Sberbank of Russia to Develop a Blockchain-based IT Platform

News and Analysis

Speaking to Russian TV channel Russia 24, head of Sberbank German Gref stated that the country’s largest state-owned bank intends to complete the development of its blockchain-based IT platform by the end of 2018.

According to Gref, currently some elements of the platform are undergoing testing, with industry-wide operation to commence the next year.

“We are interested in all technologies related to finance in any way. The most disruptive of those technologies is, certainly, the blockchain technology,” Gref said. “What we’re doing now, our new platform, will enable us to radically enhance all our services. Our task is to make it possible that you will never have to go to the bank. Nowadays you have to go there, because we need your ID and your freedom of will. Such technologies as image/voice identification allow us to recognize you via remote channel, like video or telephone.”

Last week, Gref was giving a lecture at Skolkovo business school, where he noted that penalization of cryptocurrencies in Russia would cause the blockchain technology to cease developing, and launch a regress.

Earlier, Sberbank VP Andrei Sharov suggested that blockchain technology’s development may cause banks to completely fade away in 10 years’ time.

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