BSV Blockchain's Annual Blockchain Barometer Reveals Wide Gaps in Knowledge and Trust in Blockchain and Emerging Technologies
Today, BSV Blockchain revealed the findings from its first-ever Blockchain Barometer, a worldwide report that seeks to establish an official record of the public's perception and level of understanding of blockchain and other emerging technologies (AI, the metaverse, etc.). The survey, which included over 2,400 US adults (out of a pool of more than 13,000 worldwide), was conducted in partnership with renowned research house, YouGov, and will be held annually to measure evolving public sentiment towards these technologies.
The study found that the majority of the American public still has uncertainties about blockchain and cryptocurrencies, even when compared to relatively more recent technologies including the metaverse and artificial intelligence. In fact, when asked to select from a pool of potential definitions and statements around blockchain, 55% of respondents chose "I don't know". The study reinforces the notion that despite blockchain and its associated applications (e.g., crypto, NFTs, Web3, etc.) having dominated news cycles and social conversations for much of the last decade, many Americans remains steadfastly unsure of just what this technology means for them and their futures.
Overall, 53% of respondents in the United States say they do not trust "any" emerging technologies (blockchain, AI, metaverse, IoT, etc.) but this varies with age and there is hope for the future. 68% of Americans aged 55 and over say they do not have any faith in this tech, but this falls to 31% of 18-24 year olds and 35% of 25 to 34 year olds.
Blockchain and Cryptocurrency Comprehension Trails Behind 'Newer' Technologies
While Bitcoin and its underlying blockchain technology have been in the news for over a decade, with a significant surge in notoriety beginning in 2017, comprehension still lags more recent technological innovations.
When asked to express their level of understanding of "cryptocurrency" and "blockchain" on a grading scale, 58% and 53% of those aware of emerging technologies (i.e. AI, crypto, Blockchain, Metaverse, Web3 or IoT) acknowledge having little to no understanding of these two concepts, respectively. Compare that to just 36% of respondents wo have little to no knowledge of artificial intelligence and 42% with regards to the metaverse.
The fact that at least 30% of the American population express little to no understanding of any of these significant and emerging technologies should warrant attention.
Cyrille Albrecht, Managing Director of the BSV Association commented, "The fact that over a third of Americans cannot imagine using (by necessity or choice) blockchain in their daily lives further reiterates the need for more dedicated resources and collaboration between the public and private sectors to educate the public. Just like the internet in the 90s and early 2000s, blockchain technology is coming and the sooner we can educate consumers on how it can and will benefit their daily lives, the better."
Blockchain Across Industries
While a basic or intermediate understanding of blockchain still eludes most consumers, that doesn't mean they do not have thoughts on what industries are most likely to incorporate it. When asked to select which industries blockchain will have the most impact on in the next two years:
Further findings from the survey that are particularly notable were the discrepancies between genders, as 28% of males indicated that they have invested in some form of digital assets (crypto, NFTs, etc.) while the same could be said for only 12% of women. And the gap in enthusiasm for digital assets doesn't simply stop at the wallet.
Across the board, women more frequently expressed less use or belief in the technology than their male counterparts.
And when it comes to overall trust, when asked to select which of the following technologies they would "trust and use" in their daily lives amongst AI, metaverse, ChatGPT, etc. 60% of women said they would not trust any of the technologies, compared to just 46% of men.
To see more stats and the full methodology, including how the US compares to the rest of the world, please visit the report page here.
About BSV Blockchain
One Blockchain for Everyone.
The BSV Association leads the BSV Blockchain for Enterprise and Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain. The BSV Blockchain oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and its scripting language provide powerful technical capabilities that BSV has restored.
This survey has been conducted using an online interview administered to members of the YouGov Plc panel of individuals who have agreed to take part in surveys. Emails are sent to panelists selected at random from the base sample. The email invites them to take part in a survey and provides a generic survey link. Once a panel member clicks on the link they are sent to the survey that they are most required for, according to the sample definition and quotas.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 13047 adults. Fieldwork was undertaken between 8th - 19th September 2023. The survey was carried out online. The figures have been weighted and are representative of all surveyed country adults (aged 18+) in the UK, US, France, Spain, Sweden, and Germany.