Accubits, a tech startup based in the Kerala area of India, has announced plans to develop and deploy a blockchain-based satellite in space by Q1 2021. Dubbed Chainsat, the team says the satellite will provide enterprises with a secure communication channel to use distributed ledger technology (DLT).
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
Satellite on the Blockchain
In a bid to make it easier for Indian enterprise set up in areas with very low internet connectivity to tap blockchain technology, Accubits is looking to develop Chainsat, a 12kg low orbit satellite which it claims will be the world’s first blockchain-based satellite.
Per sources close to the matter, the primary objective of Chainsat is to establish a secure communication channel for companies in remote locations with low internet connectivity to use a blockchain network.
The team says Chainsat will be no different from other satellites in orbit in terms of orbital presence, launch and operation, just that its software and hardware architecture will be different, as they are designed to host a blockchain node.
Commenting on the innovative development, Aharsh MS, Chief Marketing Officer at Accubits said:
“Accubit is looking to launch a low earth orbit satellite weighing 12 kg into space, for the creation of an enterprise blockchain network that can serve as a secure transaction network for next-generation financial and IoT systems. The firm plans to send Chainsat into orbit by Q1 2021.”
Mode of Operation
Notably, the team has hinted that Chainsat will come with three communication channels: Ultra High Frequency (UHF) telemetry with 115 kbps, S-Band payload transmitter with up to 5 MBps data and an experimental X-band transmitter with up to 150 Mbps data, plus space hardened memory nodes with 4 TB storage capacity.
Reportedly, despite the numerous benefits of blockchain technology, most enterprises, government bodies and regulated financial institutions still find it difficult to integrate this revolutionary technology due to regulatory bottlenecks that restrict them from storing information on public servers that are connected to the internet.
However, Akarsh has made it clear that Accubit’s Chainsat will solve this problem since it’s independent of the terrestrial internet.
It’s worth noting that this is not the first time that blockchain technology is being taken to outer space.
the ConsenSys Space has joined forces with the Secure World Foundation and others, to launch a blockchain-based satellite tracking app named TruSat.