During an evidence session hosted by the UK Parliament last week with the aim of informing regulators on the nature of blockchain and cryptocurrencies.
There were four guests at the session, with Director Martin Walker of the Centre for Evidence-Based Management making an unfriendly decision against blockchain as a financial instrument and was not particularly in favor of fellow panelist and Ripple representative Ryan Zagone.
According to Walker, Ripple was a suitable to use in the finance industry, mentioning the unstable nature of the XRP currency and the fact that Ripple has a majority share of XRP currency.
Walker notably went on to divide blockchain projects in terms of “the good, the bad and the ugly.” He categorized all cryptocurrency, ICOs and decentralized system projects into the “bad” category, while stating that a smaller portion of the blockchain technology was part of the “good” section, such as projects that are without any privacy and decentralized features to look like previous systems which are not operated by blockchains at all.
He noted that this can also be made possible by using decades-old technology and maintained that blockchain as a technology that had “little to nothing” to offer the world of finance. Walker’s “ugly” category referred to the fact that blockchain has significant potentials but Walker denies these claims.