When JPMorgan Chase’s blockchain unit, Onyx, wanted to test payments capabilities between digital devices, it thought big. Like, universe big.
“The idea was to explore [Internet-of-Things] payments in a fully decentralized way,” Onyx CEO Umar Farooq told Reuters. “Nowhere is more decentralized and detached from earth than space.”
Onyx recently partnered with Danish satellite manufacturer GOMspace to see how digital ledger technology could power transactions between satellites orbiting the planet.