Blockchain in space: the first remittance in zero gravity
Blockchain has successfully conquered the entire Earth, and therefore the next step for cryptocurrencies was outer space. SpaceChain, a company that equips space rockets and entire stations, announced that the devices brought to the International Space Station successfully completed the first digital transaction. This is a truly historic event, which we will discuss in detail in the following sections. So be careful. So let’s get started.
A little about the company and the intricacies of work in space
First of all, it is necessary to discuss the company that carried out the first space transfer. SpaceChain is a fairly well-known company. The main goal of which is to equip working ships and space stations with working equipment for digital transfers. A great idea can turn out to be much more useful than it seems at first glance, because the potential of the Blockchain is practically inexhaustible and will definitely come in handy for our astronauts studying outer space. With the help of modern protocols, many processes can be improved, and the speed of equipment operation can be brought to a fundamentally new level. But, of course, you need to do a lot of tests first. SpaceChain has been exploring the possibility of transferring value in zero gravity since 2019. For its own research, the company received quite large sums from large partners.
With proper funding, the company began to investigate the issue. First, the main problem was distance. There can be no delay in the issue of digital transfers. The blockchain, of course, guarantees high-speed transactions, but the huge distances between the orbit and the recipients of transfers on Earth were a painful problem. That is why the specialists decided to use a three-link system. Roughly speaking, space stations host two computers. One transmits the transaction using the Blockchain. Another processes the transfer and sends the funds back to Earth. And already in the conditions we are accustomed to, the money goes to the account of the addressee. Thus, the correct stability of the translation systems is guaranteed.
Is the technology ready to use and who will benefit from such functionality?
There will be no problems with transactions. So far, only a few transfers have taken place, but, according to the creators of the technologies, their solution works flawlessly and is guaranteed to accurately send, receive and change money. SpaceChain can be trusted in this sense. Earlier, the company announced that thanks to their equipment and blockchain improvements, now every astronaut can launch smart contracts. At the moment, the applicability of this technology is not entirely clear, because astronauts do not need funds. However, blockchain’s entry into outer space has enormous potential. Well-known entrepreneurs and leading companies are actively involved in space tourism and plan to explore new planets. And, to ensure uninterrupted communication between Earth and astronauts, the Blockchain is truly irreplaceable.