SpaceChain, a Singapore based space blockchain organization that aims to build the world’s first open-source blockchain-based satellite network, has sent its blockchain hardware wallet technology to the International Space Station (ISS) aboard a SpaceX Falcon 9 rocket. Previously SpaceChain has sent two blockchain nodes into space in preparation of decentralized satellite network. However, according to SpaceChain the third node is fundamentally different from the other two nodes and will operate independently of SpaceChain’s past launches. SpaceChain developed their own software to make the third node compliant for use on the ISS.
This new wallet will not communicate with the previous nodes and all communications will route through the ISS feed to ground, therefore the connection will be slow, it will take hours for any single transaction to complete. But in this case being slow is a feature, not a bug, as they will use the satellite node to complete multisig transactions. Multisig transactions require multiple approvals in order to complete a transaction and in this case one of the three signatures will be provided by the satellite-based node. “We see so many crypto exchanges get hacked. And within two minutes the funds - millions of dollars - get transferred. By utilizing this channel we can not only secure transactions, but have a chance to intercept suspicious activity” - said Zee Zheng, CEO of SpaceChain. The based multisig technology might be an ideal solution for cryptocurrency exchanges, wallets and custodial services who hold large amounts of Bitcoin. According to Zheng these companies “are more than willing to trade a few extra hours for added peace of mind.”
In September, 2019 SpaceChain received €60000 grant from the European Space Agency (ESA) under its Kick-start Activity program. Their mission is to build a blockchain infrastructure free from government control and the threat of any physical hardware hacks.