Bank Pekao SA in cooperation with the company Degen House and using an ecological blockchain AlephZeroimplements the innovative ARCHIV3 project, which combines the world of art with modern technologies. As part of this project, the bank secures and tokenizes works of art by outstanding Polish artists, archiving them in one of the safest places in the world – the World Arctic Archive in Svalbard.
Tokenization of art – a new era of heritage protection
Bank Pekao SA has a rich collection of works of art, including works by: Jan Matejko, Stanisław Wyspiański, Wojciech Kossak and many other outstanding Polish artists. In 2022, the bank became the first universal financial institution in the world to tokenize art by printing fragments of digital works on credit cards. It was a step towards alternative investments, and today the bank continues this process, securing further images in the digital world.
ARCHIV3 tokenization, implemented using the Aleph Zero ecological blockchain, allows works of art to be saved as NFTs (non-fungible tokens). As explained by Anna Wawrzyńczak-Palynyczak, delegated from the Supervisory Board to temporarily perform the duties of Vice-President of the Bank’s Management Board, “Tokenization is an opportunity for the development of the investment market. We combine the bank’s 95-year history with modern technologies to provide the highest quality of services to our clients.”
Arctic World Archive – End of the World Library
The World Arctic Archive in Svalbard is a place where the world’s most important documents and works of art are stored, such as manuscripts from the Vatican Library, works by Olga Tokarczuk and Dante’s Divine Comedy. As part of the ARCHIV3 project, this is where digital versions of selected Polish paintings were deposited, scanned in the highest quality so that they could survive for hundreds of years.
The photosensitive rolls on which the works are recorded are resistant to cyberattacks and do not require electricity or human intervention. This makes the Arctic’s natural conditions, combined with Svalbard’s geopolitical security, make it an ideal location for long-term conservation. As Michał Walęczak, director of the Strategy and Development Department of Pekao Private Banking, emphasizes, “It is a unique mix of offline and online archiving, which guarantees that art will survive for future generations.”
Protection for future generations
ARCHIV3 not only future-proofs art, but also uses modern technologies to protect and preserve it. Bank Pekao decided to scan 10 works of art with a precision that would allow them to be reproduced in a museum if necessary. Such digitized copies will be able to be used not only for conservation purposes, but also for reproduction, constituting an extremely durable archive.
The project was prepared and carried out together with Degen House, which supported Bank Pekao in the field of consulting, marketing and providing technological solutions. Degen House played a key role by providing a full range of technology services, including art tokenization and implementation of blockchain solutions. Thanks to their experience in advanced technologies, the entire process of archiving and securing works was carried out at the highest level, guaranteeing the durability and security of digital copies.
The images that have been tokenized and deposited in the World Arctic Archive are:
- Jan Matejko – “Angel”
- Stanisław Wyspiański – “Bratki”
- Stanisław Wyspiański “The Eagle”
- Wojciech Kossak – “Battle” fragment of the panorama “Battle of the Pyramids”
- Zygmunt Waliszewski – “Still Life”
- Zygmunt Waliszewski – “Kościuszko Mound”
- Julian Fałat – “Portrait of the directors of the Savings Bank in Krakow: Zygmunt Kowalski and Walenty Staniszewski”
- Tadeusz Dominik – “Spring” from the “Four Seasons” series
- Tadeusz Dominik – “Autumn” from the “Four Seasons” series
- Lia Kimura – “Mirror of the soul”
ARCHIV3 – organizers
Bank Pekao SA
Bank Pekao SA, founded in 1929, is one of the largest financial institutions in the Central and Eastern European region and the second largest universal bank in Poland with PLN 316 billion of assets. With the second largest branch network, Bank Pekao serves 6.9 million customers. As a leading corporate bank in Poland, it serves every second corporation in Poland. The status of 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 reflected in the lowest cost of risk, strong capital ratios and resilience to macroeconomic conditions (Pekao proved to be the most resilient bank in Europe, ranking first in stress tests conducted by the EBA in 2023 among 70 banks). Since 1998, Bank Pekao has been listed on the Warsaw Stock Exchange and participates in several local (including WIG20 and WIG) and international indices (including MSCI EM, Stoxx Europe 600 and FTSE Developed). Pekao has been one of the highest dividend-paying listed companies in Poland over the last 10 years, paying out a total of approximately PLN 20 billion over the decade.
Degen House
Degen House is a provider of end-to-end blockchain solutions with proven experience in cooperation with leading CEE (Central and Eastern European) banks and leading global blockchain ecosystems. The company offers comprehensive end-to-end solutions, from strategic consulting and product development to targeted marketing and sales.
AlephZero
Aleph Zero is a blockchain enabling private, cost-effective and ecological data management. With a sufficient level of decentralization, Aleph Zero ensures dispersion and a high level of security. Aleph Zero debuted in 2021 after over three years of research. Today, technology is used by, among others: Deutsche Telekom, Saudi Telecom, or Pairpoint, owned by Vodafone and Sumitomo.
More information about the ARCHIV3 project can be found at: ARCHIV3.
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