The director of Sberbank believes that the large-scale implementation of blockchain in Russia could take as long as a decade.
According to quotes the state news service TASS, Herman Gref, chairman of the board of Sberbank, said on Thursday that the institution could launch products based on technology next year.
But the broader adoption of blockchain could take much longer than that, according to the head of Sberbank.
Gref was quoted as saying :
“If we talk about Russia, we have the most implemented projects related to Blockchain. Although all are in experimental mode. We are experiencing a lot. Maybe in 2018 we can present some products on a large scale. The blockchain technology is one of our tricks. I estimate the horizon of implementation of the technology in 8 to 10 years “.
In the interview, Gref specifically pointed out that the commercial use of the Ethereum Blockchain could begin to be played in the next year or two. Sberbank became a member of the Enterprise Ethereum Alliance in October.
“The technology is not yet ready for commercial implementation, it will take another year, maybe two, so we can start using it,” he said.
Gref has predicted a longer timeline for the adoption of blockchain in the past, as previously reported.
Earlier this year, Gref said that the use of blockchain by banks could be “between two and two and a half years.” At that time, he pointed out that Sberbank is working on its own blockchain applications.
This position is understandable since the innovation on a large scale is never done immediately, we are accustomed to a centralized system and changing it is not something that is done from one day to the next.
Organizations and companies with the intention of migrating to Blockchain have in mind studies, pilot tests and even wait for the technology to mature a little more to think about adopting it. Therefore the total arrival of Blockchain to the majority of companies and industries in the world could take more time than many enthusiasts would like