BSV BLOCKCHAIN'S ANNUAL BLOCKCHAIN BAROMOTER REVEALS THAT THE UK IS HOLDING BACK IT'S FUTURE WITH DISMAL KNOWLEDGE AND UNDERSTANDING OF EMERGING TECHNOLOGIES

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Nov 20, 2023, 06:51 ET

Study of over 2,200 UK adults revealed only 13% of respondents understood what blockchain technology is
76% had no trust in social media
UK men are 3x times more likely to own digital assets than women (18% vs. 6%)

ZUG, Switzerland, Nov. 20, 2023 /PRNewswire/ -- Today, BSV Blockchain launched its annual Blockchain Barometer in partnership with renowned research house, YouGov. The national survey reveals the UK's shocking lack of knowledge and understanding of key emerging technologies, including AI, cryptocurrencies, Chat GPT, blockchain, metaverse, Web 3, and IoT. The individual technologies that fared best in the UK have been widely reported in global media recently. AI ranked top, with 53% claiming to understand the technology, compared to 30% who understood cryptocurrencies, 26% the metaverse, 13% blockchain, and only 6% who said they understood Web3.

As part of the study, the BSV Blockchain spoke to over 13,000 consumers across the UK, Spain, Germany, France, Sweden, and the US to take a pulse check on perceptions and trust in emerging technologies to understand knowledge gaps and priorities for education.

Cyrille Albrecht, Managing Director of BSV Blockchain, commented, "As stewards of the BSV protocol and as a membership organisation, The BSV Blockchain wanted to get a sense check on the broader sentiment towards new technology globally and, particularly in the UK. The BSV Blockchain commissioned this survey to assess whether the UK has disparities in understanding, knowledge, and trust in emerging tech, including blockchain."

Brits in last place for trust in emerging tech (AI, Metaverse, ChatGPT…)

54% of UK consumers surveyed do not trust any emerging technologies listed in the survey (AI, Metaverse, Chat GPT, Web3, etc.). Spain and Sweden demonstrated higher confidence levels in the technologies and their use in everyday life. 34% of those surveyed in Spain trust and use AI in everyday life vs. 14% of US respondents and 15% of those based in the UK. Almost 2 in 3 (65%) Spanish 18–24-year-olds demonstrated trust in AI. 29% of German respondents and 37% of Spanish believe they will use blockchain technology in their daily lives within five years if they don't already. However, it isn't the only technology the British public struggles to believe in; 56% deemed the media untrustworthy, and 76% distrust social media.

British men are at least 3x times more likely to own digital assets than British women

There were notable differences by gender across the survey. Despite a lack of knowledge in the UK, men were three times as likely to have invested in some form of digital assets (18% vs. 6%). Across the board, women frequently expressed less use or belief in the technology than their male counterparts. For example, when asked Which technologies you trust to adopt and use in your day-to-day life (e.g., banking, paying bills, shopping, etc.), whether more cautious or savvier, 55% of UK women versus 52% of British men say they would not trust any technologies.

Gen Z are flagbearers for emerging tech

While the overall research findings paint a gloomy picture for the future of emerging tech, the results for Gen Z are much more positive. Globally, the 18-24 age group were much more open to learning about the technologies; 26% believed it would be part of their everyday life within five years if they were not using it already. In the UK, Gen Z was most likely to understand the differences between crypto and blockchain, as well as being more trusting in the technologies, especially AI and Web3, this age group was globally most trusting in social media (48%), compared to 76% of UK respondents deeming social media untrustworthy.

What's in it for customers?

Respondents were united in their response when asked what would make them more likely to gain interest in using blockchain technologies more widely for day-to-day finances. In the UK, there was a better understanding of the benefits, with:

35% said they would be most interested in understanding its benefits
30% wanted to understand the technology better
30% want to gain a better understanding of how the is currently being used

Cyrille Albrecht added: "One of the BSV Blockchain key pillars is to provide the necessary education on blockchain technology to augment widescale adoption, and the research results highlight the need to continue our commitment to fostering learning and training. It is abundantly clear that within the UK, we must double-down our efforts to build trust in the technology through informative education programmes, collaborating with schools and universities, whilst also continuing our engagement with regulators and policy makers."

BSV Blockchain's 2023 Blockchain Barometer report can be viewed here.

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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.

Methodology

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 panellists 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. (The sample definition could be "GB adult population" or a subset such as "GB adult females''). Invitations to surveys don't expire and respondents can be sent to any available survey. The responding sample is weighted to the profile of the sample definition to provide a representative reporting sample. The profile is normally derived from census data or, if not available from the census, from industry accepted data.

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.

While 57% of those surveyed claim to understand AI, only 38% understood cryptocurrencies and 13% blockchain. 71% have not heard of blockchain at all, 60% don't know how to describe it, and 48% don't know if there is a difference between blockchain and crypto.

SOURCE BSV Blockchain