The treasures hidden under the sea will likely remain undiscovered if we all focus on the surface world. However, Bahamas based blockchain company, P08 is changing the underwater narrative as it is creating blockchain solutions to aid in underwater archaeology. The company aims to make marine archaeology accessible through its decentralized applications (DApps).

With the assistance of the blockchain, P08 aims to utilise new maritime technologies, artificial intelligence and robotics to recovering lost cultural heritages that have been shipwrecked in Africa, the Caribbean islands, and other countries. Basically, it’s a decentralised, secure and transparent form of underwater treasure hunting.

PO8 CEO Matthew Arnett and co-founder and COO Raul Vasquez plan to help African nations benefit from the tokenization of newly recovered underwater artifacts. It plans to utilise the blockchain technology and Non-Fungible Tokens (NFTs) to monetize the ownership of $100B dollars worth of sunken artifacts in Bahamian waters.

OWNERSHIP RIGHTS HANDED TO TOKEN HOLDERS

P08 will transfer the ownership rights of any recovered artefact with its economic value into a digital title. However, the recovered items will be kept in the custody of the PO8 Museum Foundation to be preserved and exhibited. It took 18 months for PO8 to assemble its team of marine archaeology and tech, a Dream Team of sort. Included in this team are Dr. David Gallo, TITANIC expedition; Mr. Claudio Bonifacio Shipwreck researcher and author; Troy Launay, member of the Apollo F-1 engines recovery team and Evan Kovacs, a professional underwater photographer.

PO8 aims to be a force to be renown with in the Caribbean Islands, Africa and the world at large. The tech company aims to impact the Bahamas first through the provision of local jobs in marine habitat protection, tech and tourism. Vasquez explained how the company aims to build resources in the African continent saying, “This is the retooling of professionals from downtrend industries to servicing new tech industries launching in Africa…We welcome the opportunity to join arms with local governments to promote sustainability and capacity building through underutilized resources. Entire populations stand to benefit.”

The company also aims to create its first Archeological Treasure and Maritime Museum By restoring artifacts discovered from its shipwreck sites. PO8 recently received the 2018 Creative Business Cup Award at Demand Solutions in Santiago, Chile from the Inter-American Development Bank (IDB).

P08 is currently running its Security Token Offering. For more information on how to get involved or to inquire about its STO, visit https://po8.io/

Samsung’s recently launched lineup of its flagship “S” series, Enjin, is meant to be supporting digital currencies with a built-in wallet.

Prior to the public publication of this innovative development of Samsung Blockchain Wallet integration, local publications had speculated that Samsung Pay could be backing the high-profile digital currency incorporation for the Galaxy S10.

On the 29th of January, The Korea Herald had hinted that Samsung is ready to incorporate a digital currency or cryptocurrency wallet into the Galaxy S10. This hint was over a month prior to the public release of the Samsung Blockchain Wallet on February 21st.

On the wave of optimism, an industry executive said “The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea. ”

On the 8th of March, that is, three weeks subsequent to the official release of Samsung Blockchain Wallet, one of the largest mainstream media outlets in South Korea, Donga, noted that Samsung deems digital currency incorporation as a means to expand its user base internationally. And hence, cryptocurrency integration will strengthen Samsung Pay as a fintech platform as contained in the report entitled “Crypto, Flying Away With Samsung Pay on its Back?”

Samsung Pay’s intention of incorporating digital currencies goes in line with its past acquisitions and product launches.

10 million Users of Samsung Pay Set To Enjoy Digital Currency Transaction

As at this stage, the Samsung Blockchain Wallet is supporting Ethereum but more cryptocoins are expected to be integrated in no distant time. And as it stands, if a cryptocoin wallet is added to Samsung Pay, the application will be strengthened as a total fintech platform.

Samsung Pay, since its emergency, has competed headfirst in innovation and technological development against other online or digital applications such as Apple Pay and KakaoPay.

In the year 2015, Samsung Pay acquired LoopPay which allowed Samsung Pay users to process payments by hovering the phone over PoS (point of sale) terminals. The acquisition of loopPay was in the region of $250 million. Although this acquisition had a mixed reaction from industry analysts, it did provide Samsung Pay an edge over its competitors in user experience.

The user base of Samsung Pay, according to Donga, has grown by 58 percent from 2017 to 2018, by a whooping estimation of 6.6 million Users.

Many analysts in South Korea expect Samsung Pay to take a lead in the digital currency sector given the well-documented and successful strategy of Samsung to pursue aggressive acquisitions, product launches, and the integration of newly emerging technologies.

A GOOD LANDMARK FOR CRYPTO AND FOR SAMSUNG

In the similar way the market valuation of Square Cash increased by 516%, evolving into a payment behemoth since the company integrated Bitcoin in late 2017, Samsung Pay could benefit from digital currency integration and appeal to millennial and digital asset users.

Although, Bitcoin in all likelihood has not been a oentral catalyst in the growth of Square, it has played a vital role in establishing an initial user base for Square and allowed the company to snowball in the months ahead.

As of the month of April 2018, Samsung Pay recorded $18 billion in transaction volume and industry experts assumed the integration of cryptocurrency by Samsung Pay could speed up the mainstream adoption of digital currencies, especially on the side of merchants.

A passionate industry executive had told Donga that while the Samsung Blockchain Wallet could comparatively and significantly improve the visibility and accessibility of digital currencies, it will not be adequate in leading to sound merchant adoption at retail stores, supermarkets, cafes, and restaurants.

The Big players are no longer sleeping. This means that something big lies ahead. It may be uncertain now, but as Africans, we must not fold our hands to wait for SEC to endorse before we begin to see the need to understand this technology and how to make it part of our daily lives. Dr. Amb. Gilead Okolonkwo take about Facebook cryptocurrency is based on the adoption of blockchain and cryptocurrency.

In his words he buttressed his point saying:

As a decentralized advocate, I have my concern as to the reason or motive behind the coin. Cryptocurrency needs trust and its survival is based on decentralization.

Amb. Gilead Stance On Facebook Cryptocurrency

We are yet to see the stand of Facebook cryptocurrency on this matter as regards the algorithm of the coin if it is based to control power because of its community, centralization of its coin will defeat the purpose of Cryptocurrency. We will see gaps that will make the coin fade away.

However, if it is based on a free market economy aimed at upholding decentralization then it is a coin to be mindful about. More so, with the privacy issues that Facebook has passed through in recent times that leave a big question on the motive of Facebook crypto coin.

As Africans, this is the time to position ourselves, and begin to think about how we can take a bold step. Blockchain technology hold the Qutum revolution leap for Africa, we can implement the concept to solve African challenges such as;

1. Remittance
2. Healthcare
3. Digital Identification system
4. Blockchain POS/ Human Teller
5. Electoral Process
6. Consumer Loyalty
7. Land Registry
8. Tokenization of African Natural Resources
9. Credit Ranking

All these are problems that blockchain can solve. I am happy that we have great Africa companies that have started looking into the above-mentioned problems to implement the Proof of Use (POU) for adoption in Africa.

What do you think about the opinion of the CEO at Beepmagnet International Groups?

Do write us and we would be glad to feature your articles/opinions in our weekly #BuidlClub Publication.

As had been long anticipated, the high and mighty and the lots, have begun to think Blockchain technologies and cryptocurrencies as the next big thing for their businesses. Despite the current struggling position of the Satoshi’s Bitcoin, the likes of Jp morgan and Silicon Valley’s Facebook have announced the possible launch of their own digital assets.

Even though the above development might have a thing or two to show in line with increased support for global adoption, it has also raised controversy in the space in the area of decentralization.

Chris Bates doesn’t believe Facebook coin projects would be much to look out for.
In his words;

I don’t think it will make much of a difference to be honest.  Facebook has had a payment option in their messenger for a couple years now and people still opt for Venmo or Cashapp over facebook payment option.  I think Facebook has killed its credibility with its user base and is looking for ways to stay relevant.

I think there are ways that they could make their own crypto and platform useful towards the notion of “mainstream adoption”, but even in that I don’t believe “mainstream adoption” would look how crypto people think it would.  Just as an example, let’s say Facebook IS successful at leveraging its user base to make “Facebook coin” viable.

That doesn’t mean anything for the rest of the market, and doesn’t automatically mean 2.5 billion people will then start using bitcoin or whatever crypto.  That really just means Facebook will once again have leveraged technology it didn’t create to exploit its user base and make a profit.

Facebook has been researching blockchain and cryptocurrency for years, and them just now deciding to pull the trigger to me is more of a reaction to the GDPR and European privacy laws that are going to make their data mining practices much less lucrative.

What is your take on Chris’ opinion? Do you think that Facebook has a chance to shock the entire blockchain space given its  particular wealth of community? Lets hear from you in the comment section below