Sberbank of Russia has launched a blockchain laboratory

Sberbank of Russia has launched a blockchain laboratory

Sberbank, one of Russia’s largest banks, announced the creation of the blockchain laboratory for developing and testing solutions based on this technology.

The laboratory will develop prototype products, testing and deploying business solutions based on the blockchain for Sberbank.

According to Igor Bulantsev, senior Vice President of Sberbank, the blockchain can help in the “restructuring” of the financial services market, and also will find application in the Bank’s activities.

The blockchain helps market participants to collaborate more effectively, therefore, the savings Bank makes a contribution to the future of the banking industry and our country, launching a blockchain laboratory.

The project will work on advanced technologies with other laboratories of the Bank, and also plans to establish cooperation with startups and other organizations.

To work in the laboratory Sberbank plans to attract experienced professionals.

Just a month ago, the head of Sberbank, German Gref said that the full implementation of the technology in Russia may need up to ten years and noted that Russia is “experimenting” with this technology, and the Bank in 2018 plans to introduce a wide variety of products.

Sberbank has launched a number of initiatives in the framework of the blockchain ecosystem, and is a member of Ethereum Enterprise Alliance consortium, based on the company working with new technology. Some of the pilot projects based on blockchain include joint solution by Severstal and the Federal Antimonopoly service.

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