More

    European Space Agency to Use Blockchain-Powered Satellite Data For Mining Transparency

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Edwin Munyui
    Edwin Munyui
    Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,351FansLike
    2,771FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    IOHK Reboots Byron Codebase, A Big Step Towards Cardano's Shelley Blockchain Upgrade

    IOHK Team has released a statement that the Byron upgrade is now complete. As per a press release, the upgrade will allow a seamless...

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.