SpaceChain Chief Executive Officer (CEO) Zheng Zuo. Photo: SpaceChain

The European Space Agency (ESA) Business Applications and Space Solutions, under its Kick-start Activity program, awarded funding to SpaceChain UK to further develop and identify commercial use-cases for its satellite blockchain technology.

SpaceChain’s satellite blockchain technology is designed to bring more security to the transmission of digital currencies and smart contracts by using a distributed satellite network and multi-signature transactions. Thus far, SpaceChain has developed an open-source operating system, and launched and flight-tested two blockchain nodes into space in the past 12 months.

“It is an honor to receive support from the European Space Agency. The fintech industry currently suffers from low levels of security in relation to the storage and transmission of digital currency, preventing it from achieving the same level of professionalism and trust as the traditional banking industry. We are thrilled to solve that by bringing our blockchain technology to new partners in the EU and UK,” said Zee Zheng, SpaceChain co-founder and chief executive officer.