Poland's second largest bank chooses Aleph Zero to tokenize historical art

(PRESS RELEASE – Zug, Switzerland, October 2, 2024)

Poland's second largest bank, Pekao SA, used the Aleph Zero L1 blockchain to tokenize and preserve internationally renowned Polish works of art.

Pekao Bank, Aleph Zeroand Degen House We are proud to announce the launch of File3a project to tokenize and preserve Polish cultural heritage on the Aleph Zero blockchain, with digital reproductions stored securely on the Arctic World Archive (AWA). This initiative combines blockchain technology with a commitment to cultural preservation, ensuring Poland's artistic legacy is safeguarded for future generations.

With Archiv3, Bank Pekao becomes the first universal bank to tokenize historical art specifically for preservation purposes. This initiative follows the bank's previous one. “Only” project, marking its role in the integration of blockchain technology with traditional banking. It also highlights the bank's continued commitment to modernize its services and expand the reach of digital assets. Notably, Archiv3 is the first project to tokenize artworks for long-term storage in the Arctic World Archive, known as the “Doomsday Library.” In their press releaseBank Pekao noted that the deciding factor in using the Aleph Zero blockchain has been not only its speed and security, but also its focus on optimizing for a low carbon footprint and its carbon offset program.

“We have chosen Aleph Zero for its first-class privacy-focused technology, combined with strong experience in cooperation with large institutions,” says Michał Walęczak, Head of the Private Banking Strategy and Development Department at Bank Pekao SA. As low storage costs were also important factors in our decision-making process. Tokenization of art requires modern and flexible technology, spontaneous creativity and some innovative thinking; We were happy to find these features in cooperation with Aleph Zero.”

ARCHIV3 involves the meticulous digitization of masterpieces by iconic Polish artists, such as Jan Matejko, Stanisław Wyspiański, Wojciech Kossak and others, facilitated by Degen House, the bank's technology partner, which also managed the integration of Aleph Zero. The process began with creating high-quality, museum-worthy 3D scans using ultra-sensitive cameras, which capture every detail of the original artworks. These digital replicas were then minted as nfts on the eco-friendly Aleph Zero blockchain, ensuring a minimal carbon footprint during the process. The tokenized versions are later archived at the Arctic World Archive, where they are expected to remain safe for at least 1,000 years.

The artworks in the Archiv3 collection span a variety of historical periods, primarily works from the 19th century and select modern pieces, such as those by contemporary artist Lia Kimura. This initiative aims to preserve these treasures not only for their cultural and historical importance but also as a resource for future studies, conservation and possible virtual exhibitions.

Preserving art for future generations

The Arctic World Archive, located in the remote Svalbard archipelago, serves as a highly secure data vault designed to protect invaluable cultural, historical and scientific information from natural disasters, cyber threats and other risks. Established in 2017, the archive uses advanced storage technology to ensure the longevity of data without the need for electricity or human intervention, making it one of the safest places in the world to preserve irreplaceable records.

The AWA already hosts manuscripts from the Vatican Library, documentation from UNESCO and UNICEF, the entire GitHub code repository, as well as literary works by Nobel laureates Olga Tokarczuk and Wisława Szymborska. Bank Pekao is the first financial institution to archive works of cultural significance in the AWA, while doing the same using decentralized storage, setting a precedent for how blockchain technology can be used to unite traditional art with new digital solutions.

For any questions regarding this release, please contact [email protected]

About Aleph Zero

Aleph Zero is a privacy-first ecosystem of blockchain solutions designed for speed, data confidentiality, and ease of development. It achieves similar efficiencies to conventional web2 systems, maintains rigorous standards for data protection through zero-knowledge proofs, and offers a comprehensive toolset for web3 development ranging from WASM-based Rust to WASM-based Solidity environments. EVM. The versatility of Aleph Zero is highlighted by more than 40 use cases that are actively being developed, demonstrating its adaptability in various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications supported by the Aleph Zero ecosystem development programs.

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

About Banco Pekao SA

Banco Pekao SAFounded in 1929, it is one of the largest financial institutions in the Central and Eastern European region and the second largest universal bank in Poland with assets of PLN 316 billion. With the second largest branch network, Bank Pekao serves 6.9 million customers. As a leading corporate bank in Poland, it serves one in two corporations in Poland. Its status as a universal bank is based on its market-leading position in private banking, asset management and brokerage activities. Bank Pekao's diversified business profile is supported by a market-leading balance sheet and risk profile that is reflected in lower risk costs, strong capital ratios and resilience to macroeconomic conditions (Pekao proved to be the most resilient bank in Europe, ranking first in the stress tests carried out by the EBA in 2023 among 70 banks). Since 1998, Bank Pekao is listed on the Warsaw Stock Exchange and participates in several local (including WIG 20 and WIG) and international indices (including MSCI EM, Stoxx Europe 600 and FTSE Developed). Pekao is one of the listed companies in Poland that has paid the most dividends in the last 10 years, with a total of approx. 20 billion PLN in a decade.

About Casa Degen

Degen House is a full-stack blockchain solutions provider with a proven track record of collaborations spanning major CEE banks and major global blockchain ecosystems. The company offers comprehensive end-to-end solutions, from strategic consulting and product development to targeted marketing and sales.

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