Sberbank is one of the first financial organizations in Russia that became interested in introducing blockchain technologies into its work. In addition, representatives of the bank previously announced the possibility of creating their own stablecoin backed by the Russian ruble. The editors of BeInCrypto spoke with the director of the Sberbank Blockchain Laboratory, Alexander Nam, about the future of blockchain solutions for the financial sector and the use of digital financial services in the country.
Sber was one of the first in Russia to decide to implement blockchain technologies in its work. What was this connected with?
Blockchain is one of the top 5 technologies of the future, so Sber became interested in its implementation. According to a report by international analytical agencies, the use of blockchain allows financial institutions to save about $12 billion annually. From a business perspective, this technology can be viewed as a system for exchanging data and value without intermediaries between equal partners. Blockchain helps speed up business processes and make exchanges fast and accurate thanks to the three principles of the system: distribution, transparency and immutability of the data used.
How are blockchain technologies used today? What pros and cons do you see?
According to international analysts, the blockchain market will reach $67 billion by 2026. And spending on blockchain solutions will reach $19 billion by 2024. This technology is most widely used in the financial sector. Here the blockchain allows:
make instant and secure money transfers anywhere in the world, which speeds up and facilitates the process of transferring funds;
create decentralized lending systems that ensure transparency and reliability of the process;
quickly create complex digital assets with significantly less labor costs (than in traditional finance);
transparently automate the execution of financial transactions using smart contracts;
simplify the management system, for example, voting at shareholder meetings, ensuring security and transparency of the process.
Overall, blockchain technology helps banks improve processes and increase the level of security and reliability in their operations. The technology is actively used in other industries. Its active implementation in the healthcare field is expected. Investment is projected to reach $230 million per year by 2023, with a growth rate of 63% annually over the next six years.
What problems did you encounter when implementing blockchain technologies?
The technology is young but rapidly developing. Just a few years ago, we lacked technological capabilities, maturity and tools, so we were limited to experiments and pilot projects. Today we are already using blockchain in innovative products, for example, DFA. There were also gaps in the legal framework, many of which have now been filled.
How ready are Russians to use stablecoins and cryptocurrencies? Are banks ready to implement blockchain solutions en masse?
The numbers I announced indicate that investment in blockchain technology, especially in the financial sector, will continue to grow. Banks will be ready to implement this direction en masse when the legal framework is created. Interest in cryptocurrencies and stablecoins is gradually growing in Russia, but there are still many people who do not understand how these new financial instruments work and how they will be able to use them.
What are the company's plans? Do you plan to expand the scope of blockchain technologies?
Yes, definitely. We previously announced that the Sber platform will receive technological compatibility with Ethereum. This will provide integration with one of the most popular wallets, MetaMask. With its help, users will be able to carry out transactions with tokens and smart contracts hosted on the Sber platform. In addition, our platform allows participants to issue their own tokens and create smart contracts. And integration with bank information systems makes it possible to make payments in smart contracts in rubles.