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Sberbank Head: Blockchain In Russia Will Expand Over Next Decade




Sberbank's CEO recently turned his attention to the development of blockchain-based solutions in Russia.

Head of Sberbank Herman Gref expressed today that he expects development and implementation of blockchain technology in Russia to take roughly a decade. According to a state-sponsored media source, he said:

"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."

However, Gref suggested that commercial development of the Ethereum blockchain will occur much sooner. When interviewed on Russian television, Gref described the current scale of 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 businesses, governments, and private entities working together to promote interoperability and business-ready Ethereum blockchain solutions.

On joining EEA, first deputy chairman of Sberbank's executive board Lev Khasis said, "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."

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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