US and India-based blockchain startup Accubits Technologies has announced plans to launch the world’s first enterprise blockchain satellite under a mission titled Chainsat. The entire project will cost around $1.2 Mn.
As part of the mission, Kerala-based Accubits will send a low earth satellite (LEO) weighing 12 Kg in the first quarter of 2021 to establish an enterprise blockchain ledger that can enable a secure transactional network for next-generation financial & IoT systems.
The company is currently in talks with Elon Musk’s SpaceX for the satellite launch vehicle.
Speaking to Inc42, Aharsh MS, cofounder and CMO, Accubits said, “Being decentralised in nature — and the internet does not fit the majority of blockchain requirements — as demanded by enterprises. Chainsat will fix this problem by facilitating an off-grid network for blockchain transactions that bypasses the terrestrial internet.”
Founded in 2012 by Jithin VG, Ditto PS, Gokul A, Aharsh MS and two others, Accubits Technologies is an AI and blockchain-focussed startup with its offices in US, India and Dubai. The company is developing a blockchain-as-a-service platform in sectors ranging from fashion technology to complex CRM systems.
However, Accubits’ key application areas include finance, retail, supply chain and manufacturing. The startup has launched a couple of products too namely iCosys, Reinsurance and BaaS solutions.
Chainsat: Why A Blockchain Satellite
Responding to the question, MS stated that due to the varied regulations in various countries, it’s difficult to use the internet through a secure channel. Chainsat aims to establish communication with the satellite, based on UHF telemetry with 115 Kbps data and S-Band payload transmitter with up to 5 Mbps data and an experimental X-band transmitter with up to 150 Mbps data. The satellite will have an onboard data storage capacity of 4TB in space-hardened memory modules.
The Chainsat mission was unveiled during the recent Space Technology Conclave. Speaking at the event, Accubits CEO Jithin VG said “To reap the maximum benefits out of the blockchain technology, it is necessary to be able to share data securely between organizations while still complying with the data protection regulations. But right now, they are constrained with the lack of a secure transactional network. We believe, Chainsat would solve this issue and could take the enterprise blockchain applications to its next level”