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Bahamas Looking to Enable Blockchain-powered Undersea Exploration

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Deep-sea explorers are set to embrace the blockchain revolution – making historical artifacts they find beneath the sea available on distributed ledgers.

Source: iStock/Tammy616

PO8, a blockchain group based in the Bahamas, says it will use blockchain technology to “tokenize” underwater expeditions in the seas around the archipelagic nation, using a decentralized Ethereum-based network. Deep-sea explorers will use the network to log their search for historical artifacts, which PO8 says “could be worth billions,” will then be digitized, uploaded into a registry and auctioned off using the blockchain platform.

Per PO8, the project is being conducted with the blessing of the Bahamas government, who will expedite the group’s efforts by amending a 20-year-old piece of legislation that currently outlaws underwater expeditions in Bahamian waters.

The country’s cabinet has been pushing for wide-scale blockchain adaption, spearheaded by Deputy Prime Minister and Finance Minister Peter Turnquest, who wants to introduce the technology to the country’s financial sector – and even use it to keep track of children born to immigrants in the Bahamas.

Reports in the country’s media suggest that Central Bank of The Bahamas is also considering launching its own digital fiat. Blockchain activists in the Bahamas have also been lobbying the government, urging it to consider adopting a blockchain-powered digitized land registry platform.

PO8 co-founder and CEO Matthew Arnett, said, in a statement, “We will put The Bahamas on the world crypto stage. The Bahamas has now set its eyes on making Grand Bahama the crypto capital of the Americas. The Bahamas understands now is the time to welcome and innovate with blockchain technology.”