Blockchain is baffling Brits, IP EXPO Europe

35% of Brits would not trust an organisation using blockchain technology to keep their information secure as they don’t know what it is, according to new research from IP EXPO Europe involving 1,000 people. A further 11% of the general public, who say they are clued up about blockchain, would also be wary of an organisation deploying it.

The research also found that 53% of Brits have never heard of blockchain before. Whilst only 18% of those who claimed to be in the know could correctly identify what it is, with suggested definitions including a type of currency, a messaging service and a children’s toy.

Andy Steed, Director of Content for IP EXPO Europe, comments: “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.”

He adds: “However, what is concerning is how many people are stating a lack of trust in organisations who say they are using it. 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.”

On the up

Many Brits may be cautious, but various retailers are jumping on the DLT bandwagon, with good reason, it would seem. The business value of blockchain in retail is projected to reach $164 billion by 2030, according to a new report from IHS Markit.

“Early adopters of blockchain have mostly been companies in the financial services industry, which use it mainly in payments-related solutions,” says Don Tait, Senior Blockchain Analyst, IHS Markit. “However, the technology is poised to ripple through virtually every industry, affecting almost all organisations in the coming years.”

Initial uptake in retail and e-commerce is projected to be led by trade promotions, decentralised marketplaces, payments, smart contracts, supply chain and other applications. “Using blockchain within the retail and e-commerce sector can lead to a direct relationship opportunity with the customer, providing companies with greater understanding of their needs and behaviour,” says Tait.

“Blockchain and smart contracts can also provide the tools and framework to create a new generation of marketplaces where the supply and demand sides can engage in trusted trading transactions, according to various business rules, without the need for a central brokerage entity.”