Barclays Representative Calls Out Regulation Compliance As Important To Successful Blockchain Businesses

Since the persistent bear market for cryptocurrencies got established, blockchain is almost vanishing from the news. However, the subject came up during the Hard Fork Decentralized event. The event hosted several speakers, among them a Barclays representative.

Particularly, LTO Network, a Dutch blockchain firm hosted the speakers who tackled the issues of regulation compliance for blockchain.

A whole new world of opportunities

Julian Wilson, the Barclays representative, said stake holders have to reconsider the whole blockchain narrative. He added that the technology should not appear simply as an add-on. Instead, they should view it as a whole world of new opportunities. This is to say that blockchain is not simply an offshoot of the existing business model.

Blockchain is one of the various emerging technologies that are shifting the ground beneath businesses. Interestingly, whole industries are at the mercy of the new dynamics the technology is bringing attention to. Further, the technology is finding interesting use cases in many sectors. As such, blockchain is coming up as complementary hence leading inconceivable efficiencies in fields such supply chain.

The issue of regulation compliance of blockchain is one that is the biggest hindrance to the technology’s flourishing. Interestingly, Hard Fork Decentralized is one of the many platforms trying to shift focus to this important issue.

FT partnership

The platform’s success attracted the Financial Times as a new partner in all its events going forward. According to a recent report, the Financial Times will co-host Hard Fork Decentralized, a platform created by The Next Web.

Particularly, the co-hosting will include Hard Fork Pitch Battle. This part of the event gives startups the platform to pitch their businesses and hopefully get investors.

At the core of the platform is the need to shift the narrative surrounding blockchain and the existing legal environment. According to Wilson, businesses should begin building their models around “a suitable blockchain.”

Further, Wilson notes that businesses are reluctant to embrace blockchain because its feasibility is uncertain.

“For a bank that has over 300 years of history, like Barclay’s, it is not as simple as just moving current banking process over to the blockchain,” said Wilson.

Regulatory compliance and GDPR compliance

Therefore, it is apparent that blockchain feasibility has to hard certain for businesses to trust it. Interestingly, the Barclay’s Intrapreneur noted that issues like know-your-customer (KYC) and General Data Protection Regulation (GDPR).

Interestingly, GDPR is a very contentious issue that is still diving the blockchain community. Particularly, a section believes blockchains cannot be permission less and be GDPR compliant at the same time. Therefore, they are proposing private blockchains.