Today blockchain firm
SpaceChain UK announced that it earned funding from the European Space Agency (ESA). SpaceChain won support through the ESA’s Kick-start Activity Program for promising startups, awarding up to €60,000 per contract. The agency brings together 22 member states for the exploration of space and development of related technologies.
SpaceChain was founded in Singapore in 2017, then expanded to the UK last year. The firm aims to build an open-source satellite network, where satellites are blockchain ‘space nodes’. By having nodes in space rather than a centralized server, the startup claims they are safer, more accessible, and could monitor supply chains anywhere in the world.
The main current application of the satellites is in SpaceChain’s multi-signature wallet for digital assets. The wallet requires two of three signatures to complete transactions, one of which can be computed with the satellite node. If the connection is down, two signatures can still be completed on Earth.
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