SpaceChain, a popular decentralized space agency, has made bitcoin history by executing a multi-signature bitcoin transaction in space. One of the researchers at the firm sent 0.01 BTC to two bitcoin addresses in space using the ground facility of International Space Station (ISS).
To make this transaction possible, Spacechain used a modified hardware blockchain located at the ISS. The blockchain used the hardware system to transmit the encrypted data using the ground station. Nanosatellites manufacturer GomSpace developed the hardware blockchain system. Niels Buus, CEO of GomSpace commented on their association with SpaceChain and the use of their hardware blockchain system in space and said,
“It’s an incredible honor to be selected by SpaceChain as the main supplier for its blockchain hardware wallet. The success of the first multi-signature blockchain transaction in space demonstrates the onboard computer’s capabilities in supporting decentralized constellations in space with unparalleled data processing performance.”
“This milestone has built momentum for the use of space systems and services in the commercial market, and we are excited to integrate our innovative technologies further to help SpaceChain achieve its goals in space and beyond.”
What is a Multi-Signature Wallet, and how Does it Work?
Multi-signature wallets work the same way as regular wallets, apart from the fact that they requires multiple signatures or approvals before a transaction can be processed. Multi-signature wallets ensure a higher level of security with a feature to create shared wallets so that numerous people have access to it, and the transaction is approved only if it is genuine. The co-founder and CTO of SpaceChain, Jeff Garzik commented on their recent feat and said,
“Executing the multi-signature transaction in space encapsulates our continuous efforts in building out an open-source blockchain-based satellite network that is secure and immutable. SpaceChain aims to be the one-stop solutions provider for the integration of blockchain and space.”
SpaceChain is supported by a European Space Agency under their “Kick Starr Activities” program and aims to create a new class of space products along with finding various use cases for future digital banks.