This week, BSV Blockchain revealed the findings from its inaugural 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 like AI and the metaverse. The survey, which included more than 2,400 US adults, was conducted in partnership with YouGov. It will be conducted annually to measure evolving public sentiment toward these technologies.
The study found that the majority of the American public still has uncertainties about blockchain and cryptocurrencies, even when compared to more recent technologies including the metaverse and artificial intelligence. When asked to select from a pool of potential definitions and statements around blockchain, 55% of respondents chose “I don’t know”.
Overall, 53% of respondents in the United States say they do not trust any emerging technologies, whether they be blockchain, AI, the metaverse,or IoT, but this varies with age. Two-thirds (68%) of Americans aged 55 and over say they do not have any faith in this tech. This rate falls to 35% of 25 to 34-year-olds and 31% of 18-24-year-olds.
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 behind 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 such as AI, crypto, Blockchain, Metaverse, Web3 or IoT acknowledge having little to no understanding of these two concepts, respectively. The rate is 36% for respondents who have little to no knowledge of artificial intelligence and 42% with regard to the metaverse.
“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,” BSV Association managing director Cyrille Albrecht said. “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.”
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 it will have the most impact on in the next two years, 35% selected finance, 25% healthcare, 23% retail and 19% government.
The authors found some gender discrepancies, as 28% of males indicated that they have invested in some form of digital assets only 12% of women had.
That gap doesn’t stop at the wallet either. 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.