By Joining the project, the bank has access to international expertise and cutting-edge developments in the field of blockchain. Sberbank plans to use blockchain solutions for various sectors of industry such as banking, finance, and real estate. The bank will also see a dedicated developer team working with the Hyperledger Project, and expects the first use-case of blockchain technology by the bank to go live at the beginning of autumn 2016, according to bank’s representatives.
In 2015 Sberbank wanted to join the R3-led banking blockchain consortium revealing the bank’s interest in interacting with global financial institution and developers over blockchain technology. Besides the interest in blockchain, the bank is also notable for comments made by its CEO, regarding Bitcoin. Despite the harsh regulatory stance taken by authorities against cryptocurrencies, Sberbank CEO Herman Gref opposed the proposed Bitcoin ban bill in Russia, noting that such a barricade would hinder technological progress in the country.
The Hyperledger Project has over 85 members among its ranks, with five new members joining the open-source collective during the commencement of Sibos. The collective sees participation from major technology companies such as IBM and Intel; blockchain startups like Blockstream and itBit; banks including JP Morgan and Wells Fargo; as well as global financial markets such as the London Stock Exchange and the DTCC.
Founded in December 2015, the collaborative group sees members from various industries working together with the aim to develop open protocols and standards in an effort to ease and aid blockchain adoption in real-world scenarios.
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