Blockchain Tech Will Make Banks Disappear in 10 Years, Says VP of Russia’s Biggest Bank
The quotes are certain to raise eyebrows among bankers, everywhere. The Vice President of Sberbank, Russia’s biggest bank by assets and the third largest bank in Europe (2014 figures) has opined that the advent and spread of blockchain technology will see banks disappear by 2026. Speaking at Metro Expo 2016, an industry conference, Sberbank’s vice president Andrey Sharov shared his thoughts about the future of the banking industry. With quotes reported by Russian news agency , Sharov predicts that the rise of blockchain technology will lead to the demise of the current banking industry as....
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Sberbank, the biggest bank in Russia might adopt blockchain technology in the future. The bank plans to join the international consortium R3 and develop blockchain based services. However, as in the case of other international big banks, it doesn't plan to use Bitcoin. “We cooperate with the consortium very closely and watch the direction of blockchain technology. We are studying the documentation and I can't rule out that we will enter. though there's no final decision yet,” said Lev Khasis, the bank’s deputy chairman for Russian daily Kommersant. According to L. Khasis, although....
Russia’s Central Bank is testing Blockchain technology with selected partner banks via a new consortium – but it will not involve the previously-touted “Russian Bitcoin.” Russia’s Central Bank Tests ‘Cryptotechnology’. At the International Finance Congress June 3-4 in St. Petersburg, deputy governor Olga Skorobogatova said that a new “consortium” was to....
Over the past few years, it has become abundantly clear that Russia is not a big fan of the Bitcoin concept, to say the least. However, that doesn’t mean the local banks aren’t keeping a close eye on the evolution of blockchain technology. Sberbank has indicated they want to join the growing consortium of banks developing blockchain-based technological solutions. When Russia’s largest bank shows a keen interest in joining a consortium of financial institutions working on blockchain technology projects, things are starting to look more positive than ever in the country. Up until this point,....
After long and careful consideration, R3CEV, better known as the R3 consortium, also simply called R3, reportedly denied the application of Russia’s Largest Bank, Sberbank, to join the rest of the banks in the consortium due to international sanctions against Russia. Since the introduction of Bitcoin and the concept of blockchain technology in 2009, the blockchain has represented the following attributes: decentralization, transparency, immutability and security. Perceiving the success of Bitcoin and other legitimate cryptocurrencies and blockchain projects such as Monero, Litecoin and....