Blockchain Implementation in Russia May Take a Decade, Says Sberbank Chairman

Major Russian bank Sberbank chairman of the board, Herman Gref, has claimed that a comprehensive adoption of Blockchain technology in Russia could take as long as 10 years.

The bank’s head, however, hinted that they may launch products that are based on the technology as early as 2018.

In his interview with Russian owned news service TASS on December 21, 2017, Gref said that the bank has been experimenting on Blockchain technology a lot and may introduce some products on a large scale in 2018. He added that the implementation of the technology across Russia may take 8-10 years.

“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.”

During the interview, Gref stated that the commercialization of the Ethereum Blockchain could start in the next year or two. It can be noted that Sberbank has joined the Enterprise Ethereum Alliance in October 2017.

The alliance aims to establish an enterprise distributed ledger technology (DLT) that is compatible with the Ethereum Blockchain.

In his opinion on the Ethereum technology, Gref said that it is not yet ready for commercial roll out and may take another year or two before it can be launched commercially.

“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.”