Sberbank, one of the largest banks in Russia, has announced a blockchain laboratory to develop and test blockchain-based solutions.
The new lab aims to generate product prototypes, perform pilot tests and deploy blockchain-based business solutions for Sberbank Group, a press release says.
According to Igor Bulantsev, Sberbank's senior vice president, blockchain can help in "reshaping" the financial business market, as well as the bank's activities and services.
The project will work on developing advanced technologies in conjunction with the bank's other laboratories, and is also planning to build collaborations with startups, and via other alliances.
Sberbank's blockchain lab will appoint blockchain specialists with experience in building and implementing blockchain ideas to existing products as well as creating new approaches to business activities, the release adds.
The launch comes a month after the CEO of Sberbank, Herman Gref, stated that the wider-scale implementation of blockchain in Russia could take as long as a decade. He noted at the time, Russia is "experimenting a lot" on blockchain and added that the bank will introduce some products on a "large scale" this year.
Sberbank has launched number of initiatives in the blockchain ecosystem including its recent entrance into the Enterprise Ethereum Alliance – an enterprise-focused consortium. Some of the bank's blockchain-based pilot projects include joint solutions with Severstal and Federal Antimonopoly Services, among others.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.