On December 5, SpaceChain announced that it had sent a hardware wallet to the International Space Station using a SpaceX rocket. This is the first time that a hardware wallet has been sent to the ISS. The wallet will be installed on a commercial platform known as Nanoracks hosted on the ISS. Upon activation, it will be used as a demonstration of multi-sig technology through a space-based network. Currently, it supports the Qtum blockchain but the company plans to add Ethereum support.
New Possibilities
According to Zee Zheng, the CEO of SpaceChain, the integration of space, and the blockchain will unlock new opportunities. He added that he was excited about the possibility of working with fintech developers, the financial services sector, the IoT industry, the research sector, and various space agencies in the next few months. The goal will be to accelerate growth within their ecosystem.
The Wallet
The hardware wallet will be used for multi-sig transactions. This is where multiple signatures are required to help increase the authenticity and security of documents during transactions. By being integrated with Nanoracks, it will be possible to send and receive data from Earth to the wallet.
According to SpaceChain, the security and remoteness of space-based infrastructure can now be added to the blockchain. Essentially, it will create a tamper-proof system that no one can physically interfere with. The result of this, according to SpaceChain, will create the foundation for the launch of new products running on this technology.
This is SpaceChain’s third deployment into space. A few months ago, it received funds from the European Space Agency to develop its space-based blockchain technology. The company aims to secure the sending and receiving of digital assets anywhere in the world. These assets are often vulnerable to hackers when stored on centralized earth-based servers, as can be seen with numerous hacks on exchanges. The company expects to have completed all tests by early next year.
Commenting on the issue, the SpaceChain CTO said blockchain would be the next major disruption in the space industry. He added that the company is hoping to address the issues of security faced by digital assets and the finance sector. In his opinion, this will lead to the creation of a New Space Economy.
The Problem SpaceChain Aims to Solve
Currently, transactions on the blockchain come with some major security concerns. This is especially so since if a user’s private key is compromised, all their funds could be stolen. To solve the issue, SapceChain wants to use a multi-sig, space-based wallet. According to SpaceChain, this solution will be more secure and faster compared to existing solutions.
The multi-sig solution by SpaceChain will use a two-of-three scheme, where at least two signatures need to be provided for a transaction to be confirmed. Satellites will be one of the providers of these signatures. In case of connectivity failure to cloud cover or other obstruction, the funds will remain securely within the wallet. This is because the two ground-based signatures will still be operational.
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