SpaceChain is the first company to successfully conduct a multi-signature transaction on the Bitcoin blockchain from a space station.
This Tuesday, the company investment in cryptocurrencies, Space Chain, stated that the transaction of Bitcoin from its International Space Station (ISS) was carried out successfully. For this experiment, the company made a multi-signature transaction of 0,0099 BTC, which is equivalent to about $90 USD at the time of transfer, and used cutting-edge software designed by the company. GomSpace.
The multi-signature transfer, which began on June 26 at the hands of Jeff Garzik, co-founder and CTO of the company, successfully completed yesterday, managing to transfer a total of 0,0099 BTC from space through the hardware wallet blockchain installed inside the ISS space station. According to the release of SpaceChain, the hardware housed within ISS authorized the BTC transaction, and to verify its veracity, the company has made available to the public the voucher of the transaction.
This action undoubtedly marks an important milestone in the history of Bitcoin and cryptocurrencies, which is backed by the European Space Agency (ESA).
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Powerful blockchain hardware connects space to terrestrial infrastructure
SpaceChain claims that the multi-signature transaction was successful thanks to the blockchain hardware wallet sent to the International Space Station on the rocket SpaceX Falcon 9, which thanks also to the support of the company nanoracks, with its extensive experience in space test research and development and its agreement with NASA's Space Act, enabled the delivery and installation of the powerful equipment.
This hardware wallet was manufactured with cutting-edge technology by the GomSpace company, and incorporates powerful elements that allow, guarantee and facilitate a “solid and reliable connectivity” between the hardware installed on the space station and the ground infrastructure. Likewise, SpaceChain ensures that the data encrypted at the time of initiating the transaction was transmitted reliably and securely through a ground station to the space station, which verified and approved the transaction through the private key.
For its part, the company also points out that the success of this transaction, despite the distance between the space station and Earth, guarantees the necessary security for the teams to begin designing and building new digital products based on terrestrial technology and space technology, and that they will soon be able to identify feasible and reliable use cases for digital banks and financial technology companies.
SpaceChain, a company committed to the development of blockchain technology
“The execution of the multi-signature transaction in space encapsulates our ongoing efforts in building a satellite network of OPEN SOURCE based on blockchain, a network that is secure and immutable. SpaceChain aims to be the end-to-end solution provider for the integration of blockchain and space. “As we continue to identify more use cases for blockchain-based satellite networks in space, we hope to bring blockchain to mass adoption.”
With these words, the company expresses its deep commitment to developing and innovating in blockchain technology, as a way to provide comprehensive and feasible solutions to technology companies and organizations, and to society in general.
For his part, the CEO of GomSpace, Niels Buus, stated that the commitment and dedication of SpaceChain's development teams is what led the company to reach this important milestone in the industry. Likewise, Buus also noted that he feels proud to have been part of this project, demonstrating that the quality and capabilities of its hardware are simply incredible, supporting “decentralized constellations in space with unparalleled data processing performance".
“This milestone has created momentum for the use of space systems and services in the commercial market, and we are excited to further integrate our innovative technologies to help SpaceChain achieve its goals in space and beyond.”
It is expected that with this important advance, these companies can provide a solid foundation for the development of future applications and solutions based on blockchain technology.
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