Sberbank has launched a Blockchain Laboratory

Russian bank launches a Blockchain Lab

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Sberbank has announced that it was setting up a blockchain laboratory to make and test blockchain based solution. The bank which is one of the biggest in Russia has been very active in technology and especially blockchain technology. According to the banks press release the lab will work to perform pilot test and deploy blockchain based solutions for the bank.

Igor Bulantsev, who is the vice president of the Bank, said that blockchain is very good especially when reshaping the financial business market more to the banks activities and services provision. According to him: “It’s good to note that Blockchain helps market participants more effectively. Our bank is making a contribution which will be the future of the banking industry. The launch of this laboratory will help the industry and even our country.”

The laboratory will work in collaboration with the other labs owned by the bank. More to that Sberbank will enhance collaborations with startups and form other alliances too. The bank plans to hire Blockchain specialists who are well experienced in building blockchain ideas and implementing them too. This will enable them develop existing products as well as develop new products.

The launch has come barely a month after Herman Gref who is the CEO of Sberbank said that full implementation of the blockchain technology in Russia would take as long as a decade. He went on to say that Russia was experimenting a lot on Blockchain and that the bank would introduce several products on a large scale before the end of this year. Last year the CEO had predicted that the use of distributed ledgers by banks could be very near in fact he gave a time frame of 2-2.5 years away.

Sberbank has not been silent about the blockchain technology and has had several initiatives in the Blockchai field. This includes the banks entrance in to the Enterprise Ethereum Alliance which focuses on Consortium. The bank also had several blockchain pilot projects like Joint solutions with Severstal and Federal Antimonopoly Services.