Blockchain technology, which is being used extensively in safe transactions, data security, and a few other applications, is now being deployed in space. And Accubits, a startup based in Thiruvanthapuram, Kerala, has taken the lead. The developers claim that they are all set to launch the world’s first blockchain satellite, called Chainsat.
On the concept of blockchain-powered satellites, Aharsh MS, Chief Marketing Officer, Accubits, tells YourStory, “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.”
The startup aims to send a low earth orbit satellite, weighing 12 kg, to space for establishing an enterprise blockchain ledger that can enable a secure transactional network for next-generation financial and IoT systems. It wishes to send it to the orbit by Q1 2021.
Besides, the startup will develop the software and firmware for the satellite while the hardware part will be collaboratively built by Accubits and a vendor. For this, the startup is in talks with multiple firms for collaboration.
One-of-its-kind solution ::
Not all businesses are established in well-connected areas like Tier-I or Tier-II cities, but are set up across Tier-III cities. Today, companies have sprung in remote areas as well with dire connectivity issues.
Here, Chainsat will enable a secure communication channel for enterprises to use a blockchain network. According to Aharsh, Chainsat will enable businesses across the world to meet the specific requirements, as it acts as a blockchain node, or a point of contact for the enterprises.
For instance, for agro-related businesses, the production farms are remotely located and most of these places do not have internet accessibility. Here, Chainsat can help in establishing communication to access a blockchain ledger for applications like supply chain traceability and other crucial operations.
Besides, the satellites will be no different from the rest in the orbit in terms of its orbital presence, launch and operation. What differs is the software architecture and the internal hardware that is designed to host a blockchain node.