Tokenization of underwater artifacts will boost African economies, tech firm says

Treasure found in a shipwreck. PHOTO/COURTESY: NBC

PO8, a Bahamian based tech and archaeology firm, believes that Kenya and other African nations can leverage on tokenizing underwater artifacts lost in ship wrecks to boost their economy.

According to the firm, which is known for developing blockchain solutions aimed at preserving underwater cultural heritage, oceans are overflowing with valuable material that have been lost at sea which, if found, can be used to generate untapped sources of revenues which can spur local economies.

“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 India, Portugal, the Far East and The Netherlands for trade,” Matthew Annet the Chief Executive Officer (CEO) at PO8 said in an official statement.

“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 PO8 CEO similarly insisted that the firm would offer their assistance to blockchain oriented African nations looking to recover lost at sea artifacts.

“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,” Mr. Matthew Arnett said.

Mr. Annet is expected to grace next month’s Blockchain Africa Conference in South Africa and the World Blockchain Summit in Kenya where he will be will meeting with government officials and blockchain thought leaders to discuss the benefits of Non-Fungible Tokens (NFTs) in artifact recovery and the economic growth it can bring to countries.


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