Half of Brits say they don't trust blockchain

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British users are not yet on board with the blockchain bandwagon, new research has claimed.

Over a third (35 percent) of Brits say they would not trust an organisation using the technology with their personal information, as they are not fully aware of what blockchain actually is.

Overall, 53 percent had never heard of blockchain before, with only 18 percent of those who have able to correctly identify what the technology actually is.

UK blockchain distrust

The research, carried out at the recent IP Expo Europe trade show, found that even those who know what blockchain actually is are wary of the technology. 

11 percent of those who were familiar with blockchain said they would not trust a business using it, meaning that overall nearly half of the public would avoid organisations using blockchain technology. 

28 percent said that they would not trust an organisation using any technology they don’t understand, highlighting that businesses need to be careful on what new tools and services they are pushing into the public domain.

The news comes despite blockchain being touted as the next big thing in a wide variety of industries, with the technology cited as a breakthrough in work ranging from security to healthcare.

“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," said Andy Steed, director of content for IP Expo Europe.

"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.”