Blockchain and satellite technology innovation will unlock actionable intelligence, drive accuracy and transparency, and build trust in carbon credit programs
SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Chia Network, Inc. (“Chia”) and SpaceKnow today announced a collaboration to unlock actionable intelligence and data from space for the benefit of sustainability efforts, beginning with the AgroTech industry. SpaceKnow and Chia will build and maintain a geospatial database to track land enrollment in sustainability programs, secured using Chia’s Virtual Private Blockchain™ approach to create a trusted database that can be queried spatially by permissioned market participants.
Reconciliation of Ecosystem Service Claims via Unified Entity (“RESCUE”), a project launched by a consortium of leading sustainable AgroTech companies including Indigo Ag, with the support of the International Emissions Trading Association (“IETA”), is working with Chia and SpaceKnow to create and maintain a database of geospatial data to track land enrollment in carbon credit sustainability programs and the status of environmental claims being made on activities on a specific area of land for a specified period.
“Blockchain technology must exist at the intersection of security and compliance,” said Vishal Kapoor, Chief Strategy and Business Development Officer at Chia Network. “We layer permissioning and identity on top of the immutability and transparency of our public blockchain to deliver the trust that customers at SpaceKnow and RESCUE need and expect.”
The technology solution seeks to solve industry challenges by creating auditable processes that will ensure accuracy and build trust in the market. This geospatial database will help leverage data to encourage program participation and engagement, monitor field activity among participants, and report this information to project developers and standards. Applying distributed ledger technology to these industry-wide challenges can reduce manual-intensive and inefficient centralized data infrastructures and cross-check for double enrollment, while increasing the industry’s ability to use new data inputs for current challenges and novel use cases.
“Driving our mission to transform space data into actionable intelligence, we are integrating secure and sustainable blockchain technology to build and maintain trust in our data,” said Anu Murgai, Chief Commercial Officer at SpaceKnow. “We are excited to start this partnership with this important project to bring much needed transparency to carbon credit sustainability programs.”
The collaboration deploys Chia’s DataLayer™ and Verifiable Credentials™ capabilities to bring unprecedented data security and auditability to the geospatial data collected and synthesized from SpaceKnow’s 80 machine learning algorithms built on 10+ satellite constellations, creating a geospatial database with verifiable and tamper-resistant data access and transparency. Critical data will be stored on the public Chia blockchain increasing auditability, security, and accessibility by storing and tracking metadata, audit trails, and other data elements.
About Chia Network
Chia Network built a better blockchain to drive real-world use and application. Founded by Bram Cohen, inventor of BitTorrent, Chia provides a secure, sustainable, and regulatory-compliant blockchain setting the standard for the infrastructure of digital currency and inclusive access to global, decentralized finance. Through the innovative Proof of Space and Time consensus algorithm, Chia Network’s public, open-source blockchain leverages hard drive space to create the first new Nakamoto Consensus since Bitcoin in 2009.
For more information, visit: https://chia.net/
About SpaceKnow
SpaceKnow is a US company leveraging artificial intelligence, advanced machine learning, and computer vision technology to provide near real-time imagery analytics. Our products cover market verticals such as defense & intelligence, environmental applications, and economic intelligence. SpaceKnow analytics cloud platform provides unified access to the largest and ever-growing collection of earth imagery in the world tightly integrated with proprietary geospatial analytics services. For more information, visit: https://spaceknow.com/
About IETA
Since its foundation in 1999, IETA has promoted carbon trading across the world by informing, advising and helping create the concepts and tools to make efficient and effective market mechanisms a reality. IETA has spearheaded the development of trade documentation since it launched the first Emissions Trading Master Agreement for the EU ETS in 2005. For more information, visit: https://ieta.org/
About Indigo Ag
Uniquely combining science, technology and agriculture, Indigo Ag offers a comprehensive suite of sustainability solutions from soil to sale. Our integrated business platform enables participants to adopt and profit from sustainability opportunities. Working with Indigo, farmers can now maximize their profit from new and existing sustainability practices on each field, every year of their rotation. Founded in 2013, Indigo Ag is unlocking the power of agriculture to create a better place to live. Operating across 14 countries, the company is delivering on its mission of harnessing nature to help farmers sustainably feed the planet.
Contacts
Media:
FTI Consulting
Dan Margolis and Parveen Singh
E: Chia@FTIconsulting.com
