Ground stations will be uplink the public bitcoin blockchain data to the satellites. The cryptocurrency has risen more than eightfold in past year and the technology provider to use satellites to increase access.
bitcoin and blockchain
“With more users accessing the bitcoin blockchain with the free broadcast from Blockstream Satellite, we expect the global reach to drive more adoption and it use cases for bitcoin, while strengthening the overall robustness of the network,” Blockstream co-founder Adam Back wrote in an e-mailed statement. Ground stations will uplink the public bitcoin blockchain data to the satellites in the network, which then broadcast the data to large areas across the globe, the company said. The network currently consists of three satellites that cover Africa, Europe, South America, and North America. By the end of 2017, Blockstream said that it plans to “reach almost every person on the planet.”
Bitcoin soared more than 50 percent since the start of the month. A plan to move some data off the main network was activated last week in an effort to quicken the trade execution and broaden access, helping to fuel the optimism. The price climbed to a record of $4,449.90 Tuesday before retreating.