Blockchain in Space: International Space Station to Test Hardware Wallet
- A mutual collaboration between SpaceChain and Nanoracks makes the operation possible.
- The hardware wallet will be tested on board the station by receipting, authorizing, and retransmissioning multisig blockchain transactions.
Picture of the International Space Station (ISS) hovering over our beautiful planet. Space.com
SpaceChain, a community-based platform focused on providing users with a way to develop and run apps in space, just announced that its blockchain hardware wallet is on its way to the International Space Station (ISS) as part of today’s CRS-19 resupply mission carried out by a SpaceX Falcon 9.
This is the third time SpaceChain launches a blockchain-powered technology into space in the past two years, however, it is the first time the ISS will get a demonstration of the capabilities of blockchain.
The wallet will be installed in Nanoracks’ commercial platform on board. Nanoracks and their Space Act agreement with NASA makes the whole thing possible.
Once activated, the payload will demonstrate the receipt, authorization, and retransmission of blockchain transactions. The transactions will require multiple signatures (approvals) to be completed, bolstering the overall security of the operation.
Earlier in 2019, SpaceChain was awarded funding by the European Space Agency (ESA) with the prerequisite to identify and develop commercial use cases for its satellite blockchain technology.
“The third payload launch is a significant milestone not just for SpaceChain but also toward the development of the New Space Economy,” said Zee Zheng, SpaceChain co-founder and CEO. “The integration of space and blockchain technologies has uncovered new possibilities and opportunities and we are very excited about the prospect of working closely with financial service providers and fintech developers, IoT service providers, research institutions and space agencies in the coming months to further accelerate advancements within the ecosystem.”
“Blockchain is the next major disruptor in space,” said Jeff Garzik, SpaceChain co-founder and CTO. “SpaceChain addresses security vulnerabilities for financial systems and digital assets in the growing digital economy. Through integrating technologies, new paradigms that were once beyond reach can now be created and add exciting elements in the New Space Economy.”
This achievement only amplifies the vision of SpaceChain to help transition global technology from land-based centralized infrastructures to international ‘space-as-a-service’ platform available to modern businesses.
The testing of the hardware wallet on the International Space Station is expected to be completed by early 2020.
- Ledger faced backlash from the crypto community last week after announcing its Ledger Recover service, which will allow users to restore their private keys.
- The company has now said that it will delay the launch of Recover until it has open-sourced some core components of its OS and Recover codebase.
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- Unnamed sources have said that the company is currently in talks with interested parties to raise at least $100 million in a new funding round.
- The same people noted that Ledger had experienced growth in its business over the past months, as investors turn to cold storage.
- The crypto payments infrastructure provider will use the funding to accelerate its international expansion, hire new talent, and add more payment methods.
- Founded less than 3 years ago, the company has already processed more than $2 billion in transactions, and has build a user base of over 7 million.