Russian state-owned banking and financial services company Sberbank (LSEIOB: SBER) has opened a laboratory which will be engaged in blockchain technology research and develop various avenues to develop blockchain-based solutions and create product prototypes, the bank said in a press release.
“Blockchain can significantly change many business areas related to the financial market and the traditional activities of the bank and our customers,” said Sberbank's senior vice president Igor Bulantsev.
“By creating a blockchain laboratory, Sberbank is contributing to the future of the banking industry and our country,” he added.
The laboratory will also be engaged in conducting pilot projects and implement applied business solutions for Sberbank Group.
It will interact with Sberbank’s other laboratories to create synergies of the most advanced technologies and offer its solutions to other entities through alliances, associations and communities.
To date, Sberbank has developed around 20 blockchain-based pilot projects including joint solutions with Severstal, MVideo and the Federal Antimonopoly Services.