Pekao S.A. Uses Aleph Zero to Tokenize Polish Historical Art

Zug, Switzerland, October 2nd, 2024, Chainwire

Pekao S.A., the second-largest bank in Poland, has leveraged the Aleph Zero L1 blockchain to tokenize and safeguard renowned Polish artworks.

Bank Pekao, Aleph Zero, and Degen House are excited to unveil Archiv3, a groundbreaking initiative to tokenize and protect Polish cultural heritage on the Aleph Zero blockchain, with digital reproductions securely archived in the Arctic World Archive (AWA). This project embodies a fusion of blockchain innovation and a dedication to cultural conservation, ensuring that Poland’s artistic heritage is preserved for future generations.

With Archiv3, Bank Pekao becomes the pioneer universal bank to tokenize historical art specifically for conservation efforts. This move follows the bank’s earlier “Unique” project, reinforcing its position at the intersection of blockchain technology and traditional banking. It also emphasizes the bank’s commitment to modernizing its offerings and enhancing the accessibility of digital assets. Notably, Archiv3 is the first initiative to tokenize art for long-term preservation in the Arctic World Archive, often referred to as the “Doomsday Library.” According to their press release, Bank Pekao highlighted that the choice of the Aleph Zero blockchain was influenced by its speed and security, as well as its focus on minimizing carbon emissions through a robust carbon offset program.

“We selected Aleph Zero for its privacy-oriented, top-notch technology backed by solid experience in collaborating with large institutions,” states Michał Walęczak, Director of the Private Banking Strategy and Development Department at Bank Pekao S.A. “The minimal carbon footprint alongside low storage costs were also crucial factors in our decision-making. Tokenizing art requires modern and adaptable technology, creativity without constraints, and innovative thinking; these qualities we happily found in our collaboration with Aleph Zero.”

ARCHIV3 entails the careful digitization of masterpieces by iconic Polish artists, including Jan Matejko, Stanisław Wyspiański, and Wojciech Kossak, facilitated by Degen House, the bank’s technical partner managing the Aleph Zero integration. This undertaking began with the production of high-quality, museum-standard 3D scans using ultra-sensitive cameras to capture every intricate detail of the original pieces. These digital replicas were then minted as NFTs on the environmentally friendly Aleph Zero blockchain, which ensures a minimal carbon footprint throughout the process. The tokenized artworks are subsequently stored in the Arctic World Archive, where they are projected to remain secure for at least a millennium.

The treasures in the Archiv3 collection span various historical periods, primarily showcasing 19th-century works along with select modern pieces, including artworks by contemporary artist Lia Kimura. This initiative seeks to protect these invaluable artifacts for their cultural and historical importance and as a resource for future study, conservation efforts, and possible virtual exhibitions.

Safeguarding Art for Future Generations

The Arctic World Archive, nestled in the remote Svalbard archipelago, functions as a highly secure data vault designed to shield invaluable cultural, historical, and scientific information from natural disasters, cyber threats, and other risks. Established in 2017, the archive employs cutting-edge storage technology to ensure the longevity of data without the need for electricity or human oversight, establishing it as one of the safest havens in the world for preserving irreplaceable records.

The AWA currently houses manuscripts from the Vatican Library, documents from UNESCO and UNICEF, the entirety of the GitHub code repository, as well as literary works by Nobel laureates Olga Tokarczuk and Wisława Szymborska. Bank Pekao is the first financial entity to archive culturally significant artworks in the AWA while utilizing decentralized storage, setting a standard for integrating blockchain technology with traditional art practices and digital innovations.

For inquiries regarding this release, please reach out to josh@serotonin.co

About Aleph Zero

Aleph Zero is an ecosystem of privacy-focused blockchain solutions designed for speed, data confidentiality, and streamlined development. It achieves efficiencies comparable to conventional web2 systems, maintains strict data protection standards via zero-knowledge proofs, and offers a rich set of development tools across web3, including WASM-based Rust and EVM-based Solidity environments. Aleph Zero’s versatility shines through more than 40 actively developed use cases, demonstrating its adaptability across numerous sectors and applications, all bolstered by an engaged community and an expanding ecosystem of web3 applications supported by Aleph Zero development initiatives.

For further information, users can visit https://alephzero.org/

About Bank Pekao S.A.

Bank Pekao S.A., established in 1929, is one of the largest financial institutions in Central and Eastern Europe and the second-largest universal bank in Poland, boasting assets of 316 billion PLN. With a vast branch network, Bank Pekao serves 6.9 million customers. As a leading corporate bank in Poland, it caters to half of the nation’s corporations. Its universal bank status derives from its dominant market presence in private banking, asset management, and brokerage services. Bank Pekao’s varied business model is underpinned by a strong balance sheet and risk profile, as evidenced by the lowest risk costs, robust capital ratios, and resilience to macroeconomic fluctuations (Pekao was recognized as the most resilient bank in Europe, earning top marks in the 2023 EBA stress tests among 70 banks). Since 1998, Bank Pekao has been publicly traded on the Warsaw Stock Exchange and is included in several local (including WIG 20 and WIG) and international indices (including MSCI EM, Stoxx Europe 600, and FTSE Developed). Over the past decade, Pekao has also been one of Poland’s top dividend-paying publicly listed companies, distributing approximately 20 billion PLN over the past ten years.

About Degen House

Degen House is a comprehensive blockchain solutions provider with an established record of partnerships encompassing major CEE banks and leading global blockchain ecosystems. The company delivers end-to-end solutions, from strategic consulting and product development to focused marketing and sales.