Blockchain is the new hip and happening thing in the world these days, or that's the way things look from the state of my email inbox. It seems like everyone has been jumping on the bandwagon to incorporate blockchain into their existing business, or forming a new start-up that's all about the blocks of chains. The problem? More than half of British people don't actually understand what blockchain is, and that makes them inherently distrustful of it.
These findings come from OnePulse, who carried out the research at the recent IP Expo Europe trade show, and found that 53 per cent of people didn't know what blockchain was. On top of that 35 per cent of people claimed that they wouldn't trust their personal information t a company that uses blockchain, since they don't fully understand what it is.
In fact only 18 per cent of people surveyed were able to correctly explain what it is, and 11 per cent of those people still wouldn't trust a company using blockchain for whatever reason. 28 per cent of people also said that they wouldn't trust a business pushing any technology they didn't understand, so this isn't actually limited to the industry's latest fad.
Andy Steed, director of content for IP Expo Europe, said:
“Blockchain is a technology that many people in the industry are still struggling to wrap their head around, so it’s of no surprise that it’s also causing plenty of confusion for the general public.
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 it.”
Steed has a point. Rather than just using buzzword terms that they hope will attract peoples' interest, it's a very good idea to make sure the public understand what these words actually mean. That's true of blockchain and any other 'next big thing' that may pop up in the future. [TechRadar Pro]