Zug, Switzerland, October 2nd, 2024, Chainwire
The second-largest bank in Poland, Pekao S.A., has utilized the Aleph Zero L1 blockchain to tokenize and preserve prominent Polish art pieces renowned globally.
Bank Pekao, Aleph Zero, and Degen House proudly announce the introduction of Archiv3, an initiative aimed at tokenizing and safeguarding Polish cultural heritage on the Aleph Zero blockchain, with digital reproductions securely archived in the Arctic World Archive (AWA). This project merges cutting-edge blockchain technology with a passion for cultural preservation, ensuring that Poland’s artistic heritage is securely maintained for future generations.
Through Archiv3, Bank Pekao sets a precedent as the first universal bank to tokenize historical art specifically for preservation purposes. This endeavor follows the bank’s previous “Unique” initiative, showcasing its commitment to integrating blockchain technology into conventional banking and modernizing its services while broadening its digital asset offerings. Notably, Archiv3 marks the first project to tokenize artworks intended for long-term preservation in the Arctic World Archive, often referred to as the “Doomsday Library.” In their press statement, Bank Pekao emphasized that their choice of the Aleph Zero blockchain was influenced by its speed, security, sustainability efforts, and carbon offset initiatives.
“We selected Aleph Zero for their technology focused on privacy, combined with a strong track record working with large institutions,” noted Michał Walęczak, Director of the Private Banking Strategy and Development Department at Bank Pekao S.A. “The minimal carbon footprint and low storage costs were pivotal in our decision-making. Tokenizing art requires advanced and adaptable technology, innovative creativity, and unconventional thinking; these were attributes we were pleased to discover in partnership with Aleph Zero.”
ARCHIV3 involves the detailed digitization of masterpieces from celebrated Polish artists, including Jan Matejko, Stanisław Wyspiański, and Wojciech Kossak, facilitated by Degen House, the bank’s technology partner, overseeing the Aleph Zero integration. The process commenced with the creation of high-quality, museum-grade 3D scans using highly sensitive cameras, capturing intricate details of the original artworks. These digital replicas were then minted as NFTs on the environmentally responsible Aleph Zero blockchain, ensuring a low carbon footprint throughout. The tokenized artworks are subsequently stored in the Arctic World Archive, where they are expected to remain secure for a millennium.
The Archiv3 collection encompasses artworks from various historical periods, prominently highlighting 19th-century pieces alongside specific modern works, including creations by contemporary artist Lia Kimura. This project aspires to maintain these cultural treasures for their significance and as a resource for future research, conservation, and potential virtual exhibitions.
Art Conservation for Future Generations
The Arctic World Archive, nestled within the remote Svalbard archipelago, functions as a highly secure data repository designed to safeguard invaluable cultural, historical, and scientific records from natural calamities, cyber threats, and other vulnerabilities. Established in 2017, the archive employs advanced storage technologies to guarantee data longevity without relying on electricity or human oversight, positioning it as one of the safest locations globally for preserving irreplaceable documentation.
The AWA already holds manuscripts from the Vatican Library, records from UNESCO and UNICEF, the entire GitHub code repository, as well as literary works by Nobel Prize winners Olga Tokarczuk and Wisława Szymborska. Bank Pekao stands as the pioneering financial institution to archive culturally significant artworks within the AWA, utilizing decentralized storage to bridge the gap between traditional art and innovative digital solutions.
For inquiries regarding this announcement, please reach out to [email protected]
About Aleph Zero
Aleph Zero represents a privacy-first ecosystem of blockchain solutions designed for speed, data confidentiality, and development usability. It achieves performance comparable to conventional web2 systems, adheres to stringent data protection standards via zero knowledge proofs, and offers a robust toolset for web3 development, ranging from WASM-based Rust to EVM-based Solidity environments. Aleph Zero’s flexibility is underscored by over 40 active use cases in development, illustrating its adaptability across diverse sectors and applications, supported by an engaged community and a burgeoning web3 ecosystem.
For further details, please visit https://alephzero.org/
About Bank Pekao S.A.
Bank Pekao S.A., established in 1929, ranks among the largest financial institutions in Central and Eastern Europe and is Poland’s second-largest universal bank with assets reaching 316 billion PLN. With an extensive branch network, Bank Pekao serves 6.9 million customers, positioning itself as a preeminent corporate bank; it caters to one in every two corporations in Poland. Its universal bank designation is reinforced by its market leadership in private banking, asset management, and brokerage services. The diversified business profile is portrayed through a sturdy market balance sheet and risk profile, reflected in the lowest risk costs and robust capital ratios, showcasing resilience to macroeconomic fluctuations (Pekao proved to be the most resilient bank in Europe, coming in first in the EBA’s 2023 stress tests among 70 banks). Since 1998, Bank Pekao is listed on the Warsaw Stock Exchange and is a part of various local (including WIG 20 and WIG) and international indices (including MSCI EM, Stoxx Europe 600, and FTSE Developed). It is recognized as one of Poland’s top dividend-paying listed companies over the past decade, with total payouts approximating 20 billion PLN.
About Degen House
Degen House operates as a comprehensive blockchain solutions provider with a successful history of collaborations involving major banks from the CEE region and top global blockchain ecosystems. The company offers an array of end-to-end services, encompassing strategic consulting, product development, targeted marketing, and sales.
Contact
PR Manager
Josh Adams
Aleph Zero
[email protected]
