Gref told when in Russia will begin mass use of the blockchain

© RIA Novosti / Alexei Codecoverage in fotoreceptor of the Board of Sberbank of Russia German Gref. Archival photoGref told when in Russia will begin mass use of the blockchain© RIA Novosti / Alexei Codiscovered the image Bank

The massive use of information technology «blockchain» in Russia requires changes in legislation, may begin not earlier than in one and a half or two years, and its understanding may take ten years, says the head of Sberbank German Gref.

Blockchain system organization of distributed databases. This technology allows to significantly optimize the costs of corporate and public governance. Prime Minister Dmitry Medvedev, speaking may 17 at the St. Petersburg international legal forum, even declared that the development of such technology intermediation of banks in many operations may be unnecessary.

«In order to recommend it for mass adoption, you need to have the technology. This technology is still at a very early stage of maturation. What is called maturity, maturity of technology, allowing her to introduce large quantities, — it is not about the blockchain. And today we can say only that the beginning of this mass use of technology it is possible not earlier than in a half or two years», — said Gref in an interview with TV channel «Russia 24».

«While there is a large number of pilot projects, and we have probably been to about five different projects, and quite successful projects with very interesting results. I think my horizon and understanding of this technology is 10 years old and need a lot of work with it, to experiment, to use completely different tasks,» he added.

Also, among other things, the use of the blockchain in Russia will require the adjustments to the Federal law «On personal data», said Gref.

«Obviously, this is one of the breakthrough technologies, and it very much will change the whole industry, starting with our own, but until this technology of the future. Need to adjust the legislation under it, because there are a large number of features. The current law on personal data has limitations in using this technology», — said a top Manager.