The survey, commissioned by Rapid Innovation, showed that respondents thought the technology has the potential to transform the world economy. The Fortune 500 companies were aiming to keep pace.
Questions in the survey covered the best uses of blockchain development for companies, whether laws could impact its rollout, and which industries are most prepared to deploy the technology.
Fortune 500 keeping up
Rapid Innovation says that several of the top technology firms are exploring many things Web3. This includes launching their own native tokens, to altering their company names to something 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.”
Jesse Anglen is the CEO of Rapid Innovation. “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.
“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.”
Web3 innovation
89% of Fortune 500 executives believe that the next ten years of Web3 innovation will define the next 100 years of business.
In terms of regulation, 37% of respondents were unsure of what the immediate future holds. Respondents all felt that Web3 development was no different than the early days 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.”
