SpaceChain Helps Transition Enterprises into Space-based Businesses for Leveraging Opportunities in the New Space Economy

SpaceChain today announced that its blockchain-enabled payload, incorporated with the space nodes created for its customers, has been successfully launched into space, onboard a SpaceX Falcon 9 rocket carrying a YAM-2 satellite which houses the payload. The mission, which was operated by Loft Orbital under the rideshare program, marks the dawn of space-based businesses and the burgeoning adoption of space-as-a-service among enterprises and communities worldwide.

The milestone is another step forward in advancing SpaceChain’s decentralized satellite infrastructure for business and fintech applications. Recognizing the potential of creating a next-generation infrastructure for the blockchain industry in outer space, today’s mission also affirms the high customizability of blockchain-enabled payloads in meeting diverse industry needs and generating commercial use cases across multiple sectors.

SpaceChain CEO Speaks on New Transition

“We are entering the era of the commercial space age and we are very excited to be working closely with customers that share the same vision as we do,” said Zee Zheng, SpaceChain co-founder and CEO. “The democratization of space, combined with decentralized blockchain technology, has unfurled new opportunities for commercial companies and non-profit organizations to offer space-related services and champion social causes, as evidenced by today’s launch.”

Digital asset management firm Nexus Inc. (Nexus) will be integrating SpaceChain’s Bitcoin hardware wallet with its existing system to enable ultra-secure multisignature transactions for customers.

Following SpaceChain’s successful Ethereum technology integration in space earlier this month, Nexus will be able to take advantage of both Bitcoin and Ethereum platforms to provide a range of services from asset custody to e-commerce management and data security.

Cryptocurrency exchange Biteeu will leverage the high security of space-grade infrastructure deployed by SpaceChain for ultra-secure Bitcoin transactions, fortifying Biteeu as one of the most secure cryptocurrency exchanges in the world that places user privacy and security first.

When hardware and software tests are completed by November 2021, Biteeu users will be able to authorize Bitcoin multisignature transactions in space through the multisignature wallet.

Divine is a not-for-profit community project under the I AM PART OF global charity foundation initiated by entrepreneur Shukhrat Ibragimov. It utilizes space technologies to broadcast the teachings of the Quran to people all over the world.

Upon successful activation on-orbit in November, the Quran files that are stored in the payload will be transmitted from space to several platforms built for the Divine project. They include the Divine official site; as well as the Divine Live app, which is available now for download from the Apple App Store and Google Play Store.

Biteeu and Divine are operated and managed by Eurasian Space Ventures (ESV), a private company in Kazakhstan that serves as an international hub for space projects and related organizations. SpaceChain and ESV have previously signed a Memorandum of Understanding to jointly develop projects in the field of space technologies.