Sberbank CEO: Commercial Blockchains Just Two Years Away
The CEO of Russia's largest bank believes commercial blockchain applications are closer than many experts have projected.
The CEO of Russia's largest bank is increasingly bullish about enterprise blockchain.
In new statements today, Sberbank CEO Herman Gref said that the use of distributed ledger technology by banks and other incumbents could be just two to two-and-a-half years away.
According to a report by Russia-based business news platform Prime, Sberbank is developing its own applications of the technology within a special working group headed by members of the domestic government.
Gref went on to describe this as a huge step forward for the technology, adding:
The statements follow notable action from Sberbank, which joined a Russia-based fintech consortium in August guided by the direction of the nation's central bank.
However, Gref's personal sentiment about the technology is nothing new.
As far back as December 2013, Gref has spoken out about bitcoin and public blockchains, going so far as to suggest that the technology not only had potential, but that it shouldn't be prohibited by regulators.
To learn more about the bank's work, read our latest interview with Sberbank here.
Herman Gref image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.