PRESIDENT OF SBERBANK ASSURES THAT BLOCKCHAIN WILL BE IMPLEMENTED IN RUSSIA IN THE NEXT 8 YEARS
Herman Gref, president of the Russian bank Sberbank, said in an interview that he foresees a complete implementation of blockchain in the next 8 years, however indicates that by 2018 the first commercial development of blockchain in Russia can take place.
Almost a decade is what Gref estimated to achieve a real adoption of blockchain technology in the financial and organizational system of Russia. According to its perspective, blockchain is not at a stage mature enough to be adopted commercially. Despite this, it does not rule out starting to carry out tests and present products "on a large scale", according to the government press agency TASS.
If we talk about Russia, we have the most projects implemented on 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 8-10 years.
Herman Gref - President, Sberbank
However, throughout 2017 the company represented by Gref has been carrying out different tests and experiments with the Ethereum platform, since they are part of the Ethereum Enterprise Alliance, a conglomerate dedicated to exploring the commercial benefits that the blockchain based on the code can bring developed by Vitalik Buterin. At least 15 tests have been carried out in this regard, Herman Gref said.
So far we have implemented 15 different projects, but they are still experimental in nature. The technology is not yet ready for commercial implementation, it will take another year, maybe a year and a half or two, so we can start using it.
Herman Gref - President, Sberbank
It is important to remember that Sberbank (Savings Bank of the Russian Federation) is the largest bank in Russia and was the first bank to join this blockchain conglomerate. According to Lev Khasis, first vice president of the Board of Directors of Sberbank, the developments and initiatives in which the bank can participate collaborate with the objectives of the Russian technological agenda.
This is proof of the Russian opening towards blockchain technology, a positive attitude that is not replicated in the case of digital currencies that still lack a regulatory framework and bitcoiners are faced with the possibility of not being able to undermine any decentralized cryptocurrency in the territory of Russia, even though Putin ordered the design of a cryptorublo.
It will be necessary to wait until 2018 to know what the "large-scale" tests of the Sberbank are and especially if it will take 10 years to achieve the complete and functional implementation of the blockchain technology.