Russian Federal Reserve CEO: Blockchain can be officially put into commercial use by the end of 2019

The CEO of Russia’s largest bank is very optimistic about enterprise-level blockchain. He believes that the industrial-level application of blockchain in Russia is likely to be fully completed by the end of 2019.

In a recent speech, Herman Gref, CEO of Russia's Sberbank, said that banks and other existing companies are likely to officially use distributed ledger technology (DLT) within two to two and a half years.

According to a report by Prime, a local Russian business news platform, the Russian Federal Reserve is currently studying the application of DLT. The project is being led by a special working group led by people within the Russian government.

Gref said their project represents the rapid development of DLT, adding that perhaps the “two-year timeframe” prediction is too aggressive, but it is entirely feasible.

It may sound a bit overconfident, but the time is indeed ripe within two to two and a half years to explore the commercial applications of blockchain.

Gref also said that Russian Prime Minister Dmitry Medvedev has authorized the formation of a working group to study blockchain applications.

The Russian prime minister has agreed to set up a special working group, headed by Deputy Prime Minister Igor Shuvalov, to focus on the application of blockchain technology.

Speaking about DLT, Gref said he believes the technology has the potential to disrupt nearly every industry.

Gref’s views differ slightly from those of his colleague, Vadim Kulik, deputy chairman of the Russian Federal Reserve. According to a report by Russian cryptocurrency platform Forklog, Kulik publicly stated in January that blockchain will be officially put into use next year.

The Russian Federal Reserve joined the Russian Fintech Alliance, which is led by the country's central bank, in August last year.

However, Gref’s views on DLT remain the same as before.

As early as December 2013, Gref had already started talking about Bitcoin and public blockchain technology. He said at the time that this technology had great potential and that regulators should not ban it.