Business Models Should Be ‘Re-Imaged’ for Blockchain, Says Barclays Rep

A Barclays Intrapreneur stated that blockchains must be constructed with regulatory compliance in thoughts throughout a latest business occasion.

A Intrapreneur from monetary providers big Barclays has expressed the concept that blockchains must be constructed with regulatory compliance in thoughts, tech information web site The Next Web (TNW) reported Dec. 14.

Speaking at a Hard Fork Decentralized occasion, Barclays’ Julian Wilson acknowledged that when constructing blockchains, builders must “reconfigure our method and mind-set.” Wilson argued that not all enterprise fashions require blockchains and that the tech shouldn’t be used, as TNW paraphrased his phrases, “as bolt-ons or additions to present enterprise fashions.”

TNW additionally experiences that Wilson offered an built-in idea of regulation and improvement, arguing that “to make a blockchain legally compliant, it must be constructed with the regulation in thoughts, and never the opposite method round.”

Speaking about utilizing blockchain at Barclays, he famous that for a financial institution with over 300 years of exercise, altering its enterprise mannequin to a blockchain-based one wouldn’t be easy, and {that a} blockchain resolution would must be “bespoke.”

As Cointelegraph reported in August, Barclays sponsored a blockchain hackathon to discover the expertise’s potential within the processing of derivatives contracts.

While this summer season Barclays denied plans to open a cryptocurrency trading desk, the banking big demonstrated curiosity in crypto and blockchain tech just lately, submitting two digital currency and blockchain patents with the United States patent workplace in July.

Original supply: https://cointelegraph.com/news/business-models-should-be-re-imaged-for-blockchain-says-barclays-rep

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