The largest Russian bank has developed an open-source blockchain platform Digital Ecosystem. CoinFox contacted the bank’s press office to find out how they plan to use the new solution.
Early in January 2017, the news appeared about a new blockchain-based document exchange system created by Sberbank and its partners.
CoinFox: A number of the world’s largest companies is currently working to transfer their document flow to blockchain. What part of the work processes at Sberbank are you planning to move to blockchain?
Sberbank: As part of our current pilot project we are testing the blockchain technology for exchange of a wide range of documents between various partners. We are trying to create a universal network not limited to any particular document type.
CoinFox: Why Digital Ecosystems? Is your choice of platform connected with Sberbank’s membership in Hyperledger, or rather with your participation in the Russian blockchain consortium?
Sberbank: Digital Ecosystem is a pilot project of our own, not of a third-party vendor. We use our proprietary solutions. This project began long before Sberbank became a member of the FinTech Association and Hyperledger.
CoinFox: In November 2016, Sberbank in partnership with the Bank of Russia carried out a test money transaction between bank accounts using a blockchain. Do you consider using the blockchain technology for money remittances?
Sberbank: We consider a variety of potential applications for the blockchain technology including money remittance services. However, we are not planning to transfer any monetary transactions to blockchain in the near term.
CoinFox: How will Sberbank’s clients benefit from this blockchain project?
Sberbank: The transfer of document flow to blockchain only concerns our partners and contractors, it does not extend to client services. Overall, from the application of the blockchain technology we expect increased reliability and accessibility of the system and reduced exploitation costs.
Along with Sberbank, the document exchange project is coordinated by the Federal Antimonopoly Service of Russia. As its deputy director Andrey Tsarikovsky told CoinFox in a recent interview, the agency will share the same Digital Ecosystem blockchain environment to communicate with commercial companies.