Enterprise Ethereum Alliance has been growing the size of its enterprise distributed ledger technology by adding more than 100 businesses in the way which are compatible with the Ethereum blockchain architecture. The latest addition to this ever growing network is Sberbank, one of the largest banks in Russia.
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The Russian banking giant had already announced in the past that it had completed two blockchain proofs-of-concept, one for a letter of guarantee and another for a “smart” letter of credit. Both these concepts shall be working in collaboration with the minister of economy, regulators, other peer banks and Russia’s International Chamber of Commerce. Evgeniyu Kravchenko, Sberbank’s Head of Trade Finance, feels that its new alliance is a part of the bid to surpass the initially tested use cases. He says, “”We’ll be working with other banks on projects in other business areas, apart from trade finance: payments, lending, retail, everything that’s possible.”
However, Kravchenko did not want to suggest that he is imposing an upper ceiling on the scope of Sberbank’s work. He openly suggested that the bank would continue working with fellow Russian institutions even if they are not members of the EEA on upcoming or previous projects.
Kravchenko was quoted as saying, “The more players on the network, the better the network will be.” Although it must be kept in mind that Kravchenko is not a blockchain maximalist. He does not mind imagining a world where blockchain is not given paramount importance like what most of the crypto supports assume to be. He used the Sibos conference platform to state that:
“I think blockchain may influence 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.”
Also Read: Indian IT Giant Wipro joins Ethereum to develop Blockchain solutions
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