While cryptocurrencies are still a long way from mass adoption, the technology behind them i.e., blockchain, is seeing a huge rate of adoption. As per a report by Oil & Gas Middle East, the European Space Agency (ESA) has now co-funded a joint project with Scottish startup Hypervine. The goal of the partnership is to improve the transparency for the mining industry by combining satellite data and blockchain technology.
Satellite data and blockchain technology
The ESA is an intergovernmental organization that focuses on space exploration. Now the agency is funding a blockchain project that aims to improve the world’s mining industry.
The project’s mission is to prevent miscalculations and potential accidents in the mining industry by leveraging blockchain technology. The project-based on Hypervine’s technology seeks to provide a unified and accurate database for the mining data. The platform enables mining teams to record data on an unchangeable ledger. This eliminates the risk of minute data alterations causing huge differences down a chain.
The platform seeks to record ‘satellite-sourced data’ on blockchain to provide mining firms with a reliable source of data. The platform would remove the need for paper-based sources that require multiple verifications that increase the cost and time consumed by the process. Moreover, the fragmented sources of data can result in a variety of data that might lead to inaccuracies.
With blockchain technology, the process would not only increase the accuracy of the data but also make the project cleaner and more accountable. As per Beatrice Barresi, the technical officer at ESA, the “core goal” for ESA is to make “quarrying safer, cleaner, and more accountable.” Barresi added that Hypervine allows them to achieve these goals while improving the standards across multiple industries.
Featured image by pixabay.
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