The oldest and one of the largest bank of Russia, Sberbank has recently announced its intention to open a blockchain lab which will be used to develop and test blockchain solutions.

The CEO of the bank Herman Gref had released a statement a month back stating that Russia is currently experimenting in new technologies, the latest being the blockchain technology. Though he also said that implementation of this technology on a large scale will take more than 10 years in the country.

The bank which keeps itself abreast of all the current financial and technological developments has taken the task of developing blockchain solutions. The CEO has also promised some substantial result from the bank in the form of some products by year end.

Last year Gref had said that banks might be using the blockchain technologies in 2-3 years’ time.   Moving a step forward in that direction the bank has now launched its own lab to test blockchain solutions.

The lab will be working in collaboration with other labs of the bank and with other start up alliances. According to the senior Vice President of the Bank Igor Bulantsev, the lab will build prototypes, test them and then deploy them.

The Vice President also stated that Blockchain can effectively contribute towards helping the market members cooperate better. In order to realize the full potential of blockchain technologies to change financial markets the bank is setting up the lab.

The Lab would be a major contribution towards the future of Russia’s banking industry. The lab will appoint expert and experienced people who will not only help develop products but will also help the bank to innovate in performing its activities.

The lab is the latest in the banks series of block chain initiatives. Previously the bank had become a member of The Enterprise Ethereum alliance and had developed solutions jointly with Severstal.