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Over Third of Brits Don’t Trust Blockchain Technology

Over Third of Brits Don’t Trust Blockchain Technology


Research finds that many Brits are baffled by blockchain technology and wouldn’t trust companies that use it, despite businesses seeing the technology as the next big thing.

Research from IP EXPO Europe, Europe’s number one enterprise IT event, has uncovered that just over a third of Brits (35%) would not trust an organisation using blockchain technology to keep their information secure as they don’t know what it is.  

In the research conducted by OnePulse, 53% of respondents said they had never heard of blockchain before, with only 18% able to correctly identify what blockchain actually is. Even those who are aware of what blockchain is, were cautious of businesses using it (11%).

In addition, 28% said they wouldn’t trust an organisation using any technology they don’t understand, making it clear that businesses should consider what tools and services they’re using in the public domain.   

“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.

Many businesses are thinking about how they can use blockchain to provide an extra level of security as they knuckle down on their policies post-GDPR. According to a recent survey by Deloitte on more than 1,000 business executives, nearly three quarters (74%) of companies across seven countries see a “compelling business case” for the use of blockchain technology within their industry.

Within programmatic advertising, for example, blockchain technology has been hailed as a “silver bullet” in bringing better transparency through blockchain-based contracts. While the technology has been welcomed by some, others have questioned its risk to disruption.

“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,” continued Steed.

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Joele Forrester

Joele Forrester

Joele is the latest recruit for the editorial team at PerformanceIN, and reports on the latest day-to-day news updates from the world of digital marketing, while also carrying out social media promotion, live reporting of events, writing feature articles and interviewing key industry players and stakeholders.

Joele enjoys living in Bristol and often returns to her Devon roots to enjoy the great outdoors. After graduating with a publishing and creative writing degree, Joele began her career in lifestyle publishing. She is now looking to hone her digital publishing and marketing skills at PerformanceIN.  


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