CAIRNS, Australia, July 7, 2021 / PRNewswire / – Prime Technology Services, an end-to-end technology solutions provider primarily dedicated to the development of the MetaStreme scalable bitcoin transaction engine, announced today with Predict ecology, an environmental and ecological consultancy, to develop a 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 drive the adoption of blockchain businesses in the Queensland Area.
Under the agreement, Prime Technology Services and Predict Ecology will work together to build a proprietary blockchain-based infrastructure and system that, once implemented, will span the entire operation of Progressive Minerals, with planned innovations to include:
– Mining and exploration leases, which are tokenized as non-fungible tokens (NFTs) and stored in the chain, which facilitates the assignment of individual rights and prospecting data.
– A method of recording and storing all business data streams in the chain, including environmental, operational, manufacturing and licensing data, demonstrating a commitment to data accuracy, integrity and transparency.
– A system for recording, storing, accessing and executing trade and license contracts directly in the chain, which contains intelligent contract functions and offers a new level of security and reliability for investors and business partners.
Prime Technology Services will support the partnership through its MetaStreme platform, which provides enterprise-class tools capable of processing large volumes of blockchain data transactions. The system built for Progressive Minerals is used by the BSV blockchain, an enterprise-class network that is infinitely scalable to support huge transaction volumes (the BSV network has already shown a public test demonstration of 50,000 transactions per second throughput) at a minimal cost (the average transaction fee on the BSV network was 2020 less than 1/50the of one US cent), in addition to facilitating various data functions and use cases on its blockchain.
Today’s announcement is commented by the CEO of Prime Technology Services Paul Chiarisaid:
‘I am very excited about the potential of this project, as we have positioned MetaStreme as a bridge between real companies and the public ledger of the FSIO for processing and adding value to large amounts of data. The mining sector has many clear and timely use cases for distributed data that will transform the industry at all levels – including monetizing mining data and helping it progress and meet environmental sustainability goals. ‘
Also commenting, CEO of Progressive Minerals Mathew Hancocksaid:
“I am incredibly excited to lead a company that is entering the blockchain world! The mining industry, like many others, is an industry where data integrity is everything. This has been a problem within the sector in the past, and Progressive Minerals ‘goal is to transform the way mining companies operate and provide everyone involved with an unprecedented level of data integrity and transparency.’
In addition, the managing director speaks of Predict Ecology Daniel Keanesaid:
‘We are very excited to be able to contribute to what we see as the future of mining. From an environmental point of view, the ability to record and review data from the resource sector in the BSV blockchain will create new efficiencies and help reduce regulatory burdens that mining companies can often find difficult. ‘
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SOURCE Prime Technology Services