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Barclays: Blockchain Should be Built With Law in Mind

Barclays

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.

 

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