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Sberbank Partners With Energy Company to Use Blockchain Technology

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NOVOSIBIRSK, RUSSIA - JUNE 8, 2018 Sberbank office in the downtown. Source: shutterstock.com

Several European and Asian countries have adopted an accommodative approach to blockchain companies, letting them thrive and even collaborating with them. The Russians won’t stay behind in this technological race, as is evident by its push for legislation and regulation. Now Sberbank, the largest majority state-owned bank in Russia, is partnering with Rosseti, a state-run energy company to leverage the potential of distributed ledgers.

Blockchain Development Goals

Though working in very different industries, the goal of the two companies will be to collaborate and advance blockchains in the country. They also aim to develop their own expertise in distributed ledger tech. The two could work on some educational projects and start combined research trials, according to a press release.

German Gref, president and chairman of the Sberbank board, detailed the aims of the partnership and said:

“The strategic partnership of Sberbank and Rosseti in the field of innovative development will allow both companies to use the most modern technological solutions to transform their business and increase customer satisfaction. The agreement marks a new level of cooperation between the bank and the country’s main power grid holding in addition to the existing traditional banking products.”

Russia Moves Quickly Into Blockchains

The partnership is a big move from across the Atlantic, which suggests Russia’s eagerness to leverage the power of distributed ledgers. The country doesn’t intend to play second fiddle to its Asian and European peers that are making steady strides into the world of blockchain. The acts by two state-owned companies show that the government is throwing its weight behind this development. Sberbank was one of the two entities that launched the first crypto investment fund in Russia in July this year.

The press release further states that Sberbank will work as a strategic consultant to improve the manufacturability of the power company and help in making its current activities more efficient. Sberbank’s experience with the different emerging technologies like the Internet of Things, virtual reality and augmented reality, artificial intelligence, big data, business process automation, and blockchains could help the power company in improving its mechanism. Sberbank also has various subsidiaries, including DocDoc, SberCloud, Sberbank Insurance, etc., which could be utilized by Rosseti.

Sberbank Partners With Energy Company to Use Blockchain Technology was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.