A representative of Barclays said that blockchain technology companies should be built taking into account regulatory issues. The Barclay entrepreneur, Julian Wilson, said that people should not use blockchain technology as an addition to current business models. Instead, companies should re-imagine new business models that would be used to build sustainable blockchain solutions.
During a decentralized Hard Fork event, he noted that not all business models require blockchain. According to The Next Web, Wilson said it was not so easy to move the current blockchain banking process. One of the main problems related to blockchain is linked to the Know Your Customer (KYC) policies. Some of these networks have not been built to meet these laws around the world.
He then said that Barclays has 300 years of work in the banking sector and that it is not a simple task to move towards a system based on blockchain. There are many things that need to be addressed before this is made possible.
A few months ago, Barclays sponsored a hackathon blockchain to explore the best blockchain solutions and increase the efficiency of derivatives processing. This shows that there is a growing interest from companies to evaluate and analyze blockchain technology for their businesses.
There are other banks that have already implemented blockchain solutions around the world. Santander and BBVA are two financial institutions that work with DLP (distributed ledger technology). Other financial institutions like MoneyGram are working with Ripple, one of the most important blockchain companies in space.