SpaceChain, a blockchain start-up, has been granted 60,000 euros from the European Space Agency (ESA) for investigating the applications for their satellite-based blockchain wallet system.

According to an announcement, the grant provided by the USA’s “kick-start activities” fund will reinforce SpaceChain’s efforts for putting a multi-signature, hyper-secure, and distributed satellite network in the orbit. The firm has already carried out a pilot testing for sending blockchain nodes in space. 

The technology leverages a three-signature system, two of them being ground-based and one in the orbit, on the satellite. Every transaction needs a minimum of two signatures to be successful. 

SpaceChain’s CEO and co-founder, Zee Zheng, said that their satellite-based nodes are comparatively way more secure than those terrestrial networks that process on the open internet, having protocols and data which uplinks directly to the satellite. 

“We don’t need internet access to perform this kind of transaction,” Zheng said, “which eliminates a lot of potential risks for hacking. We are looking at a market that last year saw $1 billion in crypto stolen. That will be much much more difficult for hackers [on our system].”

Zheng also stated that the grant provided by The ESA is an opportunity for the cryptocurrency community to know further about the blockchain applications in space. The developers show high interest in the security provided. 

“We want to use this opportunity to showcase how space can benefit the blockchain space,” Zheng added. 

He concluded saying that SpaceChain is looking to launch thrice over the period of next 18 months.