Russian state-owned banking and financial services company Sberbank 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 laboratory will also be engaged in conducting pilot projects and implement applied business solutions for Sberbank Group.

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Furthermore, 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.

The blockchain laboratory will employ specialists who are experienced in this technology.

It will also collaborate with businesses to create and execute ideas concerning blockchain technology and develop new approaches to tasks.

Sberbank senior vice-president and Sberbank CIB head Igor Bulantsev said: “Blockchain can considerably reshape many business areas related to the financial market, as well as classic activities of the bank and our clients.

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“Mastering, developing, and implementing the most promising technologies is an important element of our competitiveness as a bank and an indispensable part of our future as a tech company.

“It is important to note that blockchain helps market participants cooperate more efficiently.

“Hence, Sberbank is making a contribution to the future of the banking industry and our country by launching the blockchain laboratory.”

To date, Sberbank has developed around 20 blockchain-based pilot projects including joint solutions with Severstal, M.video and the Federal Antimonopoly Services.