Sberbank, one of the most important banks in Russia, has launched a lab for blockchains. This lab will be used to develop prototypes based on blockchain technology and test them. They will focus mainly on creating business solutions that can utilize blockchain technology.

According to the VP of Sberbank, Igor Buantsev, blockchain technology can play a crucial role in helping to reshape the financial world. Not only that, he sees the technology as having many potential applications for the bank’s services and activities.

He further added that it was important to note that blockchain technology makes it possible for market participants to cooperate in a manner that is more efficient. Thus, his bank had decided to launch the technology and make a worthy contribution to the banking sector, and Russia, by launching this lab.

The project is expected to concentrate on the development of advanced technology. This will take place in conjunction with other labs that the bank has launched in recent years. In addition, the bank plans to expand the lab to incorporate various startups. They will also work on creating alliances with like-minded people in the banking world.

How the Lab Will Work

The new blockchain lab is going to appoint specialists in blockchain technology who have experience building and implementing ideas based on this technology. Not only that, they will be looking for people who can incorporate blockchain technology into existing products, and create new approaches to the way business is done.

This launch follows the announcement by the CEO of Sberbank, Herman Gref that implementing blockchain technology in Russia might take as long as ten years. He noted that in Russia, there was a lot of experimentation going on around the use of blockchain technology. Herman said if all went according to plan, his bank was going to launch large-scale blockchain products by the end of the year.

In February 2017, Herman predicted that in two or two-and-a-half years, the use of the blockchain by banks could become widespread. In line with this belief, he has steered the bank towards the technology. For instance, they have launched various initiatives, including its recent plunge into the Enterprise Ethereum Alliance. The bank has even launched various projects and one joint solution with Federal Antimonopoly Services and Severstal.

Thus far, it does not seem like the bank is running out of ideas on how to utilize blockchain technology. While much of the focus has been on the use of the crypto coins created with this technology, there is more use for blockchain. This bank has realized this, and it intends to use the research results from its various projects to stay ahead of the competition.

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