Sberbank, the biggest lender in Russia, has announced the launch of a lab that will work on blockchain projects. The technology which drives bitcoin and other cryptocurrencies is known for that reason, but has many other uses.
“Sberbank has opened a blockchain laboratory which will test cutting-edge blockchain technologies, generate ideas to develop blockchain-based solutions, create product prototypes, carry out pilot projects, and implement applied business solutions for Sberbank Group,” the Russian banking major said in a statement.
Blockchain technology was initially treated with skepticism by banks, but things have changed dramatically.
The technology can improve the efficiency of clearing and settlement, make cross-border payments faster and cheaper, significantly cut red tape and modernize customer identification systems, many banks have acknowledged.
“Blockchain can considerably reshape many business areas related to the financial market, as well as classic activities of the bank and our clients,” said Igor Bulantsev, Sberbank’s Senior Vice President, Head of Sberbank CIB.”
"Mastering, developing, and implementing the most promising technologies is an important element of our competitiveness as a bank and an indispensable part of our future as a tech company. 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.”
Sberbank has more than 20 blockchain-based pilot projects, including joint solutions with a Russian steel major Severstal, the largest Russian consumer electronic retail chain M.video, and the Federal Anti-monopoly Service.
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