Indian Startup Accubits Plans to Launch the World’s First Blockchain-Powered Satellite

It looks like space blockchain is becoming the next new thing.

YourStory reports that Kerala-based startup Accubits is “all set” to launch the world’s first blockchain satellite.

The satellite, named Chainsat, will be launched into low orbit to establish “an enterprise blockchain ledger that can enable a secure transactional network for next-generation financial and IoT systems.”

Accubits Chief Marketing Officer Aharsh MS also had this to say:

“Chainsat will serve two purposes. One, it will act as one of the nodes of a private blockchain network or consortium blockchain. Second, it will enable a communication channel between different nodes of the blockchain network.”

He added that the satellite “will host a blockchain node which will communicate with the terrestrial entities via the satellite communication to access and update the blockchain ledger.”

The company plans to launch Chainsat by the first quarter of 2021.

This won’t be the first time blockchain will be operated in orbit; in late 2019, Singapore-based SpaceChain announced that it had successfully launched a bitcoin wallet into space, making its way to the International Space Station (ISS). The company’s wallet was the first piece of blockchain hardware installed on the ISS.

Photo: Grafiker61