Sberbank Chairman Believes Blockchain Recognition Still 8-10 Years Away

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Herman Gref, Sberbank’s chairman of the board, said in an interview Thursday that he believes the implementation of blockchain technology in Russia is still eight to ten years away.

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“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,” said gref.

Gref continued to state that the commercial use of the ethereum blockchain could begin in the next year or two.

In October, Sberbank became a member of the Enterprise Ethereum Alliance, which promises to connect enterprises, startups, academics, and technology vendors with Ethereum subject matter experts.

“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,” Gref said in an interview.

Earlier this year, Gref mentioned the utilization of blockchain by banks could be just “two to two-and-a-half years away.”

Gref revealed that Sberbank is working on its own blockchain applications.

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