SpaceChain’s Bitcoin wallet is now orbiting the Earth

Blockchain company SpaceChain has successfully launched its Bitcoin hardware wallet into space.

The wallet has officially made its way to the International Space Station (ISS) and is now orbiting the Earth at five miles per second. It flew there on a SpaceX Falcon 9 rocket as part of a commercial resupply mission.

This marks the first piece of blockchain hardware to be installed on the ISS. It will be installed on NanoRacks’ commercial platform on board the station.

The mission was made a reality following a ‘Space Act’ agreement between NanoRacks and NASA.

Upon activation, the platform will demonstrate the receipt, authorisation, and retransmission of transactions.

The platform will add an extra layer of security by using ‘multisig’ transactions, meaning multiple signatures will be needed before a transaction can be approved.

Data will be uplinked and downlinked directly through the NanoRacks platform.

SpaceChain’s implementation adds both remoteness and the security of space infrastructure to blockchain, thereby laying the foundation for the next generation of products to be built upon it.

“The integration of space and blockchain technologies has uncovered new possibilities and opportunities and we are very excited about the prospect of working closely with financial service providers, fintech and Bitcoin developers, IoT service providers, research institutions, and space agencies in the coming months to further accelerate advancements within the ecosystem,” said Zee Zheng, co-founder and CEO of SpaceChain.

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