OAIS Reference Model has become a basis for exchanging ideas and cooperating among institutions and various sectors concerned with digital archiving. It has been also recently approved as a new ISO standard. This paper reviews major concepts and issues that the reference addresses. It also introduces current activities of institutions and projects that have contributed to the development process of the model. Conclusion is devoted to address the importance of cooperation among cultural institutions. These institutions are taking the responsibility of preserving digital information for the long-term as authentic as possible and delivering it to the next generation.