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SpaceChain Completes First Bitcoin Multisignature Transaction in Space Using GomSpace Hardware

UTC by Wanguba Muriuki · 3 min read
SpaceChain Completes First Bitcoin Multisignature Transaction in Space Using GomSpace Hardware
Photo: Pixabay

On August 18, SpaceChain announced the successful completion of the first multisignature blockchain transaction in space through the International Space Station’s Bitcoin wallet.

On August 18, SpaceChain UK Limited (SpaceChain) announced the successful completion of the first multisignature blockchain transaction in space. SpaceChain Bitcoin wallet confirmed the signing of a multi-signature transaction on the International Space Station (ISS). That transaction marked the completion of a major milestone supported by the European Space Agency (ESA) Space Solutions as a significant Kick-start Activity. SpaceChain co-founder and CTO Jeff Garzik performed the said Bitcoin transaction with the transaction slip later made available for public viewing.

Last December, SpaceChain sent a testbed for blockchain multisignature validation service to the ISS. The testbed reached the ISS aboard a SpaceX Falcon 9 rocket through Nanoracks. The transaction was delivered using blockchain hardware that is installed on the ISS. This hardware operates a powerful onboard computer manufactured by GomSpace incorporated with state-of-the-art data processing equipment.

TheISS demonstration was also supported by Nanoracks together with its Space Act agreement with NASA. Nanoracks gave the essential expertise and technology via its Nanolab platform. The move created an efficient method for space use that is highly conducive for space research and testing. Jeff Garzik, SpaceChain co-founder and CTO explained:

“Executing the multisignature transaction in space encapsulates our continuous efforts in building out an open-source blockchain-based satellite network that is secure and immutable. As we continue to identify more use cases for blockchain-based satellite networks in space; we hope to bring blockchain to mass adoption.”

Jeff said that SpaceChain strives relentlessly to develop into a one-stop solution provider for the linking and integration of space and blockchain. SpaceChain did strict testing to guarantee a large and reliable connectivity network between the land-based infrastructure on Earth and the blockchain hardware installed in space.

Developments in Space Infrastructure

New digital products can operate upon the technology with the increased remoteness and security provided by space infrastructure. The identified use cases can then feature in digital banks and fintech companies.

After initiating the multisig transaction, the encrypted data passed securely via a ground station to the ISS. The International Space Station holds a private key to authenticate and approve the transaction. Niels Buus, CEO of GomSpace, said:

“It’s an incredible honor to be selected by SpaceChain as the main supplier for its blockchain hardware wallet. The success of the first multisignature blockchain transaction in space demonstrates the onboard computer’s capabilities; in supporting decentralized constellations in space with unparalleled data processing performance.”

Buus also added that this milestone has ushered in momentum for the utilization of various space systems and services in the commercial markets. GomSpace commits to integrating its innovative technologies to assist SpaceChain achieve its targets in space and also beyond.

SpaceChain’s enhanced security and persistence for linked space and blockchain network will create a strong base for the development of future solutions. It now continues with its exploration and development of applications that operate on its platform in collaboration with highly reputable and top-rated alliance partners.

Bitcoin News, Blockchain News, Cryptocurrency news, News
Wanguba Muriuki

Wanguba Muriuki is a content crafter passionate about putting everything into writing. He is passionate about Blockchain and Traveling. He is also an experienced creative and technical writer. Everything and everyone has a story to tell. What better way to capture the real story than in words.

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