What is blockchain? 59% of consumers still don’t know anything about it

A recent survey shows that most ordinary consumers still know nothing about blockchain.

According to a survey conducted by HSBC in May, 59% of consumers surveyed said they had never heard of blockchain technology. In addition, 80% of consumers who heard about the technology said they did not quite understand its true meaning.

The results come from a survey conducted in March and April this year to examine consumer confidence and understanding of financial technology. Of the 3,000 people who participated in the survey, 2,000 were from the UK and the remaining 1,000 consumers were from Canada, China, France, Hong Kong, India, Mexico, Singapore, the UAE and the United States.

This finding is not surprising given that most blockchain technology is still esoteric, but Google Trends data shows that most consumers are already expanding their knowledge.

Data from Google Trends shows that the search volume for the three words "Bitcoin", "Ethereum" and "blockchain" are all increasing, but the search volume for "blockchain" is lower than the other two words in the entire search activity.