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Blockchain News: Business Models To Be Redesigned With Legal Compliance

Blockchain news about the regulations and compliances is making Blockchain in the international media. This emerging technology platform has been widely accepted by many marketing leading companies and government bodies across the world. Indeed this ledger form has become extremely popular in many domains but there are no defined regulatory compliances for its operation. Financial services giant Barclays supports this idea and has come in full support of a regulated blockchain ecosystem.

Barclay’s rep and entrepreneur, Julian Wilson stated that a blockchain developer must re-imagine the approach of the desired output and the way of thinking to build the blockchain network. He further added that all the existing business models do not require a blockchain integration or upgrade. He suggested that the blockchain industry must be operated with legal compliances and therefore their bank which has been in the global market from so many decades cannot make a shift to a blockchain powered network just like that.

As per the latest blockchain news Barclay’s has clearly denied to begin with any cryptocurrency trade at the moment but it has demonstrated an interest in this emerging ledger form. They have even filed two patents in July this year. However, several leading companies have raised contentions about general data protection regulation (GDPR) in a blockchain enabled network, as mentioned by The Next Web.

What Is the General Data Protection Regulation Compliance And Its Significance In Blockchain?

GDPR is a European Union-wide framework that came into effect in the European Union in May this year. This is a policy which makes sure that there is a maintenance of high standards for data protection, in addition to this there is an obligation to follow this rule for all the firms that deal with personal data.

According to Qrius, it is stated that public permission less blockchains cannot be undertaken into GDPR rule. Perhaps, private blockchain can fit in the blockchain’s regulatory woes. There is a whole lot of debate on the ledger monitoring and the regulations. The blockchain news and updates are keeping the track of latest advancements about GDPR and related firms.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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