GomSpace and J.P. Morgan test blockchain transaction on GOMX-4 constellation
(26 February 2021 - GomSpace) GomSpace and J.P. Morgan have successfully utilized the GOMX-4 satellites for an in-orbit demonstration (IOD) and tested tokenized value transfer in space.
The IOD from GomSpace enabled J.P. Morgan to test the world’s first bank-led tokenized value transfer in space, executed via smart contracts on a blockchain network established between satellites orbiting the earth.
GomSpace and J.P. Morgan successfully executed a transaction between two low earth orbit (LEO) satellites, which validated the approach towards a decentralized network where communication with earth is not necessary. This breakthrough opens the door to a potential peer-to-peer DvP (‘data versus payment’) satellite marketplace in the long term, as private companies prepare to launch their own constellations.
“We are proud to have supported J.P. Morgan as they explored this novel use case of a space-based payment infrastructure utilizing blockchain technology” – says Niels Buus, CEO of GomSpace.
The project was made possible due to GomSpace’s GOMX-4 satellites already in orbit and which are highly reconfigurable. This allows GomSpace to provide rapid in orbit demonstrations, such as this project, as a service to our customers exploring new uses of space technology and our nanosatellites.
About GomSpace Group
The company’s business operations are mainly conducted through the wholly-owned Danish subsidiary, GomSpace A/S, with operational office in Aalborg, Denmark. GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The company is listed on the Nasdaq First North Premier exchange under the ticker GOMX.