29.07.2021

Crypto News

Insider information in the world of cryptocurrencies.

SpaceChain received £440,000 to develop a decentralized satellite infrastructure

SpaceChain received £440,000 to develop a decentralized satellite infrastructure

The startup SpaceChain has received a grant of £440,000 to develop a decentralized satellite infrastructure as part of the European Agency for Scientific Cooperation EUREKA’s “Globalstars”initiative.

In addition to the British SpaceChain project, Addvalue Innovation and Alba Orbital will participate in the research and development. The management of SpaceChain stated that it will use the funds received to create a blockchain-based system that will display data from satellites in real time. The hub network of low-orbit satellites is “democratizing” the emerging space industry, giving more opportunities to private firms.

SpaceChain Commercial director Nick Trudgen spoke about the scale of space research, which requires close cooperation with various organizations. Tragen believes that the creation of space applications based on the blockchain will contribute to the widespread exploration of space.

This isn’t the first time SpaceChain has won grants. Last year, the project received funding of 60,000 euros from the European Space Agency (ESA) to launch blockchain nodes in space. In August, SpaceChain successfully sent 0.01 BTC to two Bitcoin addresses, using special equipment on the International Space Station (ISS) to transmit encrypted data.

In addition to SpaceChain, there are other projects that seek to combine blockchain with space. This fall, Xage began developing a decentralized P2P protocol based on the blockchain for data protection of the US Space Force (USSF) in order to accelerate the development of the US military space industry. The National Aeronautics and Space Administration of the United States (NASA) is also ready to use blockchain-based solutions to transfer information between network satellites, as well as to ensure the confidentiality of aircraft flight data.