Lockheed Martin And Crypto Firm Explore Hosting A Blockchain In Space

Defense contractor Lockheed Martin Corporation LMT and Filecoin FIL/USD are looking into hosting a blockchain network in outer space.

What Happened: A Monday report from CoinDesk detailed the partnership between Lockheed Martin and the Filecoin Foundation that was announced at World Economic Forum's annual meeting.

The two organizat=ions have plans to identify a satellite or other space-faring platform capable of supporting an InterPlanetary File System (IPFS) node. The next steps will be to assess the platform's needs and select a test mission.

See Also: HOW TO BUY FILECOIN (FIL)

IPFS is a peer-to-peer network used to store and share data in a distributed file system. Filecoin is described as an incentive layer for the IPFS system. The blockchain is focused on the decentralization of data and the network runs by incentivizing participants to earn block rewards by increasing storage capacity.

According to Joe Landon, Lockheed’s vice president of advanced programs development, the partnership is centered around an emerging “space economy.”

"In the future, we'll have one satellite refueling another. That's a transaction that takes place entirely in space that doesn't really have a nexus back on Earth. Decentralization makes sense for that,” he told CoinDesk.

Protocol Labs’ Marta Belcher said the idea is to use satellites to reduce the latency when downloading data from remote locations, including the moon.

Price Action: According to data from Benzinga Pro, FIL was trading at $8.39 at press time, down 0.26% in the last 24 hours.

Bitcoin BTC/USD was trading at $29,300 and Ethereum ETH/USD was trading at $1,988.