Global Connectivity without Internet — Is it Possible?
The Washington Post recently noted that the space race is trying to change things for 4 billion people without internet access. The article states that several companies are building constellations to provide “broadband Internet to underserved communities around the world.” However, it is costly to do so, takes a long time and is an inefficient use of resources, thus leading to some companies failing in the process.
The need for global connectivity is essential. Even in countries that have internet access, people sometimes still experience outages for the internet and power supply. When such instances occur, it leads to severe difficulties getting online to perform various tasks, including timely fund-transfers.
To resolve these issues, SpaceChain is taking it one step further by eliminating the need for internet access completely. That’s not all, SpaceChain is building a satellite infrastructure that enables everyone to use and share the decentralized network, thus companies do not need to spend millions building their own constellation.
Powered by blockchain technology, the Decentralized Satellite Infrastructure can be used by everyone
In December 2020, SpaceChain received a grant from EUREKA GlobalStars-Singapore Call to jointly develop the Decentralized Satellite Infrastructure (DSI) with its consortium partners. The DSI is a mesh-network of heterogeneous spacecraft owned and operated in Low Earth Orbit (LEO) by multiple parties in multiple jurisdictions. Hence, the DSI will be multi-vendor, multi-purpose and networked to other spacecraft.
This infrastructure is the first of its kind and promotes the growth of future space and fintech applications. Spacecraft may join or depart the constellation at any time via a blockchain registry, as long as the crafts meet minimal economic, technical and regulatory requirements sufficient to ensure the long term health and resilience of the constellation.
Additionally, the use of blockchain technology in the DSI promotes governance, security and trust among shared resources and protocols. It’s a neutral platform owned by all.
With the DSI, companies are also able to build and run Decentralized Satellite Applications (DSA) without the need for any land-based infrastructure. Thus, solving the issue of internet connectivity and enabling applications to run without the need of the internet.
A Decentralized Satellite Application that enables fast and convenient transactions anywhere and any time
Major merchants such as Microsoft, Paypal, and Starbucks now accept Bitcoin as a payment method. Cryptocurrency works for companies because it saves them money on fees, enables their customers to pay using their preferred payment methods, and provides stronger security than the traditional payment methods. Instead of worrying about costs and data breaches, companies can enjoy greater profits while focusing on core activities.
Now that the world is witnessing a more mainstream adoption of cryptocurrency, the demand for devices and portals to access it is on the rise. Thus, providing a sustainable environment for cryptocurrencies will play a crucial role in the near future.
With a large percentage of the world lacking stable access to the internet and cryptocurrency, the need is real. Therefore, it is important to weave a crypto-friendly mesh that is independent of any ground infrastructure. This will largely benefit countries that struggle with internet access and restrictions. So, why rely on ground-based networks when you can operate better using space tech?
Integrating space technology with blockchain, SpaceChain has created a DSA that promises speed, transparency, security and convenience for cryptocurrency transactions. Best of all, this software programme doesn’t require internet connectivity.
This application runs on the Tethys ━ a handheld satellite mobile device that provides the most convenient and secure method for global crypto transactions, irrespective of the user’s location and internet connectivity. Tethys is basically a hardware wallet for users to initiate transactions which are then sent via space link for verification. The device is embedded with a finance-graded chip offering high levels of security. Whenever a user initiates a transaction via Tethys, the hardware wallet signs it. Then, using a space link, this signed transaction is passed on to a second key that generates a second signature. This protects the transaction using both the hardware wallet and space link. Tethys users are promised a dual channel security for all of their transactions.
The Tethys is ideal for users who live in remote areas with no internet or who encounter constant internet issues. For instance, a small clothing retailer in Nigeria has to travel for 2–3 hours to get to a bank to process a simple transaction. Following which, he has to wait up to several days for the transaction to be completed. This retailer is clueless about when he would receive his money and whether it would arrive in time to pay to his suppliers. This entire process is time-consuming, costly and a waste of resources.
But, with Tethys, the retailer can perform his transactions from the comfort of his home easily and quickly. Plus, he is able to track his transaction progress at each stage. Transactions are very secure and fees are also kept relatively low, and as SpaceChain’s CEO, Zee Zheng points out, “you can literally perform transactions anywhere and at any time.”
Zheng considers the Tethys to be as disruptive as Uber in the context of how Uber completely transformed the traditional way of hailing taxis or calling cab companies by its smart application, so much so that people can no longer imagine life without it.
The Tethys is anticipated to do the same to the fintech industry that is currently struggling with the loopholes of existing platforms and traditional payment systems.
Seamless global connection using space and blockchain technologies
Legacy internet and communication systems in the world have stunted growth for everyone, from the smallest to the largest of companies. SpaceChain’s mission to build a Decentralized Satellite Infrastructure, including the use of the Tethys, is key to an equitable and technologically advanced future for all.
This unique integration of space with blockchain is bound to unite the world for the better. Innovations like the Tethys and Decentralized Satellite Infrastructure will not just accelerate and lubricate the routine processes but also create a collaborative space for both individuals and industries to thrive.
By adding a powerful dimension of space connectivity, SpaceChain will be able to help companies from the largest corporation to the smallest local business manifest their visions.