The langest bank in Russia has joined the Enterprise Ethereum Alliance

Ethereum

First Russian bank just became a new member of The Enterprise Ethereum Alliance.

After signing up more than 100 companies to construct the enterprise distributed technology compatible with ethereum blockchain, the group has added Sberbank, the biggest bank in the country, to their growing list.

Evgeniy Kravchenko, who is the head of trade finance and correspondent banking at Sberbank, claimed:

 “The next step for our blockchain team will be operations with foreign-based financial institutions and other banks, to do some international transactions, to see how we can increase the transparency and improve the trust between banks and corporate clients.”

Sberbank has reported that it has finished at least two blockchain proofs-of-a-concept – one for the “smart” letter of credit and another for the letter of guarantee – working in cooperation with regulators, the Minister of Economy, other banks and the International Chamber of commerce in Russia.

Kravchenko, pointed that its entrance into the EEA is part of a bid to go beyond the initial use cases its already tested.

“We’ll be working with other banks on projects in other business areas, apart from trade finance: payments, lending, retail, everything that’s possible,” he added.

Critical comments

But Kravchenko wanted to assume that he’s limits the scope of work of Sberbank just members of the alliance.

Moreover, he claims the bank wants to continue working with Russian banks who are not members of the EEA on new and existing projects.

“The more players on the network, the better the network will be,” claimed Kravchenko.

Howewer, we can not say that Kravchenko is a blockchain maximalist.  Kravchenko himself wants to see a world where blockchain will not be exactly as necessary as some supporters think.

Using the Sibos conference as an example, he has told that it remains unknown if the technology could replace or copy the services offered by Swift, interbank service of exchanging of messages which also serves as the conference host.

Kravchenko pointed :

“I think blockchain may influience all the parties who are represented here, because all the banks are here, Swift is here. But the main message from my side is we need to do it together and jointly with other players.”

Polli Bormotova

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