Barclays Rep: Blockchain-based Business Models Should be Created with Legal Compliance

According to the popular technical news website The Next Web (TNW), an intrapreneur from financial services giant Barclays suggested that blockchains should be created with operational compliance in mind.

While reproaching at a Hard Fork decentralized incident, Julian Wilson at Barclays suggested that developers need to reconfigure their approach at the time of building blockchains. He further added that all business models do not require blockchains and tech need not be utilized.

The Next Web announces that Wilson introduced a coherent concept of operation and development. He further added that we should always keep the law in our brains for creating a legally compliant blockchain. He later emphasized and told that we should abide all the other ways that do not go with the law.

While reproaching about the usage of blockchains at Barclays, he found that it is not easy for a bank, which is operating from such a long time, to change its business model to a blockchain-based model. He further added that a blockchain solution would require a proper demonstration.

In August, Cointelegraph informed that Barclays sponsored a fest related to the blockchain. This fest was aimed to discuss the potential of technology in the processing of derivatives commitments.

In summer 2018, banking giant Barclays denied all plans of opening a cryptocurrency trading desk. But, it has been found that this giant has shown interest in crypto and blockchain technology in recent months. Barclays has demonstrated this interest by filing two digital currency and blockchain patents with the United States patent office. Reports say that Barclays filed for these crypto patents in July this year.