Sunday, May 26, 2019
HomeBusinessBahamas tech firm looks to expand its blockchain solution to Africa

Bahamas tech firm looks to expand its blockchain solution to Africa

Bahamas tech firm PO8 has now set its sights on Africa as it looks to expand its blockchain solution for salvaging underwater artifacts.

The company, which has gained traction since last year, has decided that its tokenizing of underwater salvage sites can also be reproduced in African nations, where ships that traded between India and Portugal were wrecked and their valuables never recovered, according to a press release.

“Countries like Kenya, South Africa and Namibia all have a history, with centuries-old Portuguese and Dutch East India Company ships that were shipwrecked and sunken in African waters while en route to trade between India and Portugal, and the Far East and the Netherlands. To date, thousands of ships like the Nossa Senhora da Graça (1559), São Tomé (1589) and Santo Alberto (1593), often carrying precious cargo like gold, silver and Chinese porcelain, collectively worth billions of dollars, still lie buried waiting to be discovered,” the release points out.

PO8 Chief Executive Officer Matthew Arnett said the company wants to work with more nations interested in using blockchain solutions.

“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 Arnett.

Arnett is scheduled to speak at the Blockchain Africa Conference in South Africa next month and the World Blockchain Summit in Kenya.

“Arnett will be will meeting with government officials and blockchain thought leaders to discuss the benefits of NFTs (non-fungible tokens) in artifact recovery and the economic growth it can bring to countries,” the release notes.

“Over the last year PO8 has not only formed the dream team in oceanography and marine salvage, but it has also managed a way to tokenize recovered artifacts on the blockchain with cryptographic tokens known as non-fungible tokens. NFTs create an immutable provenance record embedded on each smart contract token,” added the press release.

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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