The largest bank in Russia has launched a Blockchain laboratory - News

The largest bank in Russia has launched a Blockchain laboratory - News

The largest bank in Russia has launched a Blockchain laboratory

Sberbank, the largest bank by assets, has opened a blockchain laboratory to develop, test and blockchain pilot projects in Russia.

The newly created blockchain lab will focus on developing business solutions for the Sberbank Group and increasingly cooperate with startups, associations, communities and alliances to further raise awareness and blockchain development.

Blockchain specialists will arrive new hires to work under the roof of the lab, especially those with experience in creating and implementing solutions for existing financial products and businesses. When personal and running, the lab will "test advanced solutions, generate ideas for developing blockchain-based solutions, create prototype products, conduct pilot projects, and implement applied business solutions for Sberbank Group "an accompanying press release added.

In statements, Sberbank senior vice president Igor Bulantsev said:

"Blockchain can significantly reshape many financial market-related business lines, as well as traditional banking and customer activities ... It is important to note that blockchain helps market participants cooperate more effectively. "

Sberbank says it is already undertaking more than 20 blockchain pilot projects, which include a company with a federal agency for the encrypted exchange of documents.

Sberbank is a member of two of the largest open source blockchain consortiums in the world. After an unsuccessful attempt to join the bank-led blockchain consortium of the New York-based R3-based Russian bank, became a member of the Hyperledger Blockchain industry section in September 2016. A year later, Sberbank joined the company Ethereum Alliance (AEE), becoming the first Russian financial institution to join the working group developing enterprise solutions based on open-source Ethereum technology. Sberbank was also among the participants to select "Masterchain" - a Ethereum blockchain prototype deployed by the central bank of Russia to test interbank transactions.

Sberbank's own blockchain lab follows a CEO's forecast and noted Bitcoin attorney Herman Gref who claimed "the application of blockchain technology in commercial applications

" will occur in 2019.

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