JPMorgan & GomSpace successfully test World’s First Bank-led Blockchain Transaction in Space 

Denmark based GomSpace and US-based JPMorgan Chase & Co have successfully tested the World’s First Bank-led tokenized value Transaction in Space (IOD – in-orbit demonstration) using Danish space firm GomSpace’s GOMX-4 Satellites. The Transactions were executive through smart contracts on a blockchain network, established between satellites orbiting the earth.

Outcomes

• The successful test would enable a peer-to-peer DvP (‘data versus payment’) satellite marketplace in the long term.
• It will also allow data transfers between satellites against payments.

Blockchain

• Blockchain is a Distributed Ledger Technology (DLT), which records data in individual blocks linked to each other using Cryptography. It is linked to Cryptocurrency.
• It ensures Security, Transparency & Decentralization.
• The technology is expected to boost Global GDP by USD 1.76 Trillion in 2030.

Recent Related News:

i.On December 28, 2020 ‘Unicas’, world’s first crypto bank was launched in India as a Joint Venture(JV) by Cashaa of UK and United Multistate Credit co-operative society Ltd of India.

About GomSpace:

CEO – Niels Buus
Headquarters – Aalborg, Denmark