The CEO of Sberbank, Herman Gref, has recently made some statements stating that "the industrial-scale adoption" of the blockchain is behind the corner. More specifically, Gref suggested that the adoption of the blockchain could increase dramatically in the "next year or two".
Furthermore, it is worth pointing out that these comments do not derive from an insignificant organization. Sberbank is the largest bank in Russia and the third largest bank in all of Europe.
The blockchain hype is replaced by practical use cases
Gref's comments have been reported by the Russian news agency TASS, which is often ranked next to Reuters and Associated Press. He noted that the blockchain is currently experimenting as "hype" gradually falls to give way to real use cases.
"The clamor surrounding technology has passed, and it has entered a phase of industrial development," reports the Tass Gref noted. "The technology will take a year or two to be applied on an industrial scale".
These comments come at a time when several industry observers have suggested that the blockchain is becoming increasingly ready for primetime.
In addition to this, Gref also reiterated his opinion that the blockchain will be widely traded by 2019. In fact, this bullish position is the one that Gref has held since 2017.
When Gref first shared his predictions that the blockchain will be widely marketed by 2017, he also noted that Russian Deputy Prime Minister Igor Shuvalov had commissioned a special group to explore potential areas of application and implementation of blockchain technology in Russia.
Moreover, this working group under Shuvalov would have explored the implications of blockchain technology as they concerned "practically all industries" in the country.
Gref was also a notable supporter of the cryptocurrency that has always opposed the Russian government's repression of digital currencies. In particular, Gref has labeled cryptocurrency as a "great technology".
States could actively prevent the adoption of cryptocurrencies
He also repeatedly expressed his skepticism about how states could potentially hinder the adoption of cryptocurrencies. Gref noted that the "centralized role" of the Russian state is something that will be reluctant to abandon. Because of this, it is possible that it actively works against the adoption of cryptocurrency.
"I see a great future in cryptocurrency?", Gref asked rhetorically RIA Novosti, another Russian press agency. "Not yet, given that the state will not give up its centralized role, it will not allow cryptocurrencies".
"I am optimistic for about 10 years," Gref continued. Perhaps 10 years will be visible beyond the horizon, but so far no state is likely to be ready to separate itself from the centralized model of money supply ".
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry at night. Rasmus holds a bachelor's degree in marketing from the Gothenburg School of Business, Economics and Law and runs a Swedish marketing consulting firm. In addition, when he is not writing for Toshi Times, traveling, working or changing the world on some other occasion, Rasmus is more than likely involved in postgraduate studies.