Blockchain technology offers a secure and efficient way to create a tamper-proof log of activity. Blockchain technology is fast on the track of providing solutions from space, beyond its current major use for cryptocurrencies.
The European Space Agency (ESA) has funded a startup called Hypervine to create a blockchain solution that will help combine satellite and geological exploration data.
Hypervine, a Scottish startup headquartered in Glasgow, is the entity behind this idea of space data and blockchain integration. Hypervine is part of the Scottish Centre of Excellence in Satellite Applications (SoXSA) and has previously collaborated with Tontine incubator and Napier University in Edinburg.
ESA supported its funding noting that Hypervine’s innovation would greatly improve the environment. Beatrice Barresi, technical officer at ESA Space Solutions added that blockchain can be an indirect driver to reducing carbon emissions which ultimately is good for earth.
“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,” Beatrice said.
The project will be based on Hypervine technology, which will allow mining companies to write data to an unchanged distributed registry, eliminating the risk of even minimal changes during passage through the chain. Transparent data will help in mining, make it safer and more efficient, and also help prevent accidents.
Hypervine said its blockchain ledger enables all satellite data to be guaranteed as being of the highest level of accuracy. Mining companies that use the ledger will have complete oversight of their operations through satellite data, including access to topography, liquid, mineral and density readings.