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Only 3% of Americans Would Use Blockchain Banking

banking, blockchain

A Foton survey has revealed that 3% of Americans are ready to use blockchain banking products or apps, given the opportunity.

The survey of 5,000 American internet users was conducted across a range of age groups. Feedback indicated that the technology was being increasingly pushed forward by the willingness of banks to implement it, despite slow growth in the numbers prepared to use such services.

Another 34% said that they would be prepared to use blockchain banking given that they were actually ready to, which currently they were not. 63% were unhappy about using blockchain banking solutions at the time of the survey

A much greater percentage of these, 34%, would be willing to use blockchain banking solutions if they felt they were currently ready – which they do not, representing 20 times the 150 people surveyed who said they would be ready to take the plunge towards changing their banking habits to employ emerging technology.

The survey points out that currently 90% of North American & European banks are exploring the blockchain, far in excess of IBM’s projections about the future of blockchain banking made in 2017 when the technology was beginning to emerge on a large scale in the financial sector. It suggests that 2019 would see the tech blossom. Some estimates put the value of blockchain in the trillions by 2030, estimates that have little chance of success if public confidence in the technology doesn’t show more willingness to adapt than the 63% of dissenters in this particular survey.

Banks will only take backstage in the years to come should a more universal trust in blockchain technology gains a much higher degree of trust around the globe, and only then can blockchain be deemed a success in the final sector. However, the banks have begun to sit up and take notice, forming 5 consortia led by HSBC and Standard Chartered, using distributed ledger technologies (DLT) to process live trade finance transactions.

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