Glasgow Based data sharing company Hypervine has announced the funding of a new project to develop space-based data using blockchain.
Satellite data will be combined with blockchain to improve efficiency and transparency for the 500,000 global extraction sites, 2000 of which are active in the UK, with an annual profit of around £93.7 million.
The project, in conjunction with the ESA, will use Hypervine’s blockchain ledger to create accurate data, enabling quarry companies to increase profits and to have oversight of their operations using space assets, such as readings for topography, liquid, mineral and density readings.
As well as increasing accuracy planning works on a new site, reducing costs, margins for error and potential risks, Hypervine’s systems also allow for environmental savings through operational efficiencies and carbon reduction.
Hypervine’s CEO and Founder, Paul Duddy commented: “I started out having seen the potential to help a host of different industries bring their process into a digital age, but also to help eradicate the all too often catastrophic and sometimes fatal accidents that occur due to miss-recorded data or lost paperwork.
“Now, I am working with some of the sharpest minds there are, helping people on the ground in high-risk work environments to not only be safer but be more sustainable in the process.”
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Currently, there are several planned projects for the growing mining sector to develop digital tools using satellite applications, including a proposed follow-on mining project to further increase the use of digital processes.
Beatrice Barresi, Technical Officer in ESA Space Solutions, added: “The use of satellite-based data for mining work is already a sector experiencing huge investment and funding across private and nationalised space programmes.
“ESA is very active in the development and deployment of innovative space-enabled applications that can quickly and effectively support better commercial outcomes.
“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”.