Blockstream Inc. is going to bring Bitcoin (Bitcoin) data into space, the leading provider of blockchain technologies plans to make the digital ledger underpinning the cryptocurrency accessible via satellite signal, Bloomberg reports.
It will allow people with poor or expensive Internet access to continue trading and mining bitcoins. It will also serve as additional layer of reliability for bitcoin’s blockchain data in the event of a network disruption.
At present the Blockstream's network consists of three satellites covering Europe, Africa, and Americas, however the company promises to provide global coverage by the end of 2017.
According to the information, provided by the company, its ground stations or “teleports” uplink the public bitcoin blockchain data to the satellites in the network and then the data is broadcasted across the globe.
“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,” co-founder of Blockstream Adam Back wrote in an e-mailed.
According to data from the Coinbase currency exchange, Bitcoin’s (Bitcoin) price has topped a record of $4,300 on Monday, gaining almost $1,000 to its rate one week ago. After breaking through to its new all-time high it settled back under the $4,300 mark. At the same time the bitcoin market cap soared past $70 billion and the market capitalization of all cryptocurrencies reached a record $138 billion.