Ethereum Platform Brought to Space to Provide More Efficient Smart Contract Operation
In a space-as-a-service effort, an Enterprise Ethereum Alliance member, SpaceChain, has integrated Ethereum (ETH) technology in space by rolling out on-orbit Ethereum multisignature transaction services.
On June 3, the company launched a blockchain-based payload into space aboard a SpaceX Falcon 9 rocket. Nanoracks and Nexus are part of the initiative, wherein the former ensured a Space Act Agreement with NASA and the latter is the first user of this service.
While this is SpaceChain’s fourth blockchain payload launch into space, it’s their first integration of Ethereum technology into the company’s hardware on the International Space Station.
As the release explained, “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.” Commenting on the development, Zee Zheng, SpaceChain co-founder and CEO, said:
“With Ethereum’s smart contract platform running in outer space, it enables us to fortify blockchain applications and transactions with enhanced security and immutability.”
Other recent space-as-a-service initiatives
Some other blockchain-focused projects have also been experimenting with launching their products in space. Recently, decentralized finance synthetic derivatives Opium Finance protocol revealed that its decentralized insurance contract will work in tandem with UMA’s oracle solution to bring real-world data to the blockchain.
The derivatives work as binary options contracts, allowing users to purchase insurance against a failed launch on SpaceX. Using the SmallSat Rideshare program, organizations can send lighter and smaller payloads to space for as low as $1 million.
This month, IoT firm WISeKey is launching the first part of a non-fungible token ecosystem aboard a SpaceX Falcon 9 rocket. A WISeKey device will be attached to the exterior of the deployer, and be exposed to space for several weeks. This period in Earth’s low orbit will therefore be a first demonstration of WISeKey’s space-based WISeSat ecosystem.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
