Barclays – Blockchain Should Be Created With Legal Compliance In Mind
According to the tech news website Next Web (TNW), an innovation executive from financial services giant Barclays has opined that blockchains should be developed with legal compliance in mind.
Talking at a Hard Fork Decentralized event, Barclays ‘ Julian Wilson expressed that programmers must “reconfigure our approach and way of thinking” when building blockchains. Wilson contended that not all business models necessitate blockchains and that the innovation should not be utilized, as TNW paraphrased, “as add-ons to existing business models.”
TNW also states that Wilson presented an integrated regulatory and innovation concept, contending that “to make a blockchain legally compliant, it should be built with the law in mind, and not the other way around.”
Speaking of the use of blockchain at Barclays, he noted that it would not be easy for a bank with more than 300 years of activity to change its business model to a blockchain- based one and that a blockchain solution would have to be “adapted.”
It can be remembered that back in August, Barclays sponsored a blockchain hackathon to explore the potential of technology in the processing of contracts for derivatives.
While Barclays denied plans to open a cryptocurrency trading desk this summer, the bank giant recently showed interest in crypto and blockchain technology by filing two digital currencies and blockchain patents with the US patent office in July.