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Sberbank accomplishes first test transaction in blockchain

Consortium of Russian banks together with the Central Bank is testing transactional system based on a distributed registry technologies.

Sberbank has tested the transfer of money from one client to another under the supervision of the Central Bank, First deputy CEO of Sberbank Lev Khasis said in an interview with TASS. He warned that is time required for commissioning of the system.

"We know that there have already been examples in the world when hasty use of blockchain technology has led to significant losses."

Khasis believes that in the nearest future blockchain will be used on an industrial scale.

The ability to reduce the time of the transaction and the cost reduction are considered the best achievement of blockchain technology in the largest bank in Russia.

"Now blockchain allows you to have a more secure and less expensive system based on distributed processing and distributed storage. And in this regard the Central Bank is one of the driving forces behind the introduction of new technologies."

According to First deputy CEO of Sberbank, blockchain has a wide range of applications: the state systems of real estate registration, the registry office, elections, records’ management in the workbook. Khasis suggests that blockchain would greatly simplify the work of many departments, including the Ministry of Labour.

"In the XXI century paper employment history – it’s a long time exhibit for a museum in almost any developed country of the world."

Khasis also compared full-scale launch of transactions systems on blockchain to the flight into space.

In the summer 2016 it became known about the establishment of the Russian Consortium for the study and development of blockchain technology. The organization was created under the leadership of the Central Bank. In addition to Sberbank, Qiwi, Accenture, Binbank, “MDM Bank,” “KMB Opening” and “Tinkoff Bank” are also involved in the consortium.


  • November 18, 2016 4:47 PM MSK