First multisignature Bitcoin transaction from the ISS

SpaceChain conducts multisignature bitcoin transaction on the ISS as part of ESA accelerator.

SpaceChain announced the successful execution of the first bitcoin transaction using multisignature technology on equipment located on the International Space Station (ISS).

The initiative to create a decentralized orbital grouping for fintech applications and commercial operations is being carried out as part of the European Space Agency’s startup accelerator (ESA).

“Sending a multisignature transaction into space reflects our efforts to create an open satellite network on a blockchain with enhanced security and immutability,” said SpaceChain co-founder and CTO Jeff Garzik.

In 2019 SpaceChain received a €60,000 grant from ESA. The funds were directed toward deploying into orbit a secure satellite blockchain network. The technology uses a three-signature system: two signatures are generated on Earth, the third on orbit. For each transaction, at least two signatures are required.

Our bitcoin hardware embedded with the multisig wallet technology has been installed on the International Space Station, enabling new levels of cybersecurity for digital assets. Learn more about what we do! pic.twitter.com/NhzFZcRlPv

— SpaceChain Foundation (@SpaceChain) June 29, 2020

In December 2019 SpaceChain launched an experimental prototype of multisignature authentication service on the ISS, based on a powerful on-board computer with a Gomspace hardware wallet. It was delivered by SpaceX’s Falcon 9 rocket, with Nanoracks as the space services provider.

The NASA-associated startup Nanoracks provided the necessary expertise and technologies through the Nanolab platform, intended to ease space research.

“This achievement will spur the use of space systems and services in the commercial market,” said GomSpace CEO Nils Buus.

SpaceChain conducted stringent tests to ensure a reliable link between space-based blockchain equipment and ground infrastructure on Earth. After initiating the transaction, encrypted data were securely transmitted via a ground station to the ISS. The equipment deployed on the ISS holds the private key to verify and approve transactions.

In November 2018 SpaceChain sent into space a fully functional Qtum blockchain node capable of multisignature transactions and running smart contracts.

Earlier in July, the renowned Canadian astronaut and blockchain enthusiast Chris Hadfield received bitcoins sent from a space-based satellite located roughly 35,000 km from Earth.

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