On 31st January 2020, Accubits Technologies made its mission announcement to launch the world’s first enterprise blockchain satellite at The Space Technology Conclave, organized by the government of Kerala in India. The mission aims to send a low earth orbit satellite, weighing 12 Kilograms to space for establishing an enterprise blockchain ledger that can enable a secure transactional network for next-generation financial & IoT systems. The mission, titled as Chainsat is scheduled to send a satellite to its orbit by Q1 2021.
https://www.youtube.com/watch?v=H0F6Iltnnq0
Asia Blockchain Review had the privilege to talk to Aharsh MS, CMO of Accubits Technologies, about the journey so far. “So far, 2020 is treating us really well…perhaps this the best time we are having in the history of Accubits…in January, we made our mission announcement to launch the world’s first-ever blockchain satellite…we’ve been working on this for quite a long time and everything seems to fall in the right place to realize our mission to launch the satellite,” he explained.
Chainsat Is Enterprise Ready
Aharsh explains that Blockchain technology is emerging strongly, and it has got a lot of good use cases for enterprises. He believes that if enterprises need to leverage blockchain technology, there should be a communication channel independent of the terrestrial internet. “That’s why we decided to build one…Chainsat – is essentially a satellite that can enable a secure transactional network for these enterprises to leverage the blockchain technology,” he added.
On the main pain points of problem is that the existing regulations prevent these organizations, especially institutions in the banking sector and federal agencies, from keeping data in public-facing computers. That is, they shouldn’t keep data on the computers that are connected to the internet. This measure is to prevent any potential security breach or hacking. Due to this regulation, these organizations are unable to leverage blockchain technology. Because, to use blockchain technology, these organizations would need to interface with the internet to access or update a blockchain network.
It’s A Real Gamechanger
This is where Chainsat comes into play. In terms of the technical specifications, the 12-kilogram satellite has a UHF (Ultra High Frequency) telemetry with 115 kbps data, S-Band payload transmitter with up to 5 Mbps data and an experimental X-band transmitter with up to 150 Mbps data. It will also have an on-board data storage of 4 TB in space hardened memory modules. Aharsh cited an example for its use. “Consider an agro-based company…most agro-based companies have their production farms in remote geographies that do not have an internet facility…if the company wants to build a transparent supply chain for its products, they’d need to use the IoT technology to track the different steps or process involved at the production stage,” he stressed. He went on to say that unfortunately, if there is no connectivity or internet facility, the IoT devices won’t be able to serve the purpose. This is where Chainsat can be a solution.
The Future Is Bright
So far, in terms of exceptional use cases, Accubits has developed a blockchain-based solution to manage land registries for the Dubai Land Department. This will create a single source of truth of ownership status and history of a property. Since the land transactions are executed through crypto transactions, the possibility of double-spending/double selling was eliminated. The solution enabled seamless management of stakeholder identities and facilitated near real-time traceability for each transaction. The automation offered by smart contracts has streamlined the recurrent processes such as tax payment and mortgage payments. The future for Accubits and Chainsat is certainly a bright one.
First Published on: Asia Blockchain Review
