Accubits to build world’s first blockchain satellite

KOCHI:  Jithin V G, a city-based entrepreneur and co-founder of Accubits Technologies Inc, a company which provides blockchain solutions to its clients is part of Chainsat, a mission which aims to launch the world’s first enterprise blockchain satellite. “The satellite development is underway and we have sent applications for getting the initial patents. The design and the software used for ledger communication has already been completed. We are expecting to launch it by January 2021,” said Jithin. 

One of the reasons for launching the project according to Jithin, is to enable private enterprises to share their data through a secure network. The existing blockchain communication channel requires companies to use the internet which does not satisfy their security needs. Another limitation is the low internet connectivity in rural areas, especially in North India. The hardware parts of the satellite will be supplied by DI Invest, a company based in Switzerland on a contract basis. From a business point of view, executing the mission successfully would also help Jithin in popularising blockchain technology among enterprises and other financial institutions in the country and specifically in Thiruvananthapuram.