The Lord Spens sat alongside Dr B. Broadbent, deputy at the Bank of England, and a wider panel of blockchain experts to talk of the disruptive potential of blockchain to a row of Lords with minimal knowledge and understanding of the technology.
Answering questions from Lord Darling, Lord Layard and Lord Hollick amongst others, the panel were grilled on the potential impacts of blockchain on the central bank, commercial banks, privacy and health data. Read more here: Parliament Economic Affairs Select Committee.
As the panel, also including Professor Mainelli and Dr Mulligan, were grilled by the Lords, three concerns recurred:
- Issue of privacy;
- Lack of understanding.
The Lords were forthcoming with their lack of understanding and repeated queries on the technical mechanisms of the distributed ledger technology, as Blythe Masters, who spoke to the Lords later in the committee, preferred to call blockchain.
The committee highlighted the challenge that technologists face in bringing into the mainstream the technology behind the infamous Bitcoin.
The full event can be watched back at this link: Committee Recording.
Comment after the committee from Coindesk can be seen here: Coindesk article on critique from the Lords.