Russian bank Sberbank joins Hyperledger blockchain project

Announcements | October 3, 2016 By:

Sberbank announced it has joined Hyperledger project – an initiative of the Linux foundation to advance the blockchain technology.

“Joining the project generates new technological agenda of the bank and opens for us access to international expertise and cutting-edge developments in the field blockchain”, said First Deputy Chairman of Sberbank Lev Khasis. “We have an opportunity to directly influence the development of the platform and interact with its key developers.”

Khasis sees the bank using blockchain solutions for various sectors of industry beyond banking and finance, such as real estate. The bank will also see a dedicated developer team working with the Hyperledger Project, with Khasis adding that he expects the first use-case of blockchain technology by the bank to go live in a year from now.

Sberbank is Russia’s largest bank by assets. It holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in the country.