In its latest report on corporate adoption, Coinbase discovered that Fortune 100 companies are increasingly embracing blockchain projects worldwide. However, the United States needs to step up its efforts to fully capitalize on the opportunities presented by these projects.
The report revealed that the number of Fortune 100 companies involved in cryptocurrency, blockchain, or Web3 initiatives saw a 39% year-over-year increase in the first quarter of 2024, reaching a record high. Many of these projects are nearing completion and boast an average budget of $9.5 million. Additionally, a significant 56% of Fortune 500 executives confirmed that their companies are actively working on blockchain projects.
One of the driving factors behind this surge in adoption is the tokenization of real-world assets. With over $63 billion worth of Bitcoin managed in spot exchange-traded funds and tokenized U.S. Treasury bills experiencing a 1,000% surge in value to $1.29 billion since the start of 2023, blockchain technology has garnered widespread appeal.
Interestingly, small businesses have also shown a keen interest in blockchain technology, with 68% expressing positive sentiments towards it. They particularly find payment technology appealing, while applications in gaming, healthcare, and the restaurant industry have also caught their attention.
Despite these advancements, the United States lags behind in blockchain adoption compared to other countries. In 2023, there were 136 Fortune 500 companies based in the U.S., whereas China had 142. Japan trailed far behind with only 41 companies. China overtook the U.S. in 2020 and has since expanded its lead.
Surprisingly, Coinbase found that the main obstacle to blockchain adoption among Fortune 500 executives in the U.S. is not regulatory issues but rather a shortage of talent. Small businesses indicated a preference for candidates with crypto knowledge for finance, legal, or tech positions, highlighting the importance of skilled professionals in the industry. Only 26% of crypto developers are based in the U.S.
Despite these challenges, there is a strong desire to collaborate with the U.S. among big business executives. A staggering 79% expressed interest in partnering with American companies, while 72% believed that a “USD-backed digital currency” would enhance U.S. economic competitiveness on a global scale.
In conclusion, the world’s largest companies are wholeheartedly embracing blockchain projects, but for the U.S. to truly leverage this technology, it must address talent shortages and actively engage in the evolving landscape of blockchain adoption.