One of Russia’s largest banks, Sberbank Group, has created a development laboratory to test blockchain-based prototypes.

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“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.”

The blockchain laboratory will interact with Sberbank’s other laboratories to create synergies of the most advanced technologies.

In addition, it will offer its competencies to other market participants through cooperation with start-ups, associations, communities, and alliances.

The laboratory also has the goal of popularising blockchain and providing assistance in the preparation of educational programmes in this area.

The blockchain laboratory will hire specialists who have experience in working with blockchain and cooperating with business for the purpose of creating and implementing ideas related to existing products and generating new approaches to business tasks.

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