In the research conducted by OnePulse, a further 11% of the general public, who believe they know what blockchain is, would also not trust an organisation using it, ultimately resulting in almost half the population showing distrust in businesses using blockchain technology. Compounding this result, 28% would not trust an organisation using any technology they don’t understand, providing a stark reminder for businesses to ensure they don’t confuse their customers whilst they continue to improve their technical capabilities.
As businesses double down on their security in the GDPR age, many are considering how they can use blockchain to provide an additional layer of security, in part due to the technologies incorruptible nature. The research also found that whilst 53% of Brits have never heard of blockchain before, only 18% of those who have can correctly identify what blockchain is, with suggested definitions including a type of currency, a messaging services and even a children’s toy.
Steed continued: “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 easy to understand language to their customers instead of simply stating that they are using it.”