Sep 273 min read

Survey Insights: Unlocking a New Era in Blockchain

Updated: Oct 7

In an era of unprecedented innovation and technological innovation, blockchain technology has emerged as the new kid on the block with a lot left to prove. Built on the foundation of security, transparency, and decentralization, blockchain technology has the potential to revolutionize the world in ways we haven't seen since the launch of the World Wide Web in 1993. Despite its buzz, blockchain today feels a bit like the early Internet—shrouded in mystery and skepticism, with many wondering what lies ahead.

But how do people really feel about blockchain? Are they ready to ride this technological wave, or are they still paddling in the shallow end, unsure of the waters? To get a better idea of where people sit, we surveyed 161 individuals aged 18-65 to gauge their familiarity, usage, and concerns regarding blockchain technology.

Blockchain Familiarity

First, we wanted to know, "How well do people know blockchain?" The survey revealed that while 72.7% of respondents were at least somewhat familiar with blockchain, only 22.4% felt extremely familiar. While these results may sound promising, they highlight a significant gap in comprehensive understanding and an urgent need for education and awareness about blockchain.

How familiar are you with blockchain technology? (22.4% Extremely Familiar, 25.5% Very Familiar, 24.8% Somewhat Familiar, and 27.3% Not At All Familiar

Current Usage Trends

Next, we wanted to see how many of our respondents had already used blockchain technology. After all, blockchain isn't just a buzzword anymore; it's a powerful tool that millions of people use every day. Out of 161 respondents, we found that 55.9% had dipped their toes into the blockchain pool, with Cryptocurrencies (obviously) leading the charge, with 42.2% reporting to have purchased or traded crypto.

Do you use blockchain technology? 55.9% Yes, 44.1% No

In addition to Cryptocurrencies, Supply Chain Management (21.1%), Financial Services (24.2%), Digital Identity (22.4%), and Healthcare (18%) also showed signs of momentum.

How do you use blockchain technology? Cryptocurrency 42.2%, Supply Chain Management 21.1%, Financial Services 24.2%, Digital Identity 22.4%, Healthcare 18%

Top Blockchain Concerns

While we see a clear interest and curiosity surrounding blockchain, I would be remiss to leave out any concerns. When asked about what concerns them most about blockchain technology, most respondents cited a Lack of Understanding (46.6%), followed by Security (44.7%), Ease of Use (31.7%), Privacy (30.4%), Regulation (23%), Implementation (18.6%), The Environment (15.5%), and Scalability (13%).

What concerns you most about blockchain technology? Lack of Understanding 46.4%, Security 44.7%, Too difficult to use 31.7%, Privacy 30.4%, Regulatory concerns 23%, Implementation concerns 18.6%, Environmental concerns 15.5%, Scalability concerns 13%

As we can see, education remains a vital opportunity throughout the blockchain space. As a former "Genius" at an Apple Store, I can't tell you how many times I have seen a customer purchase a new Apple product but never move beyond basic calls and web browsing because of how overwhelming the learning curve can be. So, Apple decided to invest millions into education initiatives, like their "Today at Apple Sessions" led by in-store teachers, known as "Creatives," who help users get the most out of their Apple products.

Moral of the story: Blockchain, like Apple products, holds immense potential, but its adoption remains limited without prioritizing education.

The Pathway for Growth

When analyzing these results, one thing is clear: there is a pressing need for a user-first network. Respondents were clear that blockchain technology could pave its way to mainstream adoption by shifting its focus toward education, simplicity, security, and privacy. In fact, when asked if they would consider using a blockchain platform that included these features, 78.3% of respondents said yes!

Not bad, eh?

If there was a blockchain platform that was easy to use and kept your data secure, would you consider using it? Yes 78.3%, No 21.7%

Introducing: Pensamento and Web4

Here at Pensamento, we're on a mission to address these concerns through the world's first Web4 ecosystem. Comprised of a fully decentralized blockchain, cloud, and cryptocurrency exchange, the Pensamento Ecosystem is designed to power the next generation of the Internet. Thanks to its innovative design and native smart accounts, users and developers can leverage the ecosystem to create seamless and personalized experiences like never before without compromising security, privacy, and individual autonomy.

Web4 isn't just a buzzword; it's the future we deserve, where everyone's rights are protected, and unconditional freedom is paramount. To learn more about Web4 or our mission here at Pensamento, please visit our website at www.Pensamento.io or read our deep dive into Web4 here.