Coinsilium forms new company to fund blockchain applications in mining sector
Venture capital firm Coinsilium has launched new Gibraltar-based company Terrastream, which is expected to fund applications in the precious metals and natural resources extractive industries.
The new company is focused on building a blockchain-powered platform to provide token-based alternative funding solutions and expected to comply with the country’s proposed distributed ledger technology (DLT) regulatory framework.
Coinsilium, which funds the development of early stage blockchain technology companies, previously declared plans to undertake its own initiatives in blockchain and smart contract technologies.
Coinsilium executive chairman Malcolm Palle said: “Coinsilium’s subsidiary Terrastream will be one of the first blockchain-focused companies to support Gibraltar’s regulatory initiative and we expect the DLT Regulatory Framework to provide investors and industry participants alike with the confidence and certainty to embrace and support the development of many exciting blockchain ventures in the future.”
Gibraltar is expected to roll out a regulatory framework next year, designed for firms engaging in activities that use DLT.
Blockchain technology is aimed at providing security for miners through data encryption and elimination of middlemen for validating transactions, according to Sofocle Technologies.
In 2013, a survey conducted by professional services firm Ernst and Young stated that 41% of the respondents belonging to the mining and metals sector experienced an increase in external threats over a period of 12 months.
Last month, cyber crime expert professor Craig Valli was quoted by abc.net as saying that some of Western Australia's mining and oil and gas companies use old computers, which are prone to cyber attack.
Australian miner BHP declared last year that it will make use of blockchain technology to re-organise its supply chain.