The adoption of blockchain technology is on a continuous rise. More use cases for the technology are being discovered every day. However, the adoption of the technology is not up to expectation. There are still lots of potentials that are yet to be discovered. Recently, Herman Gref – a Bitcoin (BTC) advocate – gave his prediction regarding the future adoption of blockchain technology.
According to Herman Gref, there will be a surge in industrial-scale adoption of the technology in the next one to two years. Herman Gref is the Chief Executive Officer of the largest bank in Russia – Sberbank. Sberbank is also the third largest bank in Europe.
Blockchain Technology Will See More Use Cases in the Near Future
The hype around blockchain technology is gradually fading away, he said. However, the numerous use cases of the technology will come into play in the near future. This means blockchain technology has gone beyond the theoretical stage. It has now moved into a practical phase.
Gref said, in the next year or two, there will be more use cases for the technology. Adding that a little more time is required for the technology to be applied on an industrial scale. This would massively increase the adoption of the technology.
Gref’s Earlier Prediction for Blockchain Technology
Back in February last year, Gref made a prediction about blockchain technology. He said that the technology will be commercial in 2019. Recently, the CEO reaffirmed his earlier prediction. He strongly believes that blockchain will be commercial in the next year or two.
During his initial prediction, he said that a special working group led by Igor Shuvalov was exploring the best use cases for blockchain in almost all the industries in Russia.
Gref Sees Digital Currency as a Great Technology
Herman Gref sees digital currencies are a great technology. Unfortunately, the government of Russia has been fighting against digital currencies. Nevertheless, Gref has been an outspoken opponent of the crackdowns on digital currencies by the Russian government.
Gref believes the government is being harsh on Bitcoin (BTC) and other digital currencies because their use cases are not better understood. As a result, he has urged the authorities in Russia to be easy-going with digital currencies until their use cases are better understood.
While Gref believes that digital currency is a great technology, he still believes that cryptocurrency will not replace traditional money. He said the financial system of the world today is heavily centralized. As a result, it is less likely for decentralized money to replace centralized money.
A few weeks ago, Gref discussed the short-term future of digital currencies. Gref is a big fan of digital currencies, nevertheless, he believes it might take another ten years for digital currencies to gain mainstream adoption. He said the industry needs more time to grow because it is still in its early stage.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is changing hands at $5,597 after an increase of more than one percent over the past twenty-four hours. Bitcoin (BTC) currently boasts of a market cap of $97.29 billion and its trading volume over the past twenty-four hours is $4.12 billion.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.