A recent survey of Fortune 500 executives shows the adoption and belief around blockchain technology. 200 executives, who were surveyed, believe the technology has the potential to transform the world economy.
Commissioned by Rapid Innovation, the survey covered the best uses of blockchain development for companies, whether laws could impact rollout, and which companies are well prepared to deploy the technology. It found that several of the top technology firms are exploring many things Web3, including their own native tokens and metaverse. The majority, that is 89%, of the Fortune 500 executives said the next 10 years of Web3 innovation will define the next 100 years of business.
The survey pointed out that large software firms have created entire enterprise divisions to enable data exchange and workflow automation with distributed ledger technology (DLT) and blockchains. Online retailers are also working to integrate Bitcoin and cryptocurrency payment gateways.
Jesse Anglen, CEO of Rapid Innovation, highlighted that innovators are in a dilemma as companies have to adapt their businesses to keep up with revolutionary technologies. If they don’t, they risk disruption by newcomers. Anglen says the best thing Fortune 500 firms can do is invest heavily in R&D to ensure they deeply understand blockchain technology and the implications it has on business. As such, they can adapt and prosper, or fall into irrelevance.
He said that in the next five to 10 years, the crypto and blockchain industry will continue to grow at an exponential rate with passionate new entrants joining every day. Businesses from mom and pop retailer investors to asset managers, to corporations, will all adopt blockchain technology in one form or another. Anglen believes the new technology will impact every industry – finance, art, music, collectibles to social networks and gaming, etc.
Any technology that brings more freedom and economic prosperity to humanity will be a net positive for the world.