blockchain payload launch into space, and the first demonstration of Ethereum technology integration into its hardware on ISS. The mission is made possible by Nanoracks and its Space Act agreement with NASA.

The Ethereum blockchain is one of the most popular open-source platforms as it offers easy deployment of decentralized applications and smart contracts. With Ethereum’s smart contract platform running in space orbit, the node offers added physical security for the transmission of digital assets.

The security of space infrastructures also ensures the independence of Ethereum contract operation from centralized terrestrial servers, thus providing more efficient smart contract operation and greater application scenarios.

Once installed, tested, and activated, the space node will enable SpaceChain customer Nexus Inc. to further develop its blockchain capabilities for enterprise business applications, including e-commerce management. It will also afford Nexus Inc. customers the ability to perform highly secure on-orbit Ethereum multisignature transaction services, especially since all data will be uplinked and downlinked directly through a dedicated space encrypted communication network.

“The launch missions are paving the way for the commercialization of space-based innovations as we see more enterprises share the same vision in leveraging the new space economy for heightened security and immutability,” said Zee Zheng, SpaceChain co-founder and CEO. “As a leading solutions provider in integrated blockchain and space technologies, we are delivering our expertise to benefit more companies and a wider community as we forge ahead to establish more use cases for blockchain-based satellite networks in space. We are also very excited to offer our platform to the Ethereum community, and we look forward to helping more companies integrate their blockchain into our system.”

The second launch mission will take place on June 24, 2021, where the space nodes created for Biteeu, Divine, and Nexus Inc. will be installed on a YAM-2 satellite carried by a SpaceX Falcon 9 rocket under the rideshare program. The mission will be operated by Loft Orbital.

For this launch, Nexus Inc. will be implementing SpaceChain’s Bitcoin hardware wallet technology into its system, enabling ultra-secure multisignature transactions for its customers. With this, the Nexus Inc. platform will be able to utilize both Bitcoin and Ethereum blockchains for its portfolio of services such as asset custody, suite of e-commerce products, and data security.

Biteeu will leverage the high security of space-grade infrastructure deployed by SpaceChain for ultra-secure Bitcoin cryptocurrency transactions and data back-up, the first of its kind in the industry.

The Biteeu space node will have the capacity to process Bitcoin transactions across multiple blockchains and perform multisignature transactions. Driven by the remoteness of the node and end-to-end encrypted satellite communication, Biteeu is set to enhance the security of its customers’ data and transactions by multiple folds through the seclusion of outer space, as opposed to other digital currency exchanges with land-based servers hosted on Earth.

The other project tapping on SpaceChain’s technology is Divine. The community project under the I AM PART OF global charity foundation leverages space technology to broadcast the teachings of the Quran to people all over the world.

Upon successful activation on-orbit, the Quran files that are stored in the SpaceChain payload will be transmitted from space to several platforms built for the Divine project. They include the Divine official site, as well as Android and iOS mobile applications.

Both Biteeu and Divine will be operated and managed by Eurasian Space Ventures (ESV). Located in Kazakhstan, ESV aims to serve as an international hub for space projects and related organizations looking to capitalize on the well-established space infrastructure and ecosystem in the country.

SpaceChain and ESV have signed a Memorandum of Understanding (MOU) for ongoing collaboration and developing joint projects in the field of space technologies over a period of two years.