Herman Gref, head of Sberbank described that he expects the development and implementation of blockchain technology in Russia will be taking a decade.
In a state-sponsored media source, Gref told:
“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 8-10 years.”
Gref recommended the current scale of the development:
“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 that we can start using it.”
In October 2017, Sberbank became the first Russian bank to join the Enterprise Ethereum Alliance (EEA), a collaborative consortium of the businesses, governments, and the private entities working together for promoting the interoperability and business-ready Ethereum blockchain solutions.
While joining EEA, first deputy chairman of Sberbank’s executive board Lev Khasis, told:
“Sberbank’s joining the Enterprise Ethereum Alliance is an important stage in achieving the goals on our technology agenda. This membership implies for us access to cutting-edge developments and international expertise in terms of distributed ledger technologies.”