The CEO of Sberbank states that the adoption of industrial-scale blockchain is 1-2 years


The head of the main Russian state bank Sberbank has predicted that the adoption of blockchain will take place on an industrial scale in one or two years, according to the TASS newspaper on November 13th.

Speaking to journalists this week, Sberbank's CEO Herman Gref explained that technology is entering its industrial development phase:

"The clamor around technology [blockchain] it's over and technology is entering the industrial development phase. It needs a year or two to be implemented on an industrial scale ".

Gref has argued that global markets are not "ready" yet for the large-scale commercial adoption of the blockchain, given the "immaturity of technology".

In early October, Gref gave a more general timetable for the adoption of the blockchain, stating that it would be "ready" in three or five years, but not specifying on which scale.

Sberbank is actively involved in blockchain processes, along with other major Russian banks and institutions. In December 2017, Sberbank collaborated with Russia's Federal Antimonopoly Service to file documents and transfer data on blockchains.

Later in June, Sberbank worked with Alfa Bank to test cryptocurrency-based investment options for retail investors. In October, Sberbank became a consultant to the Rosseti state power company to help him try blockchain solutions.

Recently, another bank, the Russian branch of Raiffeisen Bank, announced that it would implement blockchain to issue digital mortgages and bank guarantees, planning to expand the implementation of technology in other areas.

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