Blockchain development seen as transformative for the tech industry: Rapid innovation survey


Survey respondents say technology has potential to transform global economy as Fortune 500 companies aim to keep pace

LOS ANGELES, April 22, 2022 /PRNewswire/ — The best uses of blockchain development for businesses, which sectors are most prepared to deploy the technology, and whether laws could impact its deployment are some of the key findings from a recent survey . Over 94% of the 200 Fortune 500 executives surveyed have blockchain projects.

Several of the biggest tech companies are exploring everything from launching their own native tokens to renaming their company to something more related to the metaverse. Large software companies have created entire corporate divisions dedicated to exchanging data and automating workflows with distributed ledger technology and blockchains. Meanwhile, every online retailer is striving to integrate Bitcoin and cryptocurrency payment gateways.

“I can’t help but think of the innovator’s dilemma, where companies must adapt their business to keep up with breakthrough technologies or risk being disrupted by newcomers. The best thing Fortune 500 companies can do today is to invest heavily in R&D to ensure they deeply understand blockchain technology and the implications it has on their business, so they can adapt and thrive or fall into insignificance. “, said Jesse AnglenCEO, Rapid Innovation.

“Over the next 5-10 years, we see the crypto and blockchain industry continue to grow at an exponential rate with passionate new entrants joining every day to embrace this new technology in one form or another. It will impact every industry: not just finance, but also art, collectibles, music, gaming, social media, telecommunications, supply chains, and beyond. We believe that any technology that brings more freedom and economic prosperity to mankind will be a net positive for the world.”

Opinions on the impact of blockchain technology on the tech industry were also positive, with 89% of executives surveyed believing that the next decade of Web3 innovation will define the next 100 years of business.

The survey also asked executives about their perception of the impact that regulation will have on future innovation within the industry. While 37% are unsure of what the immediate future holds, especially in the wake of the executive order outlining the Fed’s strategy to review cryptocurrencies, they unanimously believe that the development of Web3 is no different from the early years of the Internet. The government knows it needs to regulate to protect investors, but it doesn’t want to stifle innovation so it can be a world leader in this new technology.

SOURCE Rapid Innovation


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