5 Ways SpaceChain is Shaping the New Space Economy
Founded in 2017, SpaceChain has been around only a few years, but we’ve proved our mettle in the blockchain and space industries. Be it launching the world’s first blockchain-enabled payload, performing multisignature transactions in space, deploying blockchain nodes to the International Space Station (ISS), or setting up a decentralized satellite marketplace, SpaceChain has blazed the trail for a blockchain-integrated space.
SpaceChain identifies blockchain as an essential component for space-based applications. It is because blockchain’s secure, immutable, transparent, and decentralized features are compatible with the distant realm of space. With innovations like Tethys, space-based multisig wallets, DSI (Decentralized Satellite Infrastructure), etc., SpaceChain is bringing blockchain tech to the forefront. Below is a list that summarizes how SpaceChain’s blockchain initiatives are fueling the new space economy:
- Building an operating system for space with blockchain capabilities
Launched in 2018, the SpaceChain operating system (OS) supports the functioning of blockchain nodes in space. It is an open-source code available on Github for everyone to test and develop.
This real-time code can be modified to realize an ecosystem’s desired functionalities in space. For example, SpaceChain OS has facilitated running smart contracts and multisig transactions in space for Qtum, minting NFTs in space for Velas, etc.
2. Enabling easy acquisition of satellite data and imagery via blockchain
Acquiring satellite data can be strenuous. Those seeking satellite data have to undergo the hassles of calling the sales personnel, signing contracts, and spending huge amounts on data before determining its usability. Even if the data is acquired, it requires expertise to analyze it in its raw format. Moreover, if two countries are adversaries, data sharing becomes next to impossible.
SpaceChain is building a Decentralized Satellite Applications (DSA) platform. In this blockchain-based Earth observation data and service marketplace, customers can acquire data from multiple parties and apply analysis tools without prior expertise. Users can sign up with a blockchain wallet and publish their requirements on the platform to which the satellite companies can respond with the required data set and services. SpaceChain has begun setting up this digital marketplace with its partner Deimos where Earth observation service providers can connect with users.
3. Providing easier access to space and global collaboration via the DSI
SpaceChain is trying to make space affordable and accessible with a satellite constellation of blockchain nodes. This constellation, also known as the DSI, will serve as a platform for hosting various space-based applications like cryptocurrency exchanges, space VR, peer-to-peer encrypted messages, etc. Owned by multiple parties in multiple jurisdictions, DSI will democratize access to space. Once that happens, it will create an environment of global collaboration and connectivity.
4. Creating new space and ground hardware security module
Security of blockchain transactions is of utmost importance, which is why SpaceChain has devised two security tools- Tethys and space-based multisignature wallets. Tethys is a handheld satellite mobile device for crypto transactions. It communicates directly with satellites through an uplink/downlink channel and cannot be easily hacked. Moreover, it does not require the internet, so it is almost immune to cyber attacks.
Multisignature wallet technology gives multiple users access to a single wallet address. The transaction is not processed unless all parties are in agreement. SpaceChain’s multisig technology uses a space node as one of the validating parties. The space node holds a private key to authenticate transactions. Due to the remoteness of space, this key is almost impossible to be hacked, lost, or stolen. So, losing funds due to the aforementioned factors is reduced significantly.
5. Helping other companies integrate blockchain and space technologies to create new solutions
For many companies, leveraging blockchain and space tech might be daunting. But now, such companies can smoothly integrate these technologies into their operations with SpaceChain’s space mission design studio. From minting NFTs, launching nodes, and deploying smart contracts in space to boosting a platform’s security and space-dropping tokens, SpaceChain’s expertise can guide you at each step. SpaceChain helps companies make the best use of space and blockchain in every aspect through advising, designing, and implementation. Some of our clients that benefitted from our blockchain mission design studio include Biteeu, Velas, and Divine.
SpaceChain’s primary innovations have established blockchain as an essential technology in the new space economy. Whether it’s DSI, DSA, Tethys, or multisig wallets, blockchain is at the heart of them all. SpaceChain’s innovative solutions have indeed revolutionized the space economy. Once a far-fetched dream, space is in proximity to the users more than ever, thanks to the integration with blockchain. Undoubtedly, the new space economy is here, and with blockchain technology, it is here to stay!
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