European Space Agency Invested in Blockchain Startup

The European Space Agency (ESA) has funded a startup called Hypervine to create a blockchain solution that will help combine satellite and geological exploration data.

The project will be based on Hypervine technology, which will allow mining companies to write data to an unchanged distributed registry, eliminating the risk of even minimal changes during passage through the chain. Transparent data will help in mining, make it safer and more efficient, and also help prevent accidents.

Also, satellite data will be entered into the blockchain, which will allow mining companies to have access to accurate and trusted data, more reliable than paper sources. Such data will not need to be verified in several sources, using large resources. Note that now companies spend months obtaining the necessary data from various fragmented sources.

The solution is expected to help reduce carbon emissions by increasing the efficiency of mining and transportation of minerals. According to Beatrice Barresi, ESA Space Solutions technical officer, the use of satellite data for the mining industry is becoming more popular, and blockchain allows you to increase profits.

“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. It has been great working with Hypervine on this project and we look forward to the next phases to come,” said Barresi.

Recall that last fall the startup SpaceChain won a grant of 60,000 euros from the ESA for the development of the satellite project.

Author: Marko Vidrih

Featured image credit: Pixabay