Tokenization of billions of dollars’ worth of underwater artifacts in Africa will boost local economies
PO8, a Bahamian tech company in the marine archaeology space known for developing blockchain solutions aimed at conserving and tokenizing underwater cultural heritage from shipwreck sites in TheBahamas, believes the same can apply to African nations.
Over the last year PO8 has not only formed the dream team in oceanography and marine salvage with industry leaders from the TITANIC andJeff Bezos’Apollo F-1 Engine recovery team, but it has also managed a way to tokenize recovered artifacts on the blockchain with cryptographic tokens known as Non-Fungible Tokens (NFTs).
NFTs create an immutable provenance record embedded on each smart contract token.
PO8 is a marine archaeology tech company utilizing blockchain technology to excavate underutilized sunken artifacts from ocean floors, generating untapped sources of revenues for funding social programs, creating jobs and jump-starting local economies.
“We want to bring our blockchain solutions to African nations interested in conserving their underwater cultural heritage, but equally important we want to work with nations supporting blockchain innovation,” said Matthew Arnett CEO of PO8.
Speaking at next month’s Blockchain Africa Conference inSouth Africaand the World Blockchain Summit inKenya, Arnett will be will meeting with government officials and blockchain thought leaders to discuss the benefits of NFTs in artifact recovery and the economic growth it can bring to countries.
Countries likeKenya,South AfricaandNamibiaall have a history with centuries old Portuguese and Dutch East India Company ships that were shipwrecked and sunken in African waters while en route trading betweenIndiaandPortugaland the Far East andThe Netherlands.
To date, thousands of ships like theNossa Senhora da Graça(1559),São Tomé(1589) andSanto Alberto(1593), often carrying precious cargo like gold, silver and Chinese porcelain, collectively worth billions of dollars still lie buried waiting to be discovered.