SOCHI, October 18. /TASS/. Blockchain technology has a great future, but it is not ready yet, Head of Sberbank Herman Gref said on Thursday.

"This technology is amazing, it is a technology of the future, it provides tremendous opportunities. The technology is not ready right now. When will it be ready? Three - five years, in my opinion," Gref said.

"The society spends little on the development of this technology, it refinances itself. I think this is an amazing phenomenon that needs rethinking. There are not many examples when a fundamentally new technology develops through a self-financing mechanism," he added.

"It seems to me that the hype is over, and a more balanced consideration and assessment of this technology has began. I see that it has great prospects in the financial sector and public administration," Gref concluded.