- Guest post by Teodor Kreczmar-Schuldorff (Fintech Influencer and Barman)
Remember blockchain, the technology that was going to solve most of the world’s problems, from EU-UK border controls to the provenance of sustainable tuna?
Since it first became hyped as a universal panacea, the technology that underpinned the bitcoin cryptocurrency has largely become associated with failed IT projects in the conventional world and fraud and ransomware in the crypto world.
That did not stop a significant group of British MPs from jumping on the blockchain bandwagon.
A total of 15 members of parliament, plus various Lords, signed up for the All-Party Group on Blockchain Technologies last year.
If they had formed a party prior to the 2024 General Election, the Blockchain Party would have been the fourth largest party in parliament — with more seats than the Liberal Democrats.
| Name | Party |
| Natalie Elphicke OBE MP | Conservative, Labour * |
| The Rt Hon Alun Cairns MP | Conservative |
| Sir Stephen Timms MP | Labour |
| Jo Gideon MP | Conservative |
| Dr Lisa Cameron MP | SNP, Conservative ** |
| Danny Kruger MBE MP | Conservative |
| Adam Afriyie MP | Conservative |
| Lia Nici MP | Conservative |
| Antony Higginbotham MP | Conservative |
| Theo Clarke MP | Conservative |
| Jonathan Gullis MP | Conservative |
| Nick Fletcher MP | Conservative |
| Chris Loder MP | Conservative |
| Paul Girvan MP | DUP |
| James Sunderland MP | Conservative |
* Elphicke defected from Conservative to Labour in May 2024.
** Cameron defected from SNP to Conservative in October 2023.
The group were united in their belief that “blockchain” was a powerful technology the UK needed to invest in: [CryptoAltruism]
The group agreed that they will explore the potential of this powerful emerging technology for UK businesses, the public sector and the wider UK economy.
So how did the Blockchain Party perform in July’s election? Surely their commitment to blockchain demonstrated an understanding of technology, finance and innovation that would appeal to voters?
Sadly, the electorate was unimpressed. 13 out of the 15 lost their seats, and one did not stand for re-election.
You could argue that so many lost their seats because they were members of the Conservatives. After all, two thirds of Conservative MPs failed to be re-elected.
But even that is better than the 93.3% failure rate of the Blockchain Party. Even Sir Stephen Timms, the sole survivor and only Labour MP in the group, saw his share of the vote fall from 77.8% to 51.7%.
Maybe underappreciation of blockchain reflects a fundamental failing in the democratic system? To which the answer is obvious: more blockchain.
To quote Crypto Altruism:
Overall, blockchain and web3 technologies have the potential to revolutionize and rejuvenate democracy by increasing transparency, accountability, and participation. By leveraging the power of decentralized networks, we can build new tools that empower citizens to engage more directly in decision-making, and that create more inclusive and responsive political systems.
Maybe all that potential will save the next group of MPs that want to give the impression of being cool by talking about blockchain. Obviously, they should pivot to AI.
From the 2017 Catalonia independence referendum: a ballot box on a block and chain
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Here’s the e-mail I sent to Natalie Elphicke on 8th May 2024, the day she defected to Labour:
Dear Natalie,
While you’re settling into your new role as a Labour MP, it would seem wise to distance yourself from the APPG on Blockchain Technologies.
In the past two years it has become clear that while these seemed to have interesting technological potential, that has not been delivered. What has been delivered is a wave of incompetent fraud, enriching criminal “entrepreneurs” at the expense of ordinary people. The conviction of Sam Bankman-Fried removed all scope for doubt on that front.
Providing political cover for such schemes is quite dubious by Conservative MP standards, but is wholly unacceptable for Labour members. Rishi Sunak’s embrace of blockchain came shortly after a £500,000 donation to the Conservative Party from Christopher Harborne, a crypto “investor” resident in Thailand. You ought to give your vice-chairs a few hours’ notice, but no more than that: it has been clear for months that blockchain is bad for everyone except criminals.
Did you ever get a reply?
No, nothing. Didn’t expect any.
Kruger also survived sadly (but with a boundary change). He was a member of the APPG because he is so anti a digital Pound.