The block chain technology is making its impact on a number of different fields. Now the deep-sea explorers are looking to reap the benefit of the revolution by making all undersea-discovered historical artifacts available on a system of distributed ledgers.
A Bahamas-based block chain group called PO8 recently told that the group will use the block chain architecture to tokenize underwater explorations around the archipelagic nation. The group says that the system will be implemented by a decentralized network based on Etherium.
Deep-sea exploration groups and companies will be able to use this network to log their exploration runs under the sea for historical artifacts. These artifacts could be worth billions, says PO8, and that these artifacts will be uploaded into a registry. This digitized registry will be able to auction these artifacts using the block chain technology.
PO8 says that the project has been supported by the government of Bahamas. According to the group of block chain experts, the government is willing to expedite the group’s project by amending a piece of legislation that bans underwater exploration expedition in the Bahamian waters. This piece of legislation has been restricting underwater explorers for over 20 years.
The Bahamian government itself is active in encouraging block chain adaptations around the country. The activity is spearheaded by Deputy Prime Minister and Finance Minister Peter Turnquest. Turnquest is striving to introduce the block chain technology and its benefits on the country’s economy and finance sector. Another use of the block chain technology could be a system that tracks the children born to immigrants in the country.
The media has also reported that the Central Bank of The Bahamas is currently looking into launching its own digital fiat currency. Other reports suggest that block chain enthusiasts have been forming channels into the government, encouraging the cabinet to consider the adaptation of a digitized land registry system powered by the block chain technology.
Matthew Arnett, co-founder and CEO of PO8 stated in an interview that the group is aspiring to place the country on the global stage of crypto-systems. The CEO of PO8 also said that the country is now striving to make Grand Bahama the crypto hub the Americas. Obviously, the country has realized the revolution that could be a huge impact on the country’s financial and economical stand. The world should now expect a number of systems – in many different sectors of the government and economy – originating from Bahamas.