Blockchain Banking Gets Green Signal from Only 3 Percent of American Internet Users

FOTON (blockchain banking product funded by ICO) conducted a survey earlier this month. As per reports, the survey revealed that out of 5000 American internet users who participated in the survey, only 3 percent of them are open for Blockchain Banking. Percentage wise- 34 percent said that they would be ready to use the Blockchain based banking when they feel prepared to use it — the 63 percent, i.e. about 3000 people who were the participants of the survey clearly denied using the Blockchain banking technology.

Blockchain Technology was a buzzword in 2017 and years before it, but due to the bear market mentality, Blockchain based banking is facing challenges.

On the other hand, another report was released in July by IHS Market (a data analytics firm that deals with finance and technology sector.) The report predicted that the Blockchain Technology could stir up business activity value of 2 Trillion dollars by the year 2030.

Looking at the Christmas, holiday and merrymaking mode in the audience, the Bank of England (BoE) published a poll on Twitter earlier this week. BoE posed a question to know its reader’s minds. The question was, “If you receive money as a gift this Christmas, What is your favorite way to get it?”

The question was more like a multiple-choice question with ‘Cash,’ ‘Bank Transfer,’ ‘Gift Voucher,’ and ‘Digital Currency’ as its options for answers. As a result, 21 percent of the twitter participants opted for ‘Cash’ option, 7 percent for ‘Bank Transfer,’ only 2 percent voted for ‘Gift Voucher,’ and a hefty 70 percent opted for the ‘Digital Currency’ option, as per the reports of CCN.

BoE has also permitted both the traditional private systems and ‘distributed ledger’ based systems to interface with the bank’s network. Mark Carney, the Governor of the bank of England said, “RTGS is being re-built so that new private payment systems, including those using a distributed ledger, can simply plug into our system. Our new, hard infrastructure will be future- proofed to your imaginations, opening up a range of potential innovations in wholesale markets, and corporate banking and retail services.”

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