According to a January 29th press release, the Bahamian tech company, Pieces Of Eight (PO8) has launched a project with the aim of improving the local economy. The project will achieve this my registering data from sunken artifacts on a blockchain. The project is to boost the economy by making profits from sunken treasures in the island country. These treasures are reportedly worth up to $100 billion. The company will donate $60 million annually to the Bahamian economy and create up to 100 jobs during peak seasons.
Blockchain Technology To Boost The Bahamian Economy
In the press release, the company stated that the artifacts that will be excavated will be assigned a cryptographic token. This token is known as the non-fungible token (NFT). It transfers the rights of all the recovered pieces of the artifacts into a smart contract. The tokens are meant to digitize the economic value of the artifacts so that they can be traded worldwide. However, the physical artifacts will be on exhibition in the PO8’s museum Foundation.
Shipwrecks typically contain metals that are still useful. Recovering these metals can improve the marine environment and aid reef restoration. The company intends to secure all the sites for excavation with artificial reefs because of this. PO8 has already gathered a marine archeology team that is made up of some of the best in the field including the Amazon Apollo F-1 recovery team member, Troy Launay and Titanic’s David Gallo.
PO8 Isn’t The First To Apply Blockchain Technology In The Marine World
In 2018, Shinil Group, a South Korean firm, announced that it discovered Dmitrii Donskoi, a Russian cruiser that sank more than 113 years ago. The firm claimed that the ship was loaded with $131 billion in gold. Shortly after, the company developed its cryptocurrency which it claimed would reimburse gold from sunken ships. The token raised $54 million in investments from up to 100,000 investors.
Shortly after, the firm was accused of defrauding its investors. The CEO of the company Yong-seok ended up admitting that they had no evidence that the ship contained any gold value at all.
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Hopefully, the case would be different with PO8. The startup intends to change the game in sunken treasure hunting and marine archeology. As previously reported by smartereum.com, the company was granted a license from the Bahamian government to search for sunken treasures. This was the first time the government issued such a license in the island. The company’s blockchain will make the industry more transparent, increase accountability, address cultural and environmental concerns as well as drastically reduce the cost of entry.
With so many ships lying underwater with sunken treasures, this project by P08 might be the game changer in the industry. If the company keeps to its words, the island will benefit greatly from the project. Otherwise, their license will be revoked and they will no longer be allowed to excavate in the island. The next few months and years will determine if PO8 can meet up with expectations and deliver to the people of Bahamas.
Do you think this project can generate up to $100 billion as proposed by the company? Share your thoughts below.