SpaceChain, SpaceX finally bring ethereum to space 

SpaceChain, a Singapore-based blockchain startup, has announced that it has successfully brought its blockchain-enabled payload to the International Space Station. 

The company aims to tap the remoteness of space to remove the dependence of Ethereum contracts operation on centralized terrestrial servers. This space-based service’s main goal is to address the most pressing problems that blockchain technology is facing today.

One major step for SmartChain

The payload’s journey started at NASA’s Kennedy Space Center and was carried by the SpaceX Falcon 9 rocket. The liftoff went well, and Falcon 9 safely docked on ISS’s Harmony Module. The mission also served as SpaceX’s 22nd cargo resupply mission.

Jeff Garzik, SpaceChain co-founder and CTO, said: “The integration of technologies [Ethereum and space tech] can help address security and vulnerability issues facing centralized land-based servers on Earth.” 

One of the blockchain company’s unique offerings is providing a “space-as-a-service” option for modern businesses to help them tap the massive potential of the combined power of space and blockchain tech. 

SpaceChain’s first major customer for its service is Nexus Inc, a digital asset management group that develops and executes IoT-centered (Internet of Things) solutions for institutions and online platforms. 

What’s in it for customers?

Once SpaceChain is done with installing, testing, and activating its space nodes, the company can finally provide on-orbit Ethereum multi-signature services. 

These transactions are equipped with a secured system and are directly connected to a space encrypted communication network to provide an end to end security for the customers. 

Zee Zheng, SpaceChain co-founder, and chief executive said the success of the mission would prove “why a decentralized satellite infrastructure created with space technologies is vital to realizing the full potential of blockchain applications.” 


Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.