Russia’s biggest bank to leave the blockchain project of its Central Bank
Sberbank, the largest Russian banking institution, has announced that it will soon leave the project Masterchain carried and set up by its own Central Bank, two years ago.
“Masterchain does not satisfy the requirements for Sberbank’s use cases, so for all future exploration we will use enterprise blockchain platforms such as Hyperledger Fabric or Quorum,” stated Oleg Abdrashitov, hed of the institution’s blockchain lab. Sberbank now wants to switch to the leaders of corporate blockchain to make sure this strategic turnaround takes place under the best conditions.
In June 2017, the Russian Central Bank indicated plans to deploy a fork of the Ethereum blockchain to the benefit of a national banking consortium, allowing the members of the FinTech association Fintechru to get the benefits of the blockchain for their financial activities. The five largest banks in the country supported the project : Sberbank, Alfa Bank, VTB, Otkritie and Raiffeisenbank Russia.
An ambitious roadmap was then announced: use cases and productions should begin to be presented mid-2018. Unfortunately, the schedule was not respected, and the product is well below expectations, pushing some major players to disassociate!
Officially declaring its disappointment, Sberbank, the main Russian bank and a member of Fintechru, says that after completing the work that it has already begun, it will leave the blockchain project, and will not contribute to any other work. Sberbank said that Masterchain is too slow, not flexible, not really reliable and above all … too centralized!