Cryptocurrency data to be stored in outer space

Signal of change / Cryptocurrency data to be stored in outer space

By Anna Simpson / 01 Nov 2016

Cloud Constellation, a company offering satellite-based data storage, has secured a deal with SolarCoin Foundation: a Blockchain currency that rewards solar power generators.

The data storage centre Spacebelt is pending a patent. Its orbital location will provide “a transformative ultra-high degree of network security”, Cloud Constellation claims.

This security is what attracts SolarCoin Foundation, which awards coins for each megawatt-hour of electricity generated, from a treasury of 5 billion. Its transactions will be the first sent to and from space.

So what?

The agreement shows the potential of decentralised solutions to join forces to accelerate change for sustainability.

Space-based data-storage could help to solve the energy-intensive cooling needs of data centres, which saw Facebook open its vast facility in the Arctic.

Cryptocurrencies offer decentralised security, allowing complex transactions without the need for banks or agents, cutting both costs and the risk of fraud. 

The potential of cryptocurrencies to reward sustainable behaviour, such as renewable energy generation, could help to scale solutions at a faster pace than mainstream market conditions allow.

It remains to be seen whether satellite-based data is really more secure against hacking than earth-based. Are Blockchain-based currencies more at risk than we were led to believe?   

Sources

http://arstechnica.com/information-technology/2016/09/satellite-cloud-startup-inks-deal-for-space-based-cryptocurrency-platform/

http://spacebelt.com/#about

What might the implications of this be? What related signals of change have you seen?

What happens when you intersect solar power, cryptocurrency and data centres in space? A reality stranger than fiction.
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