Hypervine, the data-sharing company based in Glasgow, Scotland has declared the funding of a new project to build satellite data for mining industry using blockchain. Through this project, Satellite data will be linked to blockchain to advance the productivity and transparency for global extraction sites comprising of more than 500,000 sites, among which 2000 are currently active in the UK that will provide a profit of approx £93.7 million.
In association with the European Space Agency (ESA), the project will utilise the blockchain ledger of Hypervine to develop reliable data facilitating quarry companies to have oversight of their operation and to increase profits using space assets that include the reading of liquid, topography, density and mineral readings.
The project will not only increase the accuracy of plans on a new site, reduce costs, potential risks and errors, but the Hypervine’s systems will also enable operational efficiencies and carbon reduction for environmental savings.
Paul Duddy, the CEO and Founder of Hyperivine, commented that he saw the potential to help a host of different industries to bring different processes into a digital age and help abolish fatal and catastrophic accidents that happen because of lost paperwork or miss-recorded data. He further added that he is now working with some sharpest minds to help high-risk work environments be safer and sustainable in the process.
Use Of Space Data For The Mining Industry
Presently, a few projects are being planned for the ever thriving mining sector, making use of satellite applications to develop digital tools. The Technical Officer at ESA Space Solutions, Beatrice Barresi, said that the use of satellite data for mining is a sector experiencing massive funding and investment across nationalised and private space programmes. ESA is known to be active in the construction and implementation of space-enabled applications that support more solid commercial outcomes.
The technical officer further noted that it is the core goal of ESA to make industries like quarrying, more accountable, cleaner and safer and working with Hypervine allows them to reach these goals as well as enhance the standards across various sectors.