Barclays: Blockchain Should be Built With Law in Mind

written by

Barclays: Blockchain Should be Built With Law in Mind

Support free journalists: > send a tip

Julian Wilson, an intrapreneur from financial services firm Barclays has opinionated that blockchain systems should be built while keeping in mind the law.

Wilson expressed these ideas while speaking at the Hard Fork Decentralized event. He said blockchain developers should “reconfigure our approach and way of thinking” because the technology’s practicality is overhyped and many businesses do not even require it. He said that the technology should be developed not as a disruption, but a complement to regulations: “To make a blockchain legally compliant, it should be built with the law in mind, and not the other way around.”

Wilson also said that although the decentralized technology had its advantages, shifting overnight to it from the current business model is a daunting task for a bank such as Barclays.

Barclays has shown interest in cryptocurrencies and their underlying blockchain technology in the past but has denied it has any intentions of setting up a trading desk for digital currencies. It has already filed two patents related to the transactional and storage use of the technology with US patent office this summer. The bank also held a blockchain hackathon in August this year. The driving force being exploration of the technology’s application in executing and processing of derivative contracts.

Many banks around the world are looking into the decentralized technology. Russian state-owned Gazprombank has announced it will be setting up crypto trading service. Spain’s second-largest bank, BBVA, recently conducted a syndicated loan in the tune of USD 150 million to the country’s national grid operator.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: pexels.com

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Latest on Bitcoin News

   Advertisement