Bitcoin
$41,433.76+5.11%
Ethereum
$2,250.20+4.31%
Binance Coin
$226.35+0.32%
XRP
$0.63161715+1.93%
Solana
$63.97+0.48%
Cardano
$0.41071311+3.97%
Dogecoin
$0.09013216+5.83%
Tron
$0.11301304+2.22%
Chainlink
$16.30+2.20%
Avalanche
$22.40+1.73%
Polygon
$0.83624467+2.96%
Polkadot
$5.64+4.07%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Tech

SpaceChain Awarded $585K Grant to Co-Develop Decentralized Satellite System

U.K.-based SpaceChain beat 13 other national applicants to secure the funding.

By Tanzeel Akhtar
AccessTimeIconDec 10, 2020 at 11:40 a.m. UTC
Updated Sep 14, 2021 at 10:41 a.m. UTC
Illustration of NASA's TESS satellite

Illustration of NASA's TESS satellite

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

  • 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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
UKSpaceSpaceChain