JP Morgan has successfully tested a blockchain transaction in space using Danish space firm GomSpace’s satellites.
- It is the world’s first bank-led tokenised value transfer in space, executed via smart contracts on a blockchain network, established between satellites orbiting the earth.
- The transaction was executed between two GOMX-4 satellites in the low Earth orbit (LEO), which validated the approach towards a decentralised network where communication with the earth is not necessary.
- This breakthrough opens the door to a potential peer-to-peer satellite marketplace in the long term, allowing data transfers between satellites against payment, as private companies prepare to launch their own constellations.
Blockchain is a distributed ledger that records data in individual blocks which are linked to one another using cryptography, making it very difficult to tamper with the data in one block without altering all the following blocks.
- Blockchain contracts help patients and doctors securely transfer sensitive medical information as part of smart contacts.
- Blockchain can be used for making payments using cryptocurrencies.
- Important information such as property papers, contracts and shares can be stored over blockchain. It prevents duplication or unauthorised access.
- The blockchain ledger provides security to this Internet of things (IoT). IoT can be used to control appliances.