Consumers don’t care if banks use blockchain

There’s been a popular assumption in the blockchain space lately that consumers don’t care about blockchain technology and how it works. Because the concept has been internalized, product developers and Bitcoin theorists alike are all following the herd. But what if none of this is true?

Many Bitcoiners have made the wrong conclusion. Just last November, Brock Pierce declared that consumers may care about where their products come from, but not Bitcoin. This sentiment was particularly evident in a popular performance at Portlandia, where the protagonist asked about the pie-in-the-sky life story. As Pierce said about Bitcoin:

“A lot of things about Bitcoin are hidden, and as you know, we’re keen to invest in companies that use Bitcoin, like Abra, but they don’t tell consumers because consumers just want to know that they can get their money from here to the Philippines. They don’t care how the money gets there, they just want to know that it’s coming here, how fast it’s coming here, how cheap it’s coming here, and they’re getting a reliable and trusted service.”

Many technologists, like Zbigniew Brzezinski, write about the political awakening of people around the world. That is, while in the past people did not care about these political processes, today they start to care and they themselves become aware of the problems facing humanity today.

This political awakening may be ahead of consumer psychology, but the fact is that caring about the products you use is even more important. This means that consumers today or tomorrow in the 21st century will be able to think twice about the fintech products they use. As Brzezinski wrote in the New York Times:

“For the first time in recorded history, nearly all of humanity is awakening and engaging in political interaction. Global activism has seen a surge in countries once plagued by colonial empires and imperialism seeking cultural respect and economic opportunity.”

Consumers being in the know doesn’t necessarily bode ill for blockchain. If blockchain companies believe consumers can engage with many aspects of blockchain technology, then businesses using blockchain products can use it as a marketing medium.

Blockchain as a marketing tool

Blockchain is derived from Bitcoin. Bitcoin has become a well-known countercultural force in the cypherpunk circle. Once companies commercially adopt blockchain technology and can provide supporting blockchain products, they can use the use of decentralized technology as a selling point to promote their products to a politically awakened generation that is skeptical of Wall Street.

Countless companies and brands have adopted strategies related to environmentalism. Since the 1970s, people's awareness of the natural world has increased, and many consumer choices in the modern market are based on their impact on the environment.

The lifestyle of health and sustainability (LOHAS) represents the beginning of demographic awareness that influences consumer choices. Gradually, a high-level, well-educated population has taken shape. Paul H. Ray coined the term "culture creator" in his book and described this phenomenon in detail: "What you see is a healthy demand for the same quality of products."

The same concept could one day apply to blockchain.