SpaceChain claims to have successfully executed the first-ever multi-signature blockchain transaction in space.
The blockchain company SpaceChain announced yesterday the historic milestone for more than only the blockchain industry. The UK-based and space-focused company successfully completed the first multi-signature blockchain transaction outside planet Earth.
According to the official announcement, the step was made in collaboration with the European Space Agency (ESA) as a part of its Kick-start Activity program. It also aims to bring forward the company’s goal to create a decentralized orbital network for fintech applications and business transactions. According to Jeff Garzik, the co-founder and CTO of SpaceChain:
Executing the multisignature transaction in space encapsulates our continuous efforts in building out an open-source blockchain-based satellite network that is secure and immutable
SpaceChain is a community-based platform that combines blockchain and space science technologies. Found back in 2017, the company aims to build the world’s first blockchain-based network of satellites and offer the ability to create and run decentralized applications in space.
Multisig transaction involved Bitcoin
The first-ever multi-signature cryptocurrency transaction in space involved the world’s first digital asset Bitcoin. The SpaceChain’s Jeff Garzik transferred nearly 0.01 Bitcoin worth of approximately $92 according to the Bitcoin’s price of June 27, the day when the transaction was made.
Multi-signature (or multisig) transaction refers to a technological solution that requires to use of multiple keys to authorize the cryptocurrency transaction.
Contrary to standard transactions that require a single digital signature (key) to transfer digital assets, multisig technology eliminates the single points of failure as different keys are stored on separate devices and thus provides higher security on cryptocurrency transactions.
To implement the multi-signature transaction SpaceChain used the blockchain hardware installed on a powerful onboard data processing computer on International Space Station (ISS), delivered by nanosatellites manufacturer and supplier GomSpace. Moreover, the company has delivered its hardware embedded with the Bitcoin multisig wallet technology to the International Space Station back in 2019.
As stated in the announcement, the encrypted data were transmitted securely between the land-based infrastructure on Earth and the blockchain hardware on International Space Station, which held a private key to verify transactions.
According to the report, the currently tested consolidation of blockchain and space technologies might work as a base that adds security and resilience for future fintech solutions.