It’s the world’s first bank-led tokenised worth switch in area, executed through sensible contracts on a blockchain community, established between satellites orbiting the earth.
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JP Morgan has efficiently examined a blockchain transaction in area utilizing Danish area agency GomSpace’s satellites.
It’s the world’s first bank-led tokenised worth switch in area, executed through sensible contracts on a blockchain community, established between satellites orbiting the earth, GomSpace stated in a launch.
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The transaction was executed between two GOMX-4 satellites within the low Earth orbit (LEO), which validated the strategy in the direction of a decentralised community the place communication with the earth will not be needed.
This breakthrough opens the door to a possible peer-to-peer satellite tv for pc market in the long run, permitting information transfers between satellites in opposition to fee, as non-public corporations put together to launch their very own constellations, the discharge famous.
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“We’re proud to have supported J.P. Morgan as they explored this novel use case of a space-based fee infrastructure utilising blockchain expertise,” GomSpace CEO Niels Buus, stated in a press release.
Blockchain is a distributed ledger that data information in particular person blocks that are linked to at least one one other utilizing cryptography, making it very troublesome to tamper with the information in a single block with out altering all the next blocks. The expertise can have numerous purposes comparable to driving cryptocurrency transactions, and was utilized by Satoshi Nakamoto to create Bitcoin.