CAIRNS, Australia, July 7, 2021 /PRNewswire/ -- Prime Technology Services, an end-to-end technology solutions provider best known for creating the MetaStreme scalable Bitcoin transaction engine, has today announced that it will partner with Predict Ecology, an environmental and ecological consulting firm, to develop proprietary blockchain-based business and operational infrastructure for Progressive Minerals, a mineral exploration and mining company. All three companies are based in the Cairns region of Australia and are driving blockchain business adoption in the Queensland area.
The agreement will see Prime Technology Services and Predict Ecology collaborate to build a proprietary blockchain-based infrastructure and system that when implemented, will span across the operations of Progressive Minerals, with planned innovations set to include:
- Mining and exploration leases tokenised as non-fungible tokens (NFTs) and stored on-chain, facilitating the assignment of individual rights and prospecting data.
- A method for recording and storing all business data streams on-chain, including environmental, operational, production and licensing data, demonstrating a commitment to data accuracy, integrity and transparency.
- A system for recording, storing, accessing and executing both commercial and licensing agreements directly on-chain, incorporating smart contract functionalities and offering a new level of surety and reliability for investors and business partners.
Prime Technology Services will support the partnership through its MetaStreme platform, which provides enterprise-grade tools capable of processing high volumes of blockchain data transactions. The system built for Progressive Minerals will be powered by the BSV blockchain, an enterprise-grade network that scales unbounded to support huge volumes of transactions (the BSV network has already shown a public test demonstration of 50,000 transaction per second throughput) at minimal cost (the median transaction fee on the BSV network in 2020 was less than 1/50th of a U.S. cent), in addition to facilitating diverse data capabilities and use cases on its blockchain.
Commenting on today's announcement, Prime Technology Services CEO Paul Chiari, said:
'I am very excited about the potential of this project as we have positioned MetaStreme as a bridge between real businesses and the BSV public ledger for processing and giving value to huge volumes of data. The mining sector has many clear and present use cases for distributed data that stand to transform the industry at all levels - including monetising mining data and assisting in progressing and achieving environmental sustainability goals.'
Also commenting, Progressive Minerals managing director Mathew Hancock, said:
'I am incredibly excited to be leading a company that is progressing into the blockchain world! The mining industry, like many others, is one where the integrity of data is everything. This has historically been an issue within the sector and the aim of Progressive Minerals is to change the way mining companies operate and provide a level of integrity & transparency of data for all stakeholders not previously realised.'
Also speaking, Predict Ecology managing director Daniel Keane, said:
'We are thrilled to be able to help build what we see as the future of mining. From an environmental perspective, the ability to record and audit resource sector data on the BSV blockchain will create new efficiencies and help to ease the regulatory burden that mining companies can often struggle to manage.'
