One of the most famous prizes for innovation in history has been revived 300 years after it was first introduced. UK based innovation foundation Nesta has announced that they will be offering £10 million for solutions to one of humanities biggest problems.

When it was first introduced 300 years ago with the passing of the Longitude Act in England, one of the biggest problems in the world was solved. During the time of its introduction, many naval powers were desperate to find a solution to the problem of accurately determining longitude during long voyages. The lack of such a capability ultimately resulted in the catastrophic naval incident known as the Scilly naval disaster of 1707. The disaster resulted in the loss of over 1,400 sailors due to a navigational blunder. While other countries during the time also offered similar prizes, the most well-known prize was won by an English carpenter and clockmaker named John Harrison.

"History is repeating itself. In 2014, Britain is reconvening the historic Longitude Committee with a promised prize fund of £10 million, and as Astronomer Royal, I chair the revived committee," said Lord Martin Rees, Astronomer Royal and Chair of the Longitude Committee.

The reintroduction of the new Longitude Prize was first announced by the UK prime minister last year. Its current incarnation was the result of the efforts of the Nesta foundation and will be funded by the Technology Strategy Board.

"There are a broad range of societal problems that demand fresh thinking and require us to galvanise a new generation of innovators to address them," Lord Rees added. "This time round in a period of accelerating change, there is an equally important need to engage the public in the positive power of science to improve our lives."

While the prize has been announced, the actual problem to be tackled is yet to be decided. The organizers have decided to put the decision to a public vote. The choices for the prize include problems in flight, food, paralysis, water, dementia and antibiotics.

Nesta will be asking the citizen of the UK to vote for the problem which they think needs utmost priority. The vote will be conducted via an online poll. However, UK residents can also send in their votes via text.

Once the problem has been decided, the awarding of the prize will be chaired by the Astronomer Royal in accordance with tradition.

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