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On Tuesday, a director of a leading think tank sits in front of the Treasury Select Committee of the British Parliament and called blockchain technology as "magic wand, pixie-dust things" which is a "fashion" and "a distraction to seek to get some of the basic rights" in the banking sector.
Martin Walker, director of the nonprofit Center for Evidence-based Management (CEBMa) testified on digital currencies and blockchain in the room filled with British MPs following the presentation of written evidence at Treasury Committee of the House of Commons on April 12.
Mr. Walker was previously a consultant to the R3 blockchain consortium, which has more than 80 global financial institutions among its members and has successfully completed trials for a number of banking giants.
He said:
"Again and again, there was these magic wand stuff, pixie dust … If 10% of what I heard in my banking career came true, we would have the most incredible banks that manage their infrastructure for a pound a week. "
"All it takes to turn a credible idea into a lifestyle, is that people simply stop their brains and stop thinking," he added. "More than 20 years in and around the banking industry – Blockchain is a fad, but I've seen a lot of fashions in my career."
He offered an olive branch with the admission that the hype around blockchain had pushed banks to reform and update "non-sexy" parts of their business such as financing Trade.
Walker was not the only expert in the room. He was part of a panel of blockchain experts present, including Dr. Grammateia Kotsialou, postdoctoral researcher at King's College London, Ryan Zagone, director of regulatory relations at Ripple, and Chris Taylor, COO at Everledger. The other blockchain experts have extolled what they see as the potential benefits of the technology, which could save billions of dollars to the banking industry.
Contrary to Walker's narrative, this week saw the major announcement of the largest Australian stock exchange (ASX) that provides for the establishment of a post-transaction technology based on the blockchain as early as fourth quarter of 2020, replacing the current non-blockchain system. Last month, the Spanish banking giant BBVA was the first bank in the world to issue a loan using blockchain technology.
Image of Shutterstock at a time
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