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Sberbank and the Federal Antimonopoly Service Will Implement Blockchain Technology
25.12.2017 17:02
Sberbank and the Federal Antimonopoly Service Will Implement Blockchain Technology

Sberbank and the Federal Antimonopoly Service of the Russian Federation have launched a pilot of their joint project “Digital Interaction between the Federal Antimonopoly Service (FAS) of the Russian Federation and Banks and Economic Subjects on the Basis of Blockchain Technology”.

      The possibilities of distributed document storage and its impact on the speed, reliability, and quality of interaction were examined earlier as part of the joint pilot project conducted by the FAS of Russia, Sberbank, Aeroflot, Russian Coal, ForteInvest, and other companies. Requirements for the system and its further development were approved on the basis of the results of the pilot project.

      The experimental and commercial operation of the digital interaction system has started. As part of this interaction, information and documents that the FAS of Russia and Sberbank exchange are being successfully transferred and stored in encrypted form using blockchain technology and cryptography means, whose usage is certified in the Russian Federation. 

      Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 135 million individual customers and more than 1 million corporate clients in 22 countries. Sberbank has the largest distribution network in Russia with almost 17,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, Turkey and other countries.




Author: Anna Dorozhkina


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