Russian bank giant Sberbank launches its own Blockchain lab

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One of the largest banks in Russia, Sberbank, announced recently that it would launch a Blockchain team and laboratory for investigating, developing and testing Blockchain-based solutions.

According to a press release, the purpose of this Blockchain lab is to generate prototypes of Blockchain-based products, perform pilot tests and deploy Blockchain-based business solutions for Sberbank group.

Sberbank’s senior vice president, Igor Bulantsev, said that the technology can help reshape the financial business market along with the activities and services of the bank.

Bulantsev said:

“It is important to note that blockchain helps market participants cooperate more efficiently. Hence, Sberbank is making a contribution to the future of the banking industry and our country by launching the blockchain laboratory.”

The Blockchain team will work closely with other bank’s laboratories in order to develop advanced technologies and to build collaborations with other projects, such as start-ups.

The release states that Blockchain specialists with experience in building and implementing ideas based on Blockchain technology will be appointed in the lab.

The news comes out after last month, the CEO of Sberbank, Herman Gref, gave his opinion on the implementation of Blockchain technology in Russia, saying that it could take as long as a decade. He explained that the country is currently experimenting with the technology and added that Sberbank is looking to introduce financial products on a “large scale” in 2018.

In February 2017, he also made a prediction saying that we could see the distributed ledger technology in use in the financial system within 2-3 years.

Photo credit: Bitcoin.com

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