Blockchain start-up SpaceChain which has been working in the field of Improving security for Cryptocurrency transactions and smart contracts by incorporating satellite technology. It gets secured funding from the European Space Agency (ESA) for commercial production of use cases incorporating its next-generation wallet.
The funding has been secured under ESA’s kick start activity program, which allows entrepreneurs to invest in areas where they see the potential for business and create new commercial avenues for space assets.
SpaceChain is hoping to create an open-source network in space using distributed satellites and multi-signatures to improve the security of digital transactions.
Cryptocurrency transactions usually require a private signature key. If someone other than the user finds out the user’s signature key, he can access the user’s account. Thus, the security of the user’s account is compromised. Such drawbacks lead to lack of trust and prevent acceptance of cryptocurrency among the people.
To overcome this defect, a new security feature called “Multi-signature transactions” is being developed under which customer will create multiple signature keys, and his account can be accessed only if a specific number of keys as specified by the user are entered correctly. For example, users can adopt a 2 out of 3 system in which transaction can happen only when 2 signatures out of 3 are correct. To improve security further SpaceChain is working on technology where the third signature will be given via satellite. Also in the cryptocurrency world, few companies organize cryptocurrency conferences to make people aware about blockchain technology so that such incidents can be ignored.
SpaceChain also believes that an Open Source network in space will truly decentralize digital applications as well as bring down the cost of space projects.
SpaceChain has successfully carried out launches of satellite payloads bearing blockchain data, twice.
SpaceChain intends to collaborate with Deimos Space UK which excels in fields like flight systems, satellite navigation, and space situational awareness. If SpaceChain is successful, it will receive further funding from ESA’s Business Applications and Space Solutions scheme.