Sberbank CEO predicts 10% growth of global GDP due to blockchain technologies

According to Herman Gref, this technology will have a huge impact on the development of the economy in the next 5-7 years

12.04.2023 - 11:30

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What’s new? Sberbank CEO Herman Gref said that by 2030, blockchain technologies will provide up to 10% of global GDP. He considers the direction of tokenization of resources with subsequent storage on blockchain to be the most promising in this regard. During his speech at the Federation Council on April 12 Gref compared the current technological progress with breakthroughs in the times of space exploration and urged not to associate the “hard-to-use blockchain technology” exclusively with cryptocurrencies.

Material by TASS

What else did Gref say? The head of Sberbank noted that over the last 7-8 years blockchain technology underwent serious modernization. According to him, “it was not very easy to use, but now, thanks to the connection with artificial intelligence technology, it is becoming more and more customizable and applicable to a huge number of possibilities both at the level of states and at the level of ordinary people.” In addition, Gref expects blockchain technology to grow rapidly over the next 10 years.

The entrepreneur explained that blockchain is wrongly associated only with cryptocurrencies, which are “only a side effect of the technology, which has a much wider application.” He believes that in the next five to seven years, this technology will have a huge impact on the development of the economy.

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Sberbank is currently working on its own decentralized finance (DeFi) blockchain platform, which will be compatible with the Ethereum network. This will allow developers to freely transfer smart contracts and projects between the bank’s network and open blockchains. The platform is expected to launch by May of this year.

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