How this archaeology start-up is using Blockchain to uplift Bahamians

In a groundbreaking interview with CNBC Africa, Matthew Arnett, the CEO of marine archaeology start-up PO8, shared how his company is revolutionizing the field of marine archaeology with the use of blockchain technology. PO8 is on a mission to uplift Bahamians by recovering and reshaping the ownership of sunken treasures and artifacts from the ocean floors, which have accumulated over centuries and are estimated to be worth around a hundred billion dollars. By leveraging non-fungible tokens (NFTs) on the blockchain, PO8 is making it possible for individuals to own and trade these artifacts in a digital medium, preserving them for generations to come. Arnett explained that without blockchain technology, PO8 would not be able to exist, as they believe in the importance of artifacts residing in museums, rather than being sold. NFTs represent the ownership of these artifacts, acting as a secure store of value that can be accessed anywhere in the world. Arnett envisions a future where people will trade NFTs like any other asset, with the potential to expand beyond artifacts to art, real estate, equity, and more. This innovative approach not only unlocks the economic potential of sunken treasures but also provides a platform for storytelling and historical education. By connecting pieces of history, including artifacts related to the transatlantic slave trade, PO8 aims to inspire a new generation of leaders in fields such as archaeology and artificial intelligence. Arnett highlighted the social and economic impact of marine archaeology, emphasizing the job opportunities and educational advancements that come with exploring and cataloging shipwrecks across the globe. With an estimated three million shipwrecks spanning over twenty countries, PO8 is at the forefront of uncovering valuable historical artifacts and creating immersive museums that combine virtual reality, augmented reality, and traditional displays. This innovative approach is not only preserving history but also enhancing historical tourism and cultural experiences in countries like South Africa, Kenya, the Bahamas, and beyond. Arnett views blockchain technology as the key enabler for this transformation, making it possible to bridge the gap between the past and the future.