- Guest article by Teodor Kreczmar-Schuldorff (Fintech Influencer and Bartender)
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 was touted as a panacea for all, the technology behind the Bitcoin cryptocurrency has been widely associated with failed IT projects in the conventional world and fraud and ransomware in the crypto world.
This has not stopped a large group of British MPs from getting involved in the blockchain adventure.
In total, 15 Members of Parliament, as well as several Lords, joined the All-Party Group on Blockchain Technologies last year.
If they had formed a party before the 2024 general election, the Blockchain Party would have been the fourth largest party in parliament – with more seats than the Liberal Democrats.
| Name | To party |
| Natalie Elphicke OBE MP | Conservative, Labour * |
| The Right Honourable Alun Cairns MP | Conservative |
| Mr Stephen Timms, MP | Work |
| 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 |
| MP Theo Clarke | Conservative |
| Jonathan Gullis, MP | Conservative |
| Nick Fletcher, MP | Conservative |
| Chris Loder, MP | Conservative |
| Paul Girvan, MP | DUP |
| James Sunderland, MP | Conservative |
* Elphicke left the Conservative Party to join the Labour Party in May 2024.
** Cameron left the SNP to join the Conservatives in October 2023.
The group was united in their belief that blockchain was a powerful technology that the UK should invest in: (Cryptoaltruism)
The group agreed to explore the potential of this powerful emerging technology for UK business, the public sector and the wider UK economy.
So how did the Blockchain Party fare in the July election? Does its commitment to blockchain demonstrate an understanding of technology, finance and innovation that could appeal to voters?
Unfortunately, the electorate was not impressed. 13 of the 15 candidates lost their seats and one did not stand again.
It could be said that many MPs lost their seats because they were members of the Conservative Party. After all, two thirds of Conservative MPs were not re-elected.
But that figure is still better than the Blockchain Party’s 93.3% failure rate. Even Sir Stephen Timms, the group’s sole survivor and sole Labour MP, saw his vote share fall from 77.8% to 51.7%.
Perhaps the underestimation of blockchain reflects a fundamental failure of the democratic system? 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 harnessing the power of decentralized networks, we can create new tools that allow citizens to engage more directly in decision-making and create more inclusive and responsive political systems.
Maybe all this potential will save the next group of MPs who want to appear cool by talking about blockchain. Obviously, they should turn to AI.
From the 2017 Catalan independence referendum: a ballot box on a block and a chain
