While Bitcoin (BTC) might non exist ready for the moon yet, its underlying technology of blockchain is being increasingly adopted in space.

The European Infinite Agency (ESA), a major intergovernmental organization dedicated to space exploration, is funding a new blockchain project aiming to heave the world'south mining industry.

A known contributor to blockchain technology applications, the ESA has now co-funded a articulation project with Scottish startup Hypervine to ameliorate data transparency for the mining manufacture by combining satellite data and blockchain. The news was reported by oil and gas-oriented publication Oil & Gas Middle East.

Preventing potentially fatal accidents in mining work

The project has the ambitious mission of preventing miscalculations and potentially catastrophic or fatal accidents in the mining industry by providing a unified and immutable database of mining data. The project is based on Hypervine's technology, which enables mining teams and their subsidiaries to conspicuously tape data on an unchangeable ledger, eliminating the risk of the smallest data alterations being magnified down a chain.

Specifically, the initiative aims to record satellite-sourced data on a distributed ledger to provide mining firms with a trusted and coordinated source of data, replacing paper-based sources that need to be cross-checked past multiple teams in unlike locations. As mining companies may spend months in order to obtain the right data from often-fragmented sources, the blockchain-powered satellite database project is likewise designed to cut costs of the mining industry.

Positive environmental project

Finally, apart from boosting accuracy and reducing human being mistake and potential risks, the ESA-supported projection will also positively touch on environmental conditions by reducing carbon emissions powered by operational efficiencies.

Beatrice Barresi, technical officer at ESA Infinite Solutions, outlined that the use of satellite-based information for mining is seeing rising investment, while expanding such initiatives with technologies like blockchain is expected to provide better commercial outcomes. Barresi continued:

"It is a cadre goal of ours to make industries such as quarrying safer, cleaner and more accountable. Working with companies such as Hypervine allows us to attain these goals whilst improving the standards across multiple industries. It has been great working with Hypervine on this project and we look frontwards to the side by side phases to come."

Cointelegraph contacted both Hypervine and the ESA for additional comments on the initiative and will update if we hear dorsum.

The ESA has been actively exploring the blockchain industry alongside infinite research. In September 2022, the agency granted blockchain startup SpaceChain almost $66,000 to commercially develop a multi-signature satellite wallet. Previously, the ESA issued a white paper on a potential future roadmap for blockchain implementation for Earth observation.