Poland’s Pekao Bank using blockchain to preserve art in arctic vault

Poland’s second-largest bank, Bank Pekao, is leveraging blockchain technology to help preserve the nation’s cultural heritage.

In a recent press release, the bank announced a partnership with Aleph Zero to launch a project called Archiv3, which focuses on tokenizing Polish artwork for secure storage and future accessibility.

Tokenization involves converting physical assets, such as art, into digital tokens on a blockchain, facilitating easier storage and tracking.

As part of this initiative, Bank Pekao is digitizing renowned Polish artworks, including pieces by Jan Matejko and Stanisław Wyspiański, utilizing advanced 3D scanning technology. These digital representations will be stored as non-fungible tokens (NFTs) on the environmentally friendly Aleph Zero blockchain, ensuring their preservation for generations to come.

Arctic World Archive

The tokenized artwork will also be stored in the Arctic World Archive, located in Svalbard, Norway, a facility designed to safeguard important data from threats such as cyberattacks and natural disasters. The AWA is recognized for preserving cultural and scientific information from organizations like UNESCO and the Vatican, as noted in an Archiv3 release.

By utilizing a decentralized ledger, the bank aims to ensure that these artworks remain secure and accessible for future generations, even in the face of a global catastrophe.

This initiative highlights a growing trend of merging traditional banking with modern technologies like blockchain, creating new opportunities for digital asset management.

In a related development, on October 2, Christie’s announced plans to implement blockchain technology for issuing ownership certificates for art sold at auction.