Sberbank CEO Predicts Rapid Blockchain Adoption in the Next Two Years

The Dawn of Industrial Blockchain

According to Herman Gref, the CEO of Sberbank, blockchain is on the verge of a major breakthrough in the next one to two years. No longer just a tech buzzword, Gref insists that the technology is finally stepping into the spotlight of industrial development.

The Hype is Over

“The hype around the technology is now over,” Gref stated, signaling a shift in the narrative. Rather than a dazzling concept, blockchain is ready to tackle real-world issues. However, before we throw up a “We’ve Arrived” banner, Gref cautioned that the global markets are still “not yet ready” for the massive commercial wave of blockchain due to its current technological immaturity.

A Changing Timeline

Previously, back in October, Gref had estimated a longer horizon for blockchain’s readiness, suggesting that three to five years might be necessary for a viable implementation. This fluctuation raises a few eyebrows in the tech community. Is it truly just around the corner, or are we in for a longer wait?

Sberbank’s Blockchain Ventures

Sberbank isn’t sitting around twiddling its thumbs while the industry prepares. They’re actively experimenting with blockchain technology. For example:

• In December 2017, Sberbank joined forces with Russia’s Federal Antimonopoly Service to store documents and transfer data securely, eliminating the need for pesky paper trails.
• In June, Sberbank partnered with Alfa Bank to explore cryptocurrency-based investment options targeted at retail investors, because who doesn’t want to invest like a hedge fund manager?
• In October, they became advisors to Rosseti, a major state-owned energy company, to help trial blockchain solutions for more efficient operations.

The Blockchain Expansion

Other banks are also getting in on the act; Raiffeisen Bank’s Russian branch announced plans to utilize blockchain for issuing digital mortgages and bank guarantees. They even hinted at expanding the tech to other areas, hinting at a burgeoning optimism about blockchain applications across various financial landscapes.

So, What’s Next?

As the hype fizzles out and the groundwork for blockchain becomes more robust, it’s easier to see this technology sticking around for the long haul. Whether it’s a year or three to five years, one thing’s clear: blockchain has a future, and everyone’s trying to figure out their shining moment in the spotlight.