Since the inception of cryptocurrencies, security has been a major issue for the crypto community. There have been many attempts to ensure the security of cryptocurrencies and its users and taking blockchain nodes to space might be a game-changer. Launching blockchain nodes in space provides an untouchable data center in space with a higher level of security because the data center cannot be accessed on Earth.
Early this year, SpaceChain managed to successfully launch the mission of its blockchain-enabled payload into space onboard a SpaceX Falcon 9 rocket. The payload was incorporated with the space node created for Velas Network AG. It was installed onto a satellite that also managed the launch mission. It became a stepping stone for SpaceChain towards their goal of having a decentralized network of blockchain nodes. The nodes will operate from satellites in orbit while serving fintech and business applications.
What are Blockchain Nodes?
BlockchaiN, a distributed ledger technology (DLT), allows data to be stored globally on thousands of servers. It allows any network user to see all the entries that appear at any time, which makes it nearly impossible to gain control of the network. A blockchain node is the communication endpoint, which allows any user or application that wants to interact with the blockchain to do so through nodes.
Although nodes are also a point of communication redistribution, it’s important to note that every node on the blockchain network does not carry out the same functionality. A node maintains the transaction records of the blockchain, whereas others are not required to keep records. Other functionalities of blockchain nodes include: accepting or rejecting transactions, managing the transactions and their validity, storing the cryptographically linked blocks, and acting as a point of communication.
Pros of Launching Blockchain Nodes in Space
While including all these functions of nodes, blockchain nodes are revolutionizing the network by being set up in space. The milestone comes with many benefits for the entire blockchain community, such as the following.
1. Mitigation of Security Threats
Over the years, there has been a tough spot when it comes to blockchain and security threats. Many of these threats happen because blockchain nodes can be easily hacked while they remain in stagnant locations worldwide. What if that could change?
The launch and execution of multisig transactions in space projects requires everyone’s continuous efforts in ensuring blockchain networks are secure and immutable. It happens when a blockchain-based satellite network in space operates blockchain nodes. Having blockchain nodes in space makes it more difficult for third parties, like hackers, to disrupt communications through blockchain systems, which is better than less secure land-based networks.
2. Providing Location Data
Incorporating the use of blockchain nodes with satellites could provide location data. Integrating the use of mobile devices’ GPS systems could complement another layer of security. That’s because it would integrate location data that could prevent data falsification through secure timestamps. Anyone with a mobile phone can process data and transmit GPS signals. Putting that in mind, a huge chunk of low-power devices worldwide can receive data directly from satellites orbiting the Earth, eliminating middlemen who stand in between to facilitate communication with Satellite dishes.
4. Boosting Blockchain Worldwide Adoption
To complement the previous point, launching blockchain nodes in space could boost blockchain mass adoption. That’s because the data from blockchain nodes could reach anyone worldwide without a hassle. That means that within no time, blockchain could potentially grasp everyone.
5. Protection from Natural Disasters
Fourthly, it prevents blockchain nodes from natural calamities which tend to disrupt and destroy the system. In particular, some places where large portions of Bitcoin and other cryptocurrency miners are clustered in China experience large floods, which destroy mining equipment. It results in noticeable drops in cryptocurrency hash rates. Natural mishaps like flooding exemplify the vulnerability of centralized, land-based infrastructure. It also displays how space-based alternatives, like blockchain nodes in space, could provide a layer of extra security.
6. Cost Efficiency
Many earthly data centers take security very seriously, that’s why they carefully control access and employ several armed guards. Launching blockchain nodes in space can mitigate the costs of employing security and access can be more carefully controlled because they are out in space.
At the first glance, launching blockchain nodes in space is a concept that seems to put security first. However, it necessitates a comprehensive end-to-end cyber-security assessment to ensure appropriate security measures have been implemented. They are cost-efficient and promote the adoption of blockchain universally. However, more research has to be carried out to identify other benefits that blockchain nodes have on security.