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Sberbank Chairman: Blockchain Adoption Could Take 10 Years
The head of Sberbank believes that the wider-scale implementation of blockchain in Russia could take as long as a decade.
Updated Sep 13, 2021, 7:18 a.m. Published Dec 22, 2017, 2:10 p.m.
The head of Sberbank believes that the wider-scale implementation of blockchain in Russia could take as long as a decade.
As quoted by state-owned news service TASS, Herman Gref, Sberbank's chairman of the board, indicated on Thursday that the institution could roll out products based on the tech as early as next year.
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But the wider adoption of blockchain could take much longer than that, according to the Sberbank chief.
Gref was quoted as saying:
"If we talk about Russia, we have the largest number of implemented projects concerning blockchain. Although, they are all in the experimental mode. We are experimenting a lot. Maybe in 2018 we will be able to introduce some products on a large scale. The blockchain technology is one of our tricks. I estimate the implementation horizon of the technology in 8 [to] 10 years."
In the interview, Gref specifically noted that commercial use of the ethereum blockchain could begin playing out of the next year or two. Sberbank became a member of the Enterprise Ethereum Alliance back in October, as previously reported by CoinDesk.
"The technology is not yet ready for commercial implementation, it will take another year, maybe a year and a half or two, so that we can start using it," he remarked.
Gref has predicted a longer timeline for blockchain adoption in the past, as previously reported.
Earlier this year, Gref stated that the use of blockchain by banks could be just "two to two-and-a-half years away." At the time, he noted that Sberbank is working on its own blockchain applications.
Sberbank image via Shutterstock
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