Blockchain Development Seen as Transformative to the Technology Sector: Rapid Innovation Survey

Survey Respondents say the technology has the potential to transform the world economy while Fortune 500 companies aim to keep pace

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

Several of the top technology firms are exploring everything from launching their own native tokens, to changing their company names to something more metaverse related. Large software firms have created entire enterprise divisions dedicated to enabling data exchange and workflow automation with distributed ledger technology and blockchains. Meanwhile, every online retailer is working to integrate Bitcoin and cryptocurrency payment gateways.

"I cannot help but think of the innovator's dilemma, where companies must adapt their businesses to keep up with revolutionary technologies or risk disruption by newcomers. The best thing Fortune 500 firms can do today is 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 prosper or fall into irrelevance," said Jesse Anglen, CEO, Rapid Innovation. 

"Within the next 5-10 years, we see the crypto and blockchain industry continuing to grow at an exponential rate with passionate new entrants joining every day. Everyone from mom and pop retailer investors, to corporations, asset managers, and eventually sovereign nations will adopt this new technology in one form or another. It will impact every industry - not just finance, but art, collectibles, music, gaming, social networks, telecommunications, supply chains, and beyond. We believe that any technology that brings more freedom and economic prosperity to humanity will be a net positive for the world."

Views on blockchain technology's impact on the technology sector were also positive, with 89% of surveyed executives believing that the next decade of Web3 innovation will define the next 100 years of business.

The survey also polled executives on 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, particularly on the heels of the executive order outlining the Fed's strategy for reviewing cryptocurrencies, they unanimously feel that Web3 development is no different than the early years of the internet. The government knows they have to regulate in order to protect investors, however, they do not want to stifle innovation so that they can be a world leader in this new technology.

SOURCE Rapid Innovation