Blockchain tech is fast on the track of providing solutions from space despite a skeptical approach towards its major use as per now ‘cryptocurrencies’. The European Space Agency (ESA) has committed to fund a blockchain project that aims to cut costs in the mining chain processes through satellite data.
Hypervine, a Scottish startup headquartered in Glasgow, is the entity behind this idea of space data and blockchain integration. The firm set out to smoothen information storage for quality improvement in mining environments. Today, 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.
Hypervine’s Blockchain Solution in Mining
Just like other industries, Mining has to adopt given the inevitable nature of change especially with the fourth industrial revolution (4IR). It is this niche that has seen Hypervine establish an operation suited to pace up the multi-trillion industry.
One reason for settling in the use of blockchain tech is its immutable nature. The proposed Hypervine model will allow true records to prevail in perpetuity hence very fine details that initially resulted to miscalculations can be audited for decision making. Fatal accidents that are common in quarries can be averted with the satellite stored data accessible via blockchain.
Furthermore, mining firms which opt to leverage this tech in the future stand a chance of reducing their data management costs while increasing efficiency in strategic decisions. This is mainly because a coordinated database provides comprehensive and timely information to act on compared to gathering from different sources. According to ESA’s technical officer, Beatrice Baressi, funds are flowing into the mining industry for new tech;
“The use of satellite-based data for mining work is already a sector experiencing huge investment and funding across private and nationalised space programs.”
The Environmental Prospect
ESA supported its funding towards Hypervine noting that their innovation would greatly improve the environment. Beatrice 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.”
Hypervine is not the first blockchain project ESA is funding, the European intergovernmental organization allocated $66,000 to SpaceChain back in 2019. This is a blockchain start-up developing a multi sig satellite-based wallet.