Note: this article is not intended as an endorsement or any sort of positive leaning sentiment toward the FOTON ICO. The author has no opinion of the ICO. The article is purely about the results of the survey the purveyors conducted earlier this month. According…
Note: this article is not intended as an endorsement or any sort of positive leaning sentiment toward the FOTON ICO. The author has no opinion of the ICO. The article is purely about the results of the survey the purveyors conducted earlier this month.
According to a survey conducted by FOTON, an ICO-funded blockchain banking product that will not materialize until March based on funding efforts, 3% of American Internet users across age groups are ready to use a blockchain banking product or app today.
The survey was presented to 5,000 American Internet users earlier in December. Its results were made available to CCN this week.
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.
A full 63% were explicitly opposed to the idea of using blockchain banking at the time of the survey. That’s more than twice the amount who would consider better products and 20x the number of people (150) who were ready to dive in.
FOTON’s incentive in conducting the survey is gathering information on the market they intend to enter with their banking solution, which, again, is still in the early stages of ICO funding at time of writing. With no minimum viable product to alter, they can be wide open and receptive to user feedback. As such, they developed such insights as this:
The willingness of large banks to implement and lead various pilots. These would not only validate the technology but also the return on investment and additional value created.
While both Ripple and R3 have partnered with several large banking institutions, and banks like BBVA have pioneered the intersection between their industry and the blockchain, more than 3,000 of 5,000 surveyed individuals don’t see any real benefits in decentralized ledger technologies.
Blockchain became a bonafide buzzword through 2016 and 2017, but the bear market of 2018 has led to a reduced interest in the industry overall. Nevertheless, the technology isn’t going anywhere, and as the report from FOTON points out:
Two years ago, IBM believed that 65% of banks would be using blockchain technology in 2019. This is unlikely to come to pass. Some estimates put the value of all blockchains in the trillions by 2030. None of these predictions are likely to come true as long as users have an inherent distrust of the technology. As such, potentially the real winners in the next few years of crypto will be those who develop the product that increases retail user demand, thus pushing banks and investment firms even further into the space.
Featured image from Shutterstock.
Last modified: January 24, 2020 10:49 PM UTC