Blockchain technology is gaining more and more use cases by the day. Other than often highlighted use cases in the world of finance, logistics and medicine, it is also gaining popularity in space. The European space agency, a major intergovernmental space exploration body, is funding a new Blockchain project aimed at boosting the world’s mining industry.
After a few past interactions with Blockchain technology, the ESA is now making its foray in conjunction with Scottish startup Hypervine. The two will co-fund a Blockchain backed project that seeks to improve data transparency for the mining industry. Data transparency will be enhanced by combining satellite data and Blockchain.
The project has an ambitious mission which is to stop miscalculations and potentially catastrophic accidents in the mining industry. Hypervine will provide value through their technology that will enable mining teams and their subsidiaries to clearly record data on an unchangeable ledger, which will eliminate the risk of the smallest data alterations being magnified down a chain. The initiative seeks to replace tedious and outdated paper-based sources of data that need teams of people in different locations to cross-check them. The old paper system will pave way for satellite recorded information system on a distributed ledger. Replacing the old system will save mining companies time since they will no longer have to struggle to obtain data from fragmented sources.
Other than save mining companies’ time and other resources, the ESA-backed project will also reduce the carbon footprint of the mining industry. ESA Space Solutions technical officer Beatrice Barresi, outlined that Satellite technology in mining was gaining more and more investment. She also added that combining Satellite technology with Blockchain technology produced even much better outcomes. Barresi continued;
“It is a core goal of ours to make industries such as quarrying safer, cleaner and more accountable. Working with companies such as Hypervine allows us to achieve these goals whilst improving the standards across multiple industries. It has been great working with Hypervine on this project and we look forward to the next phases to come.”
The ESA’s investment in Blockchain technology saw it grant $66,000 to Spacechain, to develop a satellite wallet back in September last year. The body also previously presented a potential future road map for Blockchain implementation for earth observation.