Mission marks SpaceChain's first demonstration of Ethereum technology integration in space
CAPE CANAVERAL, Fla., June 3, 2021 /PRNewswire/ -- SpaceChain today announced that its blockchain-enabled payload has been launched into space from NASA's Kennedy Space Center aboard a SpaceX Falcon 9 rocket, and will be subsequently installed at the International Space Station (ISS). The mission, made possible by Nanoracks and its Space Act agreement with NASA, marks SpaceChain's fourth blockchain payload launch into space and the first demonstration of Ethereum technology integration into its hardware on ISS. Nexus Inc. (Nexus) will be the first SpaceChain customer to have direct access to this service.
Nexus is a deep-tech founded, digital asset management firm that focuses its operations on the development and execution of financial technology, as well as blockchain and Internet of things (IoT) solutions for online platforms and institutions across the globe. The company has offices in key cities spanning Melbourne, Dubai, Kuala Lumpur, and Singapore.
"We are thrilled in bringing the Ethereum platform to space and validating why a decentralized satellite infrastructure created with space technologies is vital to realizing the full potential of blockchain applications," said Zee Zheng, SpaceChain co-founder and CEO. "We launched a payload for bitcoin back in 2019 and today we are launching our second-generation payload with Ethereum. Bitcoin and Ethereum represent the two biggest ecosystems in the blockchain industry. With Ethereum's smart contract platform running in outer space, it enables us to fortify blockchain applications and transactions with enhanced security and immutability, and allows more users and developers to get involved with our technology."
Once installed, tested and activated, the space node will enable SpaceChain customers to further enhance their blockchain capabilities for enterprise business and fintech applications, and perform highly secure on-orbit Ethereum multisignature transaction services, with data uplinked and downlinked directly through a dedicated space encrypted communication network.
The security and remoteness of space infrastructures ensures the independence of Ethereum contract operation from centralized terrestrial servers, hence providing more efficient smart contract operation and greater application scenarios. This mission is fully commercialized and supports space-as-a-service adoption among organizations that are looking to address land-based infrastructure concerns that inhibit blockchain development.
"Running Ethereum in space provides enhanced security and immutability for developing decentralized applications and transacting digital assets, which is pivotal to advancing the adoption of Enterprise Ethereum among organizations," said Jeff Garzik, SpaceChain co-founder and CTO. "Ethereum and blockchain technologies are decentralized by nature. The integration of technologies can help address security and vulnerability issues facing centralized land-based servers on Earth, and unfurl new and exciting opportunities for other commercial use cases."
SpaceChain is a member of the Enterprise Ethereum Alliance (EEA), the world's largest open-source blockchain initiative that enables organizations to adopt and use Ethereum technology in their daily business operations.
About SpaceChain
SpaceChain fosters decentralized infrastructure for the New Space Economy. By combining space and blockchain technologies SpaceChain is making the development of space applications easier and making space more accessible. For more information, visit www.spacechain.com.
