Herman Gref Says Blockchain For Industries Now 1-2 Years Away

Wilfred Michael 

Wilfred Michael

News reporter

18 November 2018,
Herman Gref Says Blockchain For Industries Now 1-2 Years Away

Anyone thinking that industrial blockchain technology adoption is still going to take a long time must be mistaken according to comments made by Herman Gref, CEO of Russian Bank, Sberbank.

Herman expects such large scale adoption to happen within the next 1-2 years according to a local news agency, TASS. The period of hype around blockchain technology is now over with the invention now ready for the next phase as Herman explained to journalists.

He said in the publication,

“The hype around the technology [blockchain] is now over, and the technology is entering the stage of industrial development. It needs a year or two to be implemented at the industrial scale.”

The CEO also said the barrier to global markets adoption blockchain technology is the “immaturity of the technology”. Therefore, when blockchain outgrows this status, global adoption can finally take place across different levels of the economy.

Leading Sberbank Towards Blockchain

Aside from being a blockchain enthusiast, Herman has also been an activist, playing a part in recent blockchain initiatives being tried out at Sberbank.

Towards the end of last year, Herman led Sberbank to partner with Russia's Federal Antimonopoly serve. The agencies tried blockchain technology for storing documents and transferring data at a fast speed and a cheaper cost.

More recently in June, Sberbank partnered with Alpha Bank to find out what crypto investments opportunities would be suitable for its clients. The firm also was appointed in October to serve as a blockchain advisor to Russian power and energy company, Rosset.

With the odds now in his favour, there is a chance that Herman Gref will lead Sberbank towards full blockchain technology adoption and maybe make the bank Russia’s most prominent blockchain advocate.