SpaceChain To Send Blockchain Technology To ISS For Fintech Market

SpaceChain To Send Blockchain Technology To ISS For Fintech Market

In the recent time, SpaceChain declared that its blockchain technology is headed to the ISS (International Space Station), onboard a SpaceX Falcon 9 rocket in the course of CRS-19 commercial resupply service operation. This is the foremost technology manifestation of blockchain hardware on the space station and it will be positioned in Nanoracks’ marketable platform on the ISS. This was the third blockchain payload released in the space by SpaceChain in the last 2 Years, advancing SpaceChain’s dream of a decentralized orbital collection for business and fintech applications. This ISS manifestation mission was possible through Nanoracks and Space Act agreement with NASA. Once the payload is activated, it will display the receipt, sanction, and retransmission of blockchain transactions, forming “multisig” transactions—which need several signature approvals to complete and will increase the security of the operation.

Through Nanoracks’ commercial platform, all the data will be directly uplinked and downlinked. SpaceChain’s application adds the remoteness and safety of space infrastructure to blockchain technology to lay the groundwork for the latest generation of products developed on its technology. This landmark underscores SpaceChain’s obligation to address land-based pivotal infrastructure concerns while speeding up technology advancement, global collaboration, and approving space as a service for contemporary businesses. Previously this year, SpaceChain was granted funding by the ESA (European Space Agency) to further advance and recognize commercial use-cases for satellite blockchain technology.

On a similar note, SpaceChain was in news for partnering with Biteeu for space-based data backups. This collaboration focuses on improving data protection and security through space-based storage solutions. Reportedly, Biteeu is a licensed and cooperative cryptocurrency exchange in the EU (European Union). Biteeu would be backing up the data on SpaceChain’s blockchain-authorized satellite consignments, making it the first cryptocurrency exchange to do so.

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