Almost 50% of Brits admit blockchain fear and don’t trust organisations that use it

blockchain fear


New research from the IP EXPO Europe event suggests that over a third of Brits would not trust an organisation that uses blockchain to keep their information secure, as they don’t know enough about what it does

Compelling research, conducted by OnePulse suggests a further 11% of the general public— who believe they know what Blockchain is — would also not trust an organisation using it. This results in almost half the population showing distrust in businesses using the distributed ledger technology.

Further findings revealed that an alarming 28% of participants asked, would not trust an organisation using any technology that they don’t understand.

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.

“However, what is concerning is how many people are stating a lack of trust in organisations 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 an easy to understand language to their customers instead of simply stating that they are using it.”

This new information could urge businesses to ensure that they don’t confuse their customers whilst they continue to improve their technical capabilities.

To ensure they are GDPR compliant, many businesses are now considering how they can use blockchain to provide an additional layer of security.

Furthermore, the research showed that whilst 53% of Brits have never heard of Blockchain before, only 18% of those who had, could correctly identify what Blockchain is. Suggestions as to what the technology is included a type of currency, a messaging services and even a children’s toy.




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