Russian Sberbank and Federal Antimonopoly Service Launch Joint Blockchain-Based Project

News and Analysis

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.

Several other Russia-based companies, including Aeroflot and Russkiy Ugol (Russian Coal) have also joined the project.

Stepan Kuznetsov, the managing director for Sberbank’s directorate of distributed services has stated that Digital Ecosystem does not use services from communication operators, while “attaining the solution convenience and cost cutting by using the participants’ networks.”

The spokesperson for the Federal Antimonopoly Service has noted that “the decentralized solution cuts expenses as it does not require data processing centers and levels down standards for equipment redundancy.”

Last month Sberbank has joined Hyperledger, a project focused on blockchain development. The technology has also interested Russia’s top regulator, the Central Bank. Last week it launched Masterchain, a platform for data exchange.

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