European Space Agency (ESA), an intergovernmental organization dedicated to space exploration, is funding a new blockchain project that aims to improve the world mining industry.
As a known contributor to blockchain technology applications, ESA has now co-financed a joint project with Scottish startup Hypervine to increase data transparency for the mining industry by combining satellite and blockchain data.
Preventing Potential Accidents in Mining Work
The project has an ambitious mission to prevent miscalculation that can cause fatal accidents for the mining industry by providing an integrated and unchanging mining database.
This project is based on Hypervine technology, which allows the mining team and their subsidiaries to record data on the general ledger that cannot be changed. This will eliminate the risk of the slightest change in data in the blockchain chain.
Specifically, this initiative aims to record information sourced from satellites in the ledgers that are distributed to provide reliable and coordinated data sources to mining companies, replacing paper-based sources that need to be cross-checked by many teams in different locations.
This will help companies who usually have to spend months to get the right data from sources that are often fragmented. The blockchain-powered satellite database project is also designed to cut the costs of the mining industry.
Benefits of the European Space Agency Blockchain Project
In addition to increasing accuracy, reducing human error and potential risks, this ESA-supported project will also have a positive impact on the environment by reducing carbon emissions.
Beatrice Barresi, a technical official at ESA Space Solutions, said that the use of satellite-based data for mining could increase investment. Meanwhile blockchain technology is also expected to provide better commercial results.
"It is our main goal to make the industry safer, cleaner and more responsible. Working with companies such as Hypervine enables us to achieve this goal while raising standards in various industries, "Barresi explained from Cointelegraph.
ESA has actively explored the blockchain industry along with space research. In September 2019, the agency gave a SpaceChain blockchain startup of around $ 66,000 to commercially develop a multi-signature satellite wallet.
Previously, ESA released a white paper about potential future road maps for the implementation of the blockchain for Earth observation.
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