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.