Blockchain

Survey Finds Widespread British Distrust of Blockchain and A ”Concerning” Lack of Understanding

Recent research conducted in the United Kingdom has revealed a widespread distrust of blockchain technology. Moreover, it shows that Britons also do not trust organisations that employ blockchain in security use-cases.

This research was reportedly carried out by IP EXPO Europe, the firm behind the trade show with the same name, and was conducted through the UK-based opinion platform OnePulse.

In addition to supposedly showing widespread anti-blockchain sentiment, the survey also revealed that few of those asked had even a basic understanding of the technology.

Although 53% of those partaking in the survey answered that they had never before heard of blockchain, only 18% could correctly identify the technology.

Some of the erroneous proposals submitted where survey participants tried to guess what blockchain technology meant included ”messaging services”, ”a type of currency” and – spectacularly – ”a children’s toy”.

This research revealed that 35% of Britons would not trust organisations using blockchain technology to keep their information secure – reportedly due to not knowing what the technology was.

Moreover, 11% of those who said to know what blockchain is, answered that they would not trust any organisation using the technology.

If this survey is representative of general British blockchain sentiment, it would mean that nearly half the population would have a profound distrust of businesses using blockchain technology.

The Director for Content at IP EXPO Europe, Andy Steed, stated that these results were worrying, as blockchain adoption could bring immense security benefits to businesses, clients, and consumers.

Furthermore, a large portion of this distrust would seem to stem from a lack of understanding of the technology.

Steed noted that ”what is concerning is how many people are stating a lack of trust in organizations who say they are using it. Businesses need to make sure they are not only deploying new technology like blockchain in a way that will have a meaningful impact, but that they are taking the time to explain what the technology is in easy to understand language to their customers instead of simply stating that they are using is.”

Nonetheless, Steed added that although this public sentiment might be worrying, it should not come as a surprise since many industry participants are themselves still ”struggling to wrap their heads around” the notion of blockchain technology.

Be that as it may, blockchain technology is seeing increased adoption among large companies, and blockchain partnerships have been announced virtually across all sectors – e.g. including software companies, logistics and transport companies, food companies, mining companies, and many more.

This would indicate that supposedly negative blockchain sentiment is not standing in the way of companies seeing its benefits and boosting adoption.

Nonetheless, it should be noted that this recent research is the result of one survey and may not be indicative of true British blockchain views.

 

Image Source: “Flickr”

 

Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.


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