If you are an island nation, having billions of dollars worth of sunken treasure around your coast is the kind of problem you most likely don’t mind having. And this is exactly the kind of a problem that the Bahamas has.
A local tech company PO8 has actually developed a project that will use blockchain technology to register various artefacts excavated from the country’s waters.
According to a press release, there are sunken treasures worth as much as $100 billion waiting to be discovered in the area. PO8 plans to implement smart contracts and Non-Fungible Tokens (NFTs) to “convert ownership rights of recovered artefacts with economic value into a digital title or smart contract, while the physical artefact stays in the custody of the PO8 Museum Foundation to be preserved and exhibited”.
NFTs can then be sold to anyone around the world, creating as much as extra $60 million yearly revenue for The Bahamas. It would also create more than 100 additional jobs at peak times.
A majority of the excavated treasures contain heavy metals, so removing them will also positively affect the marine ecosystem. In addition to the metal removal, PO8 plans to restore the excavated areas with artificial reefs, creating new habitat for local marine life.
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