Scottish artificial intelligence and blockchain technology company Hypervine has begun work on a project to develop tools to improve the efficiency of mining projects that use satellite imagery through the use of its blockchain ledger. The project is co-funded by the European Space Agency (ESA) as part of efforts to develop services using space-based data.
Blockchain technology offers a secure and efficient way to create a tamper-proof log of activity. Hypervine’s blockchain ledger enables all satellite data to be guaranteed as being of the highest level of accuracy, the company said in a statement. Mining companies that use the ledger will have complete oversight of their operations through satellite data, including access to topography, liquid, mineral and density readings.
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By GlobalDataThe technology means that data for mining companies is recorded on an unalterable ledger that removes the risk of small changes being magnified later down a chain, which could result in miscalculations or other avoidable risks.
High-quality, up-to-date data means that surveying and planning works on a new site can be more accurate, reducing total costs, margins of error and potential risks for on-site workers. Hypervine says its technology allows for wider environmental savings through operational efficiencies and reduced carbon output.
Hypervine CEO and founder Paul Duddy said in a statement: “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 misrecorded 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.”
Satellite-based data for mining and construction projects is a sector experiencing large-scale investment across various private and nationalised space programs, according to the ESA.
ESA space solutions technical officer Beatrice Barresi said: “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.”
