The European Space Agency (ESA), an intergovernmental organization of European member states, has released a grant worth 60,000 euro ($66,400) to a blockchain firm, SpaceChain, for the creation and development of a more secure multi-signature wallet for digital currencies through a satellite network. The ESA is embarking on this initiative, through its Kick-start Activity program. This move is considered an important step forward, in the support for blockchain technology in Europe
The program, according to a press release, was created to help entrepreneurs and startups “explore thematic areas with promising business potential and to create new commercial services and applications relying on space assets and data.” The announcement also states that all projects supported by the program, when successful, could access added funds from the agency’s Business Applications and Space Solutions.
SpaceChain’s CEO and co-founder, Zee Zheng, spoke on the grant, highlighting security. Zhang said:
“It is an honor to receive support from the European Space Agency. The fintech industry currently suffers from low levels of security in relation to the storage and transmission of digital currency, preventing it from achieving the same level of professionalism and trust as the traditional banking industry. We are thrilled to solve that by bringing our blockchain technology to new partners in the EU and UK.”
SpaceChain’s solution is to create a multi-signature wallet which promises more security than current methods. Because a holder’s funds become compromised if their private key falls into the wrong hands, a multi-signature wallet is a much better solution because more than one signature is required for any transactions to be settled. The release also notes that the satellite will act as one of the signatures.
SpaceChain was founded in 2017 as a company that harnesses space technology as well as blockchain, for the development of the first ever open-source blockchain satellite network. The platform will be available to any interested persons, regardless of their location.
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