Tech companies hope to cash in on lucrative $415bn industry.
Singapore-based startup SpaceChain has a grand vision for blockchain, with plans to take the digital ledger technology beyond this world and into space.
Blockchain, a decentralized means for storing and recording digital transactions which is best known for underpinning the use of the Bitcoin cryptocurrency, has quickly been embraced by tech companies around the world. But SpaceChain wants to take it further.
The company has been launching its technology beyond the earth’s atmosphere to link up with satellites and create a space-based network that promises to serve blockchain users more securely and efficiently than earth-based systems. Most recently it sent a payload to the International Space Station.
“Once you have any kind of space storage you potentially have access to global coverage,” SpaceChain’s Chief Executive Zee Zheng told the Nikkei Asian Review.
The company, founded in 2017, is among a handful of young upstarts in Southeast Asia looking to make their mark in a multi-billion-dollar industry traditionally dominated by governments and Western multi-national corporations.
But the Southeast Asian region is gradually waking up to the potential of the “space economy”, which the Space Foundation, a U.S. non-profit industry advocate, has estimated to be worth around $415 billion globally.