BSV Blockchain Barometer: Public Perception and Trust in Emerging Technologies

4 views 3:07 pm 0 Comments December 4, 2023

BSV Blockchain recently unveiled its inaugural Blockchain Barometer report, a comprehensive global study aimed at gauging the public’s perception and understanding of blockchain, as well as emerging technologies like AI and the metaverse. Conducted in collaboration with YouGov and involving over 2,400 US adults, this annual survey aims to capture evolving public sentiment toward these transformative technologies.

The findings highlight that a substantial portion of the American public still harbors uncertainties about blockchain and cryptocurrencies, even when compared to more recent tech innovations like the metaverse and artificial intelligence. Notably, when asked to define blockchain, 55% of respondents simply replied with “I don’t know.” Furthermore, 53% of US respondents expressed a lack of trust in emerging technologies as a whole, encompassing blockchain, AI, the metaverse, and IoT. However, this skepticism varies with age, with 68% of those aged 55 and over having little faith in these technologies compared to 35% of 25 to 34-year-olds and 31% of 18-24-year-olds.

Despite the prolonged presence of Bitcoin and blockchain in the public consciousness, comprehension still lags behind newer technological advancements. A significant portion of respondents admitted to having little to no understanding of cryptocurrency and blockchain, with 58% and 53% respectively acknowledging their lack of comprehension. This knowledge gap underscores the urgent need for concerted efforts between the public and private sectors to educate and inform consumers about the potential benefits of blockchain technology. BSV Association managing director Cyrille Albrecht emphasized the importance of such education, drawing parallels to the early days of the internet and stressing the transformative potential of blockchain in daily life.

Despite the prevailing lack of understanding, respondents did express opinions on the industries most likely to be impacted by blockchain in the next two years. Finance emerged as the frontrunner, with 35% of respondents choosing it as the industry most likely to be affected, followed by healthcare (25%), retail (23%), and government (19%). Additionally, the survey revealed gender disparities, with a higher percentage of men having invested in digital assets compared to women. Women also exhibited a greater degree of skepticism and less trust in emerging technologies, with 60% expressing a lack of trust compared to 46% of men.