Sberbank has become the first Russian bank to carry out a payment transaction using the blockchain technology, which allows transfers within a few seconds.
Sberbank, Russia’s largest bank has joined Enterprise Ethereum Alliance seeking a new way to capitalize on international markets. The bank is the first Russian bank to become a member of the alliance.
Over this year, Sberbank, Russia’s biggest bank, has proven its interest in blockchain technology in practice. The bank has launched several major blockchain-related projects focused on IT, insurance, trade financing, and documents exchange between companies and departments.
Delovaya Sreda (â€śBusiness Environmentâ€ť), a subsidiary of Sberbank of Russia, has launched Cornerstone, a free service for execution of protected transactions using blockchain technology.
According to Sberbank’s press office, the biggest state owned bank in Russia has joined forces with the Federal Antimonopoly Service to launch Digital Ecosystem, a project aimed at transferring and storing documents in encrypted form using a digital signature.
Sberbank CTO Pavel Khodalev took to the stage at the Global Blockchain Summit in Shanghai talking about the bank’s blockchain strategy going forward.
Speaking to Russian TV channel Russia 24, head of Sberbank German Gref stated that the country’s largest state-owned bank intends to complete the development of its blockchain-based IT platform by the end of 2018. According to Gref, currently some elements of the platform are undergoing testing, with industry-wide operation to.