Although Bitcoin (BTC) may not be ready for the moon, the underlying blockchain technology is increasingly being adopted in space.
The European Space Agency (ESA), an important intergovernmental organization dedicated to space exploration, is financing a new blockchain project with the aim of stimulating the world’s mining industry.
A well-known contribution to blockchain technology applications, the ESA has now co-financed a joint project with Scottish start-up Hypervine to improve data transparency for the mining industry by combining satellite data and blockchain. The news was reported by oil and gas-focused publication Oil & Gas Middle East.
The project has the ambitious mission to prevent miscalculations and possibly catastrophic or fatal accidents in the mining sector by providing a uniform and unchanging database with mining data. The project is based on Hypervine technology, which allows mining teams and their subsidiaries to clearly capture data on an unchanging ledger, eliminating the risk of increasing the smallest data changes in a chain.
In particular, the initiative aims to include satellite information on a distributed ledger to provide mining companies with a trusted and coordinated data source, replacing paper sources that need to be checked by multiple teams at different locations. Because mining companies can spend months getting the right data from often fragmented sources, the blockchain-powered satellite database project is also designed to lower the costs of the mining industry.
Finally, the project supported by ESA will not only improve accuracy and reduce human error and potential risk, but also have a positive impact on environmental conditions by reducing carbon dioxide emissions through operational efficiency.
Beatrice Barresi, technical officer at ESA Space Solutions, outlined that the use of satellite-based data for mining is increasing, while expanding such initiatives with technologies such as blockchain is expected to yield better commercial results. Barresi continued:
“Our core objective is to make industries such as minerals safer, cleaner and more responsible. By working together with companies such as Hypervine, we can achieve these goals and at the same time improve standards in multiple industries. It was great to work on this project with Hypervine and we look forward to the next stages. “
The ESA has actively investigated the space for the blockchain industry in addition to space research. In September 2019, the blockchain startup agency granted SpaceChain about $ 66,000 to develop a multi-signature satellite wallet commercially. The ESA previously published a white paper on a possible future roadmap for blockchain implementation for earth observation.