Distributed Ledger Technologies

Lord Griffiths of Burry Port Excerpts

Wednesday 18th July 2018 Lords Chamber

[Lord Ashton of Hyde]

As I said, the evaluations are at too early a stage to say. Projects are being undertaken, however, and the Department for International Development is one of those undertaking a proof of concept at the moment.

[Lord Griffiths of Burry Port (Lab)]

My Lords, we have heard that various studies and evaluations are taking place. It is an extraordinarily complex area but it seems to me, even as a lay person, that its outcomes will be amazingly innovative and helpful. I, of course, must leave the technology to others, but if any questions raised by these evaluations need a closer ethical and moral look, will somebody be monitoring the situation to make sure they are referred to the data ethics body we have talked about?

[Lord Ashton of Hyde]

I agree with the noble Lord. Most technology has ethical concerns, particularly the internet and the fact that, by definition, it is cross-border. We not only have to get our own regulatory house in order, and think of these ethical considerations, but we have to work internationally to try to get consensus. The point about distributed ledger technologies is that they build trust without always having regulations because everyone has the same copy of the same data, which provides a great advantage.