A Spectacle Blind is essentially a simplistic valve which fits in the line between two flanges and is bolted in place. One side of the Spectacle Blind is open (spacer) and the other side of the Spectacle Blind is blanked (blind or spade).
To change it from open to closed, all except the pivot bolt are removed and the Spectacle Blind is rotated on its centre hole so the blind side is in between the flanges. The bolts are then installed and tightened. The side that protrudes out of the pipe is a clear indicator of whether the pipe is open or closed.
It is used usually for maintenance when it is required to isolate a section of pipe or isolate a device. Because this is a semi-permanent isolation it is very safe and safety is often the mentality behind the use of a Spectacle Blind in maintenance operations. They are cheap and robust compared to a valve.