Blockstream to Transmit Bitcoin Data to Earth Using Satellite Technology

Bitcoin protocol firm Blockstream just announced their plan to transmit bitcoin from space across the world using satellite technology. They have leased these satellites for the purposes of downloading a working bitcoin node, which would harbor all of the blockchain’s transaction data. These satellites will potentially give people who are disconnected from the internet access to bitcoin.

Also read: Goldman Sachs Technical Analyst Predicts Bitcoin’s ‘Top’ Is $4800
Blockstream Satellite to Drive Bitcoin Adoption; Open Source Software Powers the Satellite

Blockstream CEO Adam Back talked about how the technology would help people across the globe. He said, “Today’s launch of Blockstream Satellite gives even more people on the planet the choice to participate in Bitcoin. With more users accessing the Bitcoin blockchain with the free broadcast from Blockstream Satellite, we expect the global reach to drive more adoption and use cases for Bitcoin, while strengthening the overall robustness of the network.”

The satellite setup uses open source software to make using the technology inexpensive and less cumbersome. Software includes GNU Radio, software-defined radios (SDR), and Fast Internet Bitcoin Relay Engine (FIBRE). When combined, these technologies will allow blockstream to provide access to bitcoin across the world, according to the company.
The Satellites Will Embrace More Countries by 2017

Individuals in North America, South America, Africa, and Europe can already harness the power of these satellites. Blockstream intends to add more countries to the list by the end of 2017.

The system works via ground satellites called “teleports” that transmit blockchain data to stations in space, which then relay the signal worldwide. Blockstream intends to build more of these teleports in order to make the space network more robust and accessible.