South Korean KT SAT Eying Blockchain for the Satellite Industry

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South Korean KT SAT Eying Blockchain for the Satellite Industry

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A South Korean satellite operator has expressed an interest in exploring how blockchain could be utilized within the satellite industry.

The company KT SAT boasting 50 years’ experience as Korea’s sole operator plans to bring blockchain and cybersecurity companies together through its new workgroup, the KT SAT Eco Alliance, in order to see where blockchain can be integrated into current satellite tech.

KT SAT provides services using the resources of the group as being a member of KT group. With two satellite launches in 2017, coverage became wider, providing differentiated satellite communication services to its global customers and partners. The company, owned by South Korea-based telecommunications company KT Corporation, is planning events, workshops, and seminar covering IT tech fields such as password security, the blockchain, and maritime satellite communication. KT SAT CEO Han Won-sik says that marketing is another aspect of focus for the company through such activities:

“In order to lead the domestic and global satellite market, we must continue to search for new services through new ICT convergence…we will look for business opportunities that can provide total solutions and platform services.”

Space seems to beckon blockchain. Last month, blockchain firm ConsenSys, which has over 900 employees, acquired Planetary Resources, a partnership which could bring blockchain technology into space “democratizing and decentralizing space endeavors to… unlock untapped human potential.” Planetary Resources, Inc., formerly known as Arkyd Astronautics, is an American company that was formed on 1 January 2009 and reorganized and renamed in 2012. Its stated goal is to “expand Earth’s natural resource base” by developing and deploying the technologies for asteroid mining. ConsenSys Founder and Ethereum Co-Founder Joe Lublin speaking of the acquisition commented::

“Bringing deep space capabilities into the ConsenSys ecosystem reflects our belief in the potential for Ethereum to help humanity craft new societal rule systems through automated trust and guaranteed execution.”

Another company Spacebit Capital has recently launched the world’s first Venture Capital (VC) crypto fund for the space sector with plans to tokenize commercial space missions, moving forward.

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