Coindesk Logo

Sberbank Chairman: Blockchain Adoption Could Take 10 Years

Sberbank Chairman: Blockchain Adoption Could Take 10 Years

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.

The head of Sberbank believes that the wider-scale implementation of blockchain in Russia could take as long as a decade.

The head of Sberbank believes that the wider-scale implementation of blockchain in Russia could take as long as a decade.

AccessTimeIconDec 22, 2017, 2:10 PM
Updated Aug 18, 2021, 7:47 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.