Sberbank, Russia’s largest bank, has launched a blockchain lab designed to conduct cutting-edge research on blockchain projects and further integrate the technology into its business operations. The new lab is the latest in Sberbank’s pivot towards blockchain technology, and it follows over 20 blockchain-related projects with other major Russian organizations, according to Russia Today.

Igor Bulantsev, the Senior Vice President of Sberbank stated:

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.”

The Blockchain in Banking

Blockchain technology has well-established use cases in mainstream finance and banking. The technology can be used to create efficient clearing and settlement systems as well as design cross-border payment networks that are much cheaper than those currently in place. Sberbank’s blockchain lab will work in conjunction with the bank’s other research and development projects and collaborate with blockchain startups outside of the bank.

According to the press release, the lab will be run by a team of blockchain specialists with experience building and implementing cutting-edge blockchain ideas.

Sberbank is an active participant in the blockchain ecosystem. The company has orchestrated several blockchain partnerships with other Russian organizations including Severstal, a Russian steel company, and the Russian Federal Antimonopoly Services. The bank is also a member of the Enterprise Ethereum Alliance.

Image Via Shutterstock