Blockchain Has 3-5 Years to Maturity, Russian Bank Executive

written by

Blockchain Has 3-5 Years to Maturity, Russian Bank Executive

Support free journalists: > send a tip

The CEO of Russia’s largest banking conglomerate, Sberbank has questioned whether governments will embrace new decentralized models while giving blockchain around 3-5 years before it is mature enough to be ready for mass adoption.

Despite Herman Gref saying that the nascent blockchain technology is not developed enough for proper use yet, he has faith in the ability of the underlying ideology of the technology to usher in much-needed changes in both commerce and communities.

Local news outlet RIA Novosti quotes Gref, ”the philosophy embodied in [blockchain] could drastically change approaches in many areas. Improving this technology could bring huge value both to business and society.”

He gave blockchain between 3 and 5 years to reach a level of maturity where it will be ”ready” for industry implementation.

His comments correlate with a recent poll of executives who claim that implementing blockchain in enterprises has been ”harder than expected.” They cited scalability as a significant part of the challenge, with close to half of poll respondents struggling to process high volumes of transactions on the blockchain network quickly.

Decentralized currency

Gref said that as he sees it, governments on a global scale do not look likely to accept any decentralized model of currency, such as cryptocurrencies like Bitcoin. However, he believes that in around 10 years opinions might change in favor of a decentralized money supply, although even this he says in an ”optimistic” time frame.

The CEO called on governments to find a middle ground in regulating cryptocurrencies in a manner that could prevent illicit activities, but also not stifle innovation or kill cryptocurrencies altogether. Any ban on crypto usage could also damage the blockchain industry, he said.

Russia-based Sberbank as an institution has taken a positive stance in both blockchain and cryptocurrencies. In June, Sberbank took the central bank’s ”regulatory sandbox” as an opportunity to begin testing options for investors looking for opportunities in cryptocurrency.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

Enjoyed the article?

100% of your tips go directly to [email protected]
Need a wallet? Get it here

⚡️ Tip The Author

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement

Join our Newsletter

   Advertisement

Latest on Bitcoin News

Video of the Week

Join our Newsletter

   Advertisement