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Sberbank goes blockchain with Hyperledger Project

By Antony Peyton for Banking Tech

Sberbank and the Linux Foundation have entered into an agreement on the bank’s participation in the Hyperledger Project.

The deal was signed at Sibos and Lev Khasis, first deputy chairman of the executive board of Sberbank, (pictured left) said the new development with Hyperledger, and its open source platform based on blockchain, offered “access to international expertise and cutting-edge blockchain developments”.

He told Daily News at Sibos that the bank will not use blockchain for just one item. It sees many opportunities for the technology within finetch and outside of fintech (such as real estate). He expects in the next 12 months that one use case will go live.

Sberbank will have a “dedicated team” of developers working with Hyperledger. The bank has 9000 developers in total, but not all of these will be working on blockchain.

Hyperledger was established in December 2015 by the Linux Foundation – a non-profit consortium.  Members of the project include Deutsche Boerse, LSE, IBM, Cisco and Intel. Financial institutions that have joined Hyperledger include ABN Amro, Australia and New Zealand Banking Group, BNP Paribas, BNY Mellon, Moscow Exchange, Wells Fargo and Swift.

First appeared at Banking Tech

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