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My understanding is that is not how it works, in terms of the data stored on your phone is sent a centralised database and doesn't just reside on your phone (there was a technical document that went out but I've only read what tech journalists have said on it, I'm not reading it I have to do my real job).
Having just watched the video that The_Blindside posted above (and assuming it's correct), it appears that the way of operating that I guessed that the NHS's app follows is actually how the Apple / Google model works. As you say, the NSH app is based upon a centralised model, feeding data back and forth when it's able - something that would not be possible if Hancock's claim was true.
Having explained this stuff in the past to non-technical people I can understand how Hancock even though being a bright fella might have got the wrong end of the stick on that one. Doesn't make it inherently bad or nefarious but the bottom line is data is being stored in a centralised database somewhere at some point in cycle. At that point it becomes important to understand who has access and what are legitimate means of using the data.
I was going to add a caveat regarding Hancock's level of understanding to my previous post, but ending up submitting it in a rush and didn't. I don't see why you're being so charitable to Hancock though. He would have been well briefed prior to the announcement of the beta and would have had opportunities to ask questions to clarify things before making categorical, misleading statements. Irrespective of whether his misinformation was given in good faith or not, when the lie is exposed, it will undermine confidence in the project and damage its effectiveness accordingly.