Does the idea of looking for forgotten riches under the ocean excite you? It surely did for the folks at the Bahamian tech company PO8. The Caribbean company has developed a blockchain project that is quite creative and different from most of the other uses we often see. PO8 is using the blockchain in order to register the data of excavated sunken artifacts in the Bahamas.
The project uses the blockchain tech in a very unique way as it uses technology to find the sunken ships and also the blockchain as a way to manage the information.
Each artifact that is found out by the project will be put on a Non-Fungible Token (NFT) that will convert the rights from the objects into cryptos for the owners who financed the operations of rescuing the treasures.
NFTs will digitize the value of the treasures found, which will make them easier to sell in the world market. The actual objects, then, will be stored in the PO8 Musem Foundation, located in the Bahamas, and people will be able to see them while others will remain with their digital ownership.
The project would not be trustworthy without a great team, right? PO8’s marine archeology team will be led by David Gallo, while the recovery team will be spearheaded by Troy Launay. Both of them have extensive credentials to run the project.
A Project That Will Contribute To The Economy
A very important aspect of this project is that it is set to have a huge impact on the economy of the Bahamas. According to reports, the project will contribute with $60 million USD a year for the economy of the region and, during the peak seasons, more than 100 jobs will be created by the company.
A lot of shipwrecks have occurred in the region and some of them contain very precious metals, so recovering them would be a very profitable enterprise. Studies show that the shipwrecks have sunken treasures which can be worth at least $100 billion USD.
Also, some of the metals found in the shipwrecks will be sold and used for the marine ecosystem restoration of the reefs in the region.
The idea is without problems, though, as some other companies, like Shinil Group, which has the same idea of tokenizing the assets found deep in the ocean, has been accused of defrauding investors. Projects like this one really need a lot of trust from the investors or they risk becoming failures.