SpaceChain announced this Tuesday that it will be funded through ESA’s Kick-start Activity Program to fulfill its ambition of creating an open-source satellite network. Founded in Singapore two years ago, the blockchain company came to the UK in 2018.
The company’s open-source network will use 'space node' satellites instead of a single centralized server, explaining that such 'nodes' are much more accessible, better at monitoring supply chains virtually anywhere in the world, and also very safe.
SpaceChain Co-founder and CTO Jeff Garzi said: '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.'
The SpaceChain digital wallet uses multi-signature transactions, one of the signatures computed with the satellite node. The company says that their wallet is safer to use, and faster in operation, than most of the popular alternatives currently in use.
'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. We are thrilled to solve that by bringing our blockchain technology to new partners in the EU and UK,' said Zee Zheng, SpaceChain’s Co-founder and CEO.
ESA funding is a ‘giant leap’ for SpaceChain that plans to use their developments in blockchain-based digital currencies and smart contracts.
'It is an honor to receive support from the European Space Agency,' Zheng said.
At present, SpaceChain has two satellites. Another company that uses satellites as blockchain nods is Blockstream with five active satellites.Helen Borodina