Swiss based blockchain company Velas Network AG has announced its partnership with Space Chain. Partnership will be aimed at building the Blockchain protocol that will be one of the pioneers in the space industry. The Blockchain will be leveraging the space economy for building heightened security and immutability.

This agreement is a huge step forward for Velas in terms of new markets and application cases. The company will be one of the first blockchains to operate outside of Earth’s atmosphere. In practice, this will lead to increased security, which will raise the overall quality requirements for the blockchain sector.

Transactions will be done using SpaceChain’s decentralised satellite infrastructure, bringing a high level of security and decentralisation to the Velas network, due to one of its kind partnerships between the space and blockchain industries. Blockchain infrastructures are insulated from physical interference and regulatory restrictions by being suspended in space.

Co-founder and CEO of Velas, Mr Farhad Shagulyamov has emphasised the importance of partnership in his statement by stating that humanity took thousands of years for reaching the low Earth orbit but it took only ten years to conduct the first blockchain transaction in the space since the building of the Bitcoin network. Conducting blockchain transaction in space will create newer applications of technology in this space.

Velas has one of the fastest blockchain technologies in the World enabling over 75,000 transactions per second which will benefit the SpaceChain and provide opportunity for developing numerous cost-effective decentralized apps (DApps) for enabling further space exploration.  Head of global partnerships at Velas, Mr Dragos Dumitrascu,, has stated that SpaceChain is a unique partner and with this partnership Velas will be the third blockchain company  to foray in the space race

Velas is one of the leading blockchain developer in the World with an objective of creating a multi-featured, speedy as well as cost-effective blockchain network. The Ethereum Virtual Machine is included in Velas protocol, enabling developers to build any Ethereum-based DApps on the its blockchain network and also enabling usage of the best parts of the Solana protocol. Due to these features Velas has become one of the most popular platforms for developing decentralized applications.

For the New Space Economy, SpaceChain is developing decentralised infrastructure. SpaceChain is making it easier to develop space applications by leveraging the space and blockchain technologies.

Bureau Galactik Views