SpaceChain Ups the Ante, Deploys Crypto Wallet to International Space Station
Blockchain startup SpaceChain SPC, -35.13% has raised the bar by literally shooting a Bitcoin BTC, -0.67% node into space via a SpaceX Falcon 9 rocket, which is on a scheduled resupply service mission to the International Space Station (ISS). This will be the first time blockchain hardware is featured on the ISS.

Blockchain adoption tactics are becoming more and more ambitious

The final destination of the node on the ISS will be the Nanoracks commercial platform, where the node will be installed and ready for facilitating crypto transactions. One of the goals of the installation is to create a direct link between the earth and the ISS for uninterrupted transfers of cryptocurrency from one to the other.

Crypto-based businesses can now breathe a sigh of relief as this new relationship between the ISS and cryptocurrency will ensure that the menace of hackers is curbed, and stronger security is guaranteed for every digital asset transmission.

The company plans to hit the ground running by conducting tests on various applications like multi-sig authorization of crypto transactions with the help of the payload.

The recent launch of the Bitcoin node is the third payload that SpaceChain has sent into space. In February of 2018, the company launched a node for the Qtum QTUM, -0.43% blockchain.

Multi-sig wallet to beef up security

The efforts of SpaceChain have caught the attention of the European Space Agency, leading the agency to give a $66,400 grant to the company in September. At the time, SpaceChain stated that the multi-sig wallet would bring a better solution to the security issues plaguing lots of crypto transactions. It went on to explain that every transaction will require the signatures of at least two of three private keys to be completed.

A satellite-based node will supply one signature while the other two will come from Earth. In the event of a connection failure, the signatures from Earth will be sufficient to complete the transaction.

Cryptocurrency-related technology is no stranger to space — Blockstream has released its Blockstream Satellite API, a product that allows users to pay via the Lightning Network to broadcast messages via Blockstream’s satellite network.

Source: Coincodex
['Gte Io']
['Wallet', 'Crypto', 'Spacechain']