The head of the Russian Federal Reserve Bank (Sberbank) believes that the large-scale implementation of the Russian blockchain may take up to ten years.
Herman Gref, chairman of Sberbank's board of directors, said on Thursday that the agency may launch products based on blockchain technology next year.
However, according to the head of Sberbank, the widespread adoption of the blockchain may take longer.
He said:
“Russia has the largest number of implementation projects in the blockchain. Although most of these projects are in experimental mode, we are making a lot of attempts, and we will be able to launch some products on a large scale by 2018. Blockchain technology It is one of our future development plans, and I estimate that this technology may be widely adopted in the world of 8 to 10 years."
Gref specifically pointed out in the interview that the commercial application of the Ethereum blockchain may be implemented in the next year or two. As CoinDesk reported previously, Sberbank became a member of the Enterprise Ethereum Alliance in October.
He said: "The technology is not yet ready for commercialization and may take a year or a year and a half."
In previous reports, Gref predicted that the adoption of blockchains would take longer.
Earlier this year, Gref said that bank adoption of blockchain technology may be "two or two and a half years later." At the time, he pointed out that Sberbank was developing its own blockchain application.
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