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SpaceChain Awarded $585K Grant to Co-Develop Decentralized Satellite System
U.K.-based SpaceChain beat 13 other national applicants to secure the funding.
SpaceChain, a U.K.-based firm with extraterrestrial aspirations, has beaten 13 other national applicants to secure a £440,000 (US$585,800) grant to co-develop decentralized satellite infrastructure.
STORY CONTINUES BELOW
- The funding was awarded by EUREKA's Globalstars initiative, which invited 14 countries in its network to submit proposals.
- SpaceChain said Thursday it will use the funding to develop a "decentralized satellite infrastructure with blockchain payload” at its core to allow direct tasking of a satellite in real time.
- SpaceChain and its project partners, Addvalue Innovation and Alba Orbital, will also be given access to research and development facilities.
- The planned blockchain-powered mesh network of low-earth orbit satellites would "democratize access to the nascent space sector with lower barriers to entry by individual companies," according to the firm.
- "Space exploration projects are tremendous in scale and require close collaboration and partnership, and this milestone unlocks new opportunities for building commercial solutions that leverage space and blockchain applications," said Nick Trudgen, chief commercial officer and U.K. director at SpaceChain.
- This summer, SpaceChain announced it had made its first blockchain transaction in space. Its International Space Station-hosted hardware authorized a 0.0099 BTC (about $92 at the time) transfer initiated by its chief technology officer, Jeff Garzik.
- Founded in 1985, EUREKA is an international network that sets out to foster collaboration in research and development across 45 countries.
Also read: One Small Step for Bitcoin – SpaceChain Secured Transfer From International Space Station
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
