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An entrepreneur of financial services giant Barclays has expressed the idea that blockchains should be built with regulatory compliance in mind, the news website The Next Web (TNW) reported on December 14th.
Speaking at a decent Hard Fork event, Barclays' Julian Wilson said that when they build blockchains, developers must "reconfigure our approach and thinking". Wilson argued that not all business models require blockchain and that technology should not be used, as TNW paraphrased his words, "as additions or additions to current business models".
TNW also reports that Wilson presented an integrated regulatory and development concept, arguing that "to make a legally compliant blockchain, it should be built with the law in mind, and not vice versa."
Speaking of the use of blockchain at Barclays, he noted that for a bank with over 300 years of business, changing its business model to a blockchain based one would not be easy, and that a blockchain solution would need to be "up measure ".
As reported by Cointelegraph in August, Barclays sponsored a hackathon blockchain to explore the potential of technology in the processing of derivative contracts.
While this summer Barclays denied plans to open a cryptocurrency trading desk, the banking giant has shown interest in crypto and blockchain technology recently, depositing two patents in digital currency and blockchain with the US patent office at July.
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