Despite its potential to significantly improve enterprise security, Blockchain trust is notably low among the British public.
According to research by OnePulse and IP Expo Europe, 46% of the public say they would not trust an organisation using Blockchain.
This lack of trust in Blockchain is largely due to a lack of understanding about the technology. Just over two thirds of those who said they didn’t trust businesses using it said this was because they didn’t know what it was – 35% overall.
However, a further 11% claimed to understand the technology but not trust its use.
Overall, 53% of those surveyed had never heard of Blockchain, while just 18% could describe what it is.
Public education vital to Blockchain trust
If businesses are to increase Blockchain trust, they will need to increase efforts to educate the public about the technology and its benefits, rather than just make enthusiastic statements about using it.
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They will likely have their work cut out for them in this respect. Among the erroneous suggestions of those surveyed were that blockchain was a type of currency, a messaging service or a children’s toy.
“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,” commented Andy Steed, director of content for IP Expo Europe.
“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 technologies 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.”