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Marine Exploration in the Bahamas to be Funded by Blockchain

Cryptocurrency NewsJun 13, 2018 10:01AM ET
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Marine Exploration in the Bahamas to be Funded by Blockchain

Marine exploration in the Bahamas is embracing the blockchain craze, with everything found on its ocean floor to be tokenized in a distributed ledger. What’s more, Bahamas-based blockchain group PO8 said it would donate half of its finds to the government to help the island’s economy.

Raul Vasquez, chief marketing officer of PO8, told Cryptovest in an interview:

“PO8 is responsible blockchain project. We have taken the 50/50 oath. Meaning, after the government takes their cut, we will sell 50% of the artifacts on our open auction platform. The other 50% will belong to the PO8 foundation, which will be used for educational programs and traveling exhibitions around the world. This is our way of sharing history with the world. We take great pride in that!”

He explained that their company would utilize blockchain technology to “tokenize” undersea explorations in the seas around the Bahamas, Ethereum-based platform. Underwater explorers could exploit PO8’s platform to log their search for valuable and historical artifacts. Vazquez said these finds could be “could be worth billions,” and would be digitized before being uploaded into a registry for auction.

Matthew Arnett, CEO of PO8, added that in order to tokenize undersea exploration, they are creating a DApp called the Maritime Artifact Data System (MADS).

“Through this app, we have created an algorithm that will help anyone from around the world to help us analyze big data such as satellite images, sonar, images/video, electromagnetic and historical data. Basically data crunching. In exchange for performing these bounty tasks, people will earn free tokens. But, to participate in the bounty, the user must already hold PO8 tokens in their wallet. This is a proof of stake (POS) system,” he said.

When asked to comment how tokenizing the undersea exploration activity would benefit the marine ecosystem, Vazques said that when it comes underwater ocean exploration for historical artifacts, there is a big division between all the interest groups - marine archaeologists, salvage companies, and the public.

He went on to say:

“They all have different ideas as to how we should approach undersea exploration, but PO8 brings a blockchain solution to the table with a collaborative framework to ensure the successful implementation and enforcement of archaeological standards in commercial salvage for the protection of historical artifacts. Working together with governments and the marine archaeology community is a win-win situation for the industry. What we do not want to see is nothing being done and losing those artifacts to slow deterioration.”


This article appeared first on Cryptovest
Marine Exploration in the Bahamas to be Funded by Blockchain
 

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