Abstract

This study explored the public’s understanding of blockchain technology and its impact on the intention to use blockchain-based services for wider acceptance of blockchain technology. 400 South Koreans in their 20s and 30s were surveyed to assess their subjective and objective knowledge of blockchain technology and their intention to use blockchain-based services. Subjective knowledge and intention to use were evaluated using a 7-point Likert scale, while objective knowledge was assessed through a multiple-choice questionnaire, encompassing four subdomains: basic concepts, building blocks, features, and practical applications. The study revealed that 1) over half of the respondents rated their knowledge level as below ‘neutral’ (1 to 3 points) (253 out of 400); 2) the majority of respondents showed a low level of objective knowledge (380 out of 400 scored under 50%), especially regarding the technology’s building blocks; 3) a moderate-to-strong monotonic relationship was observed between subjective knowledge and the intention to use blockchain-based services (r s=0.580 ); and 4) a weak-to-moderate monotonic relationship was found between objective knowledge and the intention to use blockchain-based services (r s=0.334 ). The study underscores the importance of educating individuals to enhance their subjective and objective knowledge of blockchain technology to promote its broader acceptance.