Russia’s Sberbank opens blockchain lab

Sberbank, the biggest lender in Russia, has announced the launch of a lab that will work on blockchain projects.
The technology which drives the world most popular and ground currency. That currency has acquired the most of country’s economy and have power to collapse them – bitcoin, and other cryptocurrencies. Bitcoin and cryptocurrencies are known for that reason and their popularity day to day growing the amount of investors stems. But have many other uses and also, have lots of new opportunity for a new term of economic growth.

“Sberbank has opened a blockchain laboratory which will test cutting-edge blockchain technologies. Also, generate ideas to develop blockchain-based solutions. For this 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. On this policy, 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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