Survey Shows That Three Percent of American Internet Users Prefer Blockchain Banking to the Conventional Banking Model

According to a recent survey, three percent of American internet users prefer blockchain banking to the conventional banking model. The survey was carried out by FOTON. FOTON is a blockchain banking product backed by an Initial Coin Offering. However, the product will not materialize until March next year based on funding efforts. The survey was carried out on American Internet users across different age groups. The result reveals that 3 percent of those users are ready to use a blockchain banking application or product today. FOTON presented the survey to 5,000 people earlier this month. However, the result of the survey was made available this week.

Other Results of the Survey

Out of the 5,000 American Internet users, 34 percent of them are willing to use blockchain banking products and apps if they feel they are presently ready. They believe blockchain banking solutions are not ready at the moment, and they would love to use when it’s fully ready. 63 percent of the respondents openly opposed to the idea of using blockchain banking solutions at the time the survey was conducted. That is almost twice the number of people that are willing to use blockchain banking solutions when they feel they are ready and twenty times the number of people that are willing to use it at the moment. The reason why FOTON conducted the survey is to get more information about the market they are about to enter with their blockchain banking product. However, at the time of writing, the firm is still in its early stages of Initial Coin Offering funding. FOTON can be receptive and wide open to feedback from users because they have no minimum viable product to alter. As a result, the firm created such insights as this: “The willingness of major financial institutions and banks to lead and implement several pilots. These wouldn’t only make the technology valid but also the additional value and return on investment created.” Bitcoin (BTC) Price Today – BTC / USD
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While both R3 and Ripple Inc. have secured strategic partnerships with large and leading financial institutions, and banks such as BBVA are pioneering the connection between the blockchain and their industry, over 60 percent of those that were surveyed do not see real benefits in DLT (Decentralized Ledger Technologies). The word “blockchain” became very popular in 2016 and 2017. Nevertheless, this year’s bear market has caused a significant reduction in the overall interest in the industry. But the technology is not going anywhere. According to the report by FOTON, 90 percent of European and North American banks are now exploring the blockchain. A couple of years ago, IBM believed that 65 percent of banks would adopt blockchain technology in 2019. There are also estimates that the blockchain industry would be worth trillions of dollars by 2030. However, these are not likely to come to pass because of the inherent distrust users have for the technology. As a result, the real crypto winners in the next couple of years will be those that create solutions that increase the demand of retail users. This would push investment companies and banks further into the blockchain space. Hence, increasing the adoption and demand for the technology. This would also affect the value of digital currencies positively.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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