Sberbank’s CEO, Herman Gref, has recently made some waves stating that ”industrial-scale adoption” of blockchain is around the corner. More specifically, Gref suggested that blockchain adoption might increase dramatically in the ”next year or two”.
Moreover, it is worth highlighting that these comments do not stem from some insignificant organization. Sberbank is the largest bank in Russia, and the third largest bank in all of Europe.
Blockchain hype is being replaced by practical use cases
Gref’s comments were reported by the Russian news agency TASS, which is often ranked alongside Reuters and the Associated Press. He noted that blockchain is currently experiencing how ”hype” gradually falls away to make way for real use-cases.
”The hype surrounding the technology has passed, and it has entered a stage of industrial development,” TASS reports that Gref noted. ”The technology will take a year or two to be applied on an industrial scale.”
These comments come at a time when several industry observers have suggested that blockchain is increasingly becoming ready for primetime.
In addition to this, Gref also reiterated his view that blockchain will be widely commercialized by 2019. As a point of fact, this bullish stance is one that Gref has held since 2017.
When Gref first shared his predictions that blockchain will have been broadly commercialized by 2017, he also noted that Russia’s Deputy Prime Minister Igor Shuvalov had commissioned a special group to explore potential deployment and application areas of blockchain technology in Russia.
Furthermore, this group working under Shuvalov was reportedly exploring the implications of blockchain technology as they pertained to ”virtually all industries” in the country.
Gref has also been a notable cryptocurrency supporter who has consistently opposed the Russian government’s crackdown on digital currencies. Specifically, Gref has labeled cryptocurrency as being a ”great technology”.
States could actively prevent the adoption of cryptocurrencies
He has also repeatedly voiced his skepticism regarding how states could potentially hinder the adoption of cryptocurrencies. Gref has noted that the Russian state’s ”centralized role” is something that it will be reluctant to abandon. Due to this, it is possible that it will actively work against cryptocurrency adoption.
”Do I see a great future in cryptocurrency?” Gref rhetorically asked, according to RIA Novosti, another Russian news agency. ”Not yet, as the state will not give up its centralized role, it will not allow cryptocurrencies.”
”I’m optimistic about 10 years,” Gref continued. Maybe 10 years will be visible beyond the horizon, but so far it’s not likely that any state is ready to part with the centralized money-supply model.”
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.