Bitcoin Multi-Signature Transaction Registered in Space
SpaceChain, the decentralized space agency, has announced the successful completion of a multi-signature Bitcoin (BTC) transaction on the ultimate frontier, as per a press release that’s been published today, August 18th. The researchers sent about 0.001 BTC, worth around $122 at the time of press, to two different Bitcoin addresses.
To achieve this, the company used specialized blockchain hardware on board the International Space Station (ISS), built by nanosatellite manufacturer GomSpace, to transmit the encrypted data via a ground station to the space station.
Bitcoin Multi-Signature From Space
Multi-signature transactions are usually the same as ‘regular’ ones, but they need several signatures, or approvals, in order to be carried out. This results in enhanced security as well as the capacity to create shared wallets that cannot be accessed by one user alone.
“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,” said Jeff Garzik, the co-founder and CTO of SpaceChain, adding, “SpaceChain aims to be the one-stop solutions provider for the integration of blockchain and space.”
Supported by the European Space Agency’s “Kick-start Activities” project, the program eventually tries to build new space-focused products and use cases for digital banks, as well as fintech companies in the future.
“This milestone has built momentum for the use of space systems and services in the commercial market, and we are excited to further integrate our innovative technologies to help SpaceChain achieve its goals in space and beyond,” added GomSpace CEO Niels Buus.
Our bitcoin hardware embedded with the multisig wallet technology has been installed on the International Space Station, enabling new levels of cybersecurity for digital assets. Learn more about what we do! pic.twitter.com/NhzFZcRlPv
— SpaceChain Foundation (@SpaceChain) June 29, 2020
SpaceChain sent its blockchain hardware wallet technology to the International Space Station on board a SpaceX Falcon 9 rocket last December.
After it activated it, the payload was used to test the receipt, authorization, and retransmission of multi-signature blockchain transactions on the Qtum and Ethereum blockchains. Now it has added support for Bitcoin, taking it one step closer to the future.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.