Sberbank joins EEA

Sberbank joins EEA

Sberbank has become the first Russian bank to join the Enterprise Ethereum Alliance (EEA). The non-commercial alliance was established in February 2017 to transform Ethereum into an enterprise-grade technology.

Ethereum is a decentralised platform that runs smart contracts – applications that run exactly as programmed, without any possibility of downtime, censorship, fraud or third-party interference.

These apps run on a custom-built blockchain, a powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises and move funds in accordance with instructions given long in the past (like a will or a futures contract) without a middle man or counterparty risk.

“Sberbank’s joining the Enterprise Ethereum Alliance is an important stage in achieving the goals on our technology agenda. This membership implies for us access to cutting-edge developments and international expertise in blockchain technology,” says first deputy chairman of Sberbank’s executive board Lev Khasis.

Other Ethereum alliance members include CME Group, Credit Suisse, DTCC, ING, JPMorgan, Santander, UBS, Accenture, Deloitte, Intel and Microsoft. High-tech start-ups and scientific and research organisations are also members of the alliance.

Khasis’ colleague, Igor Bulantsev, senior vice-president of Sberbank and head of Sberbank CIB, says: “Our entrance to the Alliance will help broaden cooperation between leading global companies in terms of developing the Ethereum platform. The Alliance is actively developing and I hope that the bank’s expertise will be of use to all of its members. In addition, the bank will be able to influence the enhancement of the platform and its growth in the corporate sector. I hope that our union will further strengthen our relationship with the Ethereum Foundation and serve as a significant step towards developing blockchain technology in Russia.”

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