An exploratory study in blockchain knowledge, perceptions, overconfidence, and optimism

Blockchain has experienced much attention as a new and innovative technology full of promise and solutions. As in the case with data analytics, people are so excited about the possibilities with blockchain that they are talking about its uses without knowing and understanding the technology. In this manuscript, we offer a primer on blockchain for non-technical audiences, including definitions for common jargon terminology and ideas about how various industries use this technology. Survey evidence is also presented calling further attention to what the blockchain "buzz" has contributed to a public misunderstanding what blockchain and the newest technological term 'bitcoin' are and how they work. We surveyed 97 participants, demonstrating that public perception exceeds actual knowledge of blockchain database technology. The findings suggest participant actual knowledge is more related to optimism for the future of blockchain than perceptions. Respondents were more excited and positive about the future of blockchain than bitcoin. This work adds to the literature by addressing that perceived knowledge about blockchain exceeds actual knowledge (overconfidence), and that perceptions about the future of this technology lean towards uses in organizations versus currency applications.