Four Key Issues SpaceChain is Solving by Integrating Space and Blockchain Technology
Currently, there are several issues surrounding blockchain and space tech. While hacking deters the adoption of blockchain, matters like the inaccessibility of space, resistance to satellite data sharing, and centralized structures hinder the progress of humanity. SpaceChain is committed to addressing these concerns as listed below:
- Hacking/Loss of Key
Recently, Forbes reported theft of 600 million dollars from NFT gaming blockchain, Ronin Network, using hacked private keys. So, as long as private keys can be accessed physically, the risks of theft, loss, and damage will always be present.
To prevent this, SpaceChain has introduced space-based multisignature wallet technology. This technology stores one of the private keys in a satellite in space while the other key stays with the wallet owner. The remoteness of space protects the key from physical harm and theft. Furthermore, even if one of the keys is compromised, the funds remain secure because the second private key in the satellite signs the transaction only when the real wallet owner approves it.
2. Inaccessible Space
Space missions are costly and mostly reserved for governments or big private entities. Small-scale businesses still find it challenging to harness space technology.
Such enterprises can seek help from SpaceChain’s experts, who can impart valuable insights and aid in designing, managing, and implementing space missions. With SpaceChain’s Blockchain Space Mission Design and Management studio, space visions can become a reality. We work closely with companies like Spire Global and Nanoracks to largely shorten the period of space missions from design to launch.
3. Difficulties in EO Data Sharing
Acquiring satellite imagery data from earth observation (EO) companies can be tedious and expensive. It may involve numerous calls with sales personnel, signing contracts, and hiring talents to analyze the data. Moreover, adversaries might refrain from sharing their data in case of geopolitical indifferences.
To overcome these challenges, SpaceChain is building a decentralized satellite applications (DSA) platform where users can sign up using their blockchain wallets. Then, they can publish their requirements on the platform, to which satellite companies can respond with the required data or services. Finally, users can download this data and analyze it without prior expertise.
4. Centralized Infrastructure
Centralized networks are not secure. Their major disadvantage is having a single point of failure, hence such networks cannot be fully trusted regarding security.
To enforce security, transparency, and trust among various parties, SpaceChain is building a blockchain-based decentralized satellite infrastructure (DSI). It will be a mesh network of LEO spacecraft owned and operated by multiple parties in multiple jurisdictions and will act as a platform for running space-based applications. In addition, all communications will be cryptographically secured.
SpaceChain has solved the above issues by integrating blockchain and space tech. The versatility of blockchain, remoteness of space, and high-grade space technology together not only solve the above challenges but also serve several use-cases. Blockchain technology will be instrumental in defining the new space economy in times to come.