A Coinbase (NASDAQ: COIN) report has highlighted the trend of Fortune 500 companies turning their attention to blockchain to address specific pain points in their internal operations.
According to the State of Crypto report, six out of 10 Fortune 500 companies are exploring the viability of blockchain-based solutions, with surveyed executives including the emerging tech in their short and medium-term objectives. One out of every five executives says blockchain is a part of the long-term plan of their company’s operations, rising by an impressive 47% over the last year.
While Fortune 500 companies show a large appetite for blockchain, small and medium-sized businesses also embrace the technology. 80% of surveyed respondents revealed that blockchain would assist in internal operations, particularly managing invoices and accounts receivable, leaning on smart contract automation and transparency features.
Out of the respondents without active blockchain initiatives, 46% have unveiled plans to explore the technology within three years. The renewed interest is particularly impressive in the face of rising artificial intelligence (AI) adoption and the frantic race among corporations to integrate AI models into their operations.
Fortune 500 companies and SMBs are eyeing the real-world use cases from blockchain integrations. Behemoths are particularly keen on the tokenization capabilities of blockchain, with financial sector players leading the charge in this regard.
Both cohorts are turning to blockchain for its decentralized fundraising utility and use cases in real-time and cross-border payment functionality.
Several factors are in play behind the growing institutional interest in blockchain. While government agencies have hinted at increased industry cooperation, large firms and small business operators have their eyes peeled on incoming U.S. legislation for digital assets.
“It’s clear greater regulatory certainty is still required for the potential of crypto to be fully realized,” read the report. “That’s why passing market structure and stablecoin legislation is so critical to the future of crypto innovation in America.”
Blockchain-based companies are on the rise
Despite the surge in AI-focused companies, blockchain-based firms are recording impressive growth metrics in several jurisdictions. One report notes that blockchain-focused firms in cybersecurity have gained a 200% ROI, outperforming the returns earned by AI-based companies.
In Southeast Asia, Hong Kong is spearheading the growth spurt of blockchain-based companies with its Cyberport initiative. Since its launch, 150 Web3 firms have set up shop in Cyberport, lured by the prospects of tax breaks, regulatory support, and a raft of government-backed incentives.
Pakistan’s digital asset minister wraps up US tour after a raft of policy meetings
Pakistan is inching closer to its goal of becoming a regional digital asset powerhouse with its latest play involving cross-border collaboration for technological advancements.
According to an X post, Pakistan’s Minister of State Crypto & Blockchain, Bilal Bin Saqib, has met with U.S. regulators to gather ideas. During his cross-country tour, Saqib had sit-downs with leading proponents of digital assets in the U.S., including Senator Cynthia Lumis and New York City Mayor Eric Adams.
“From Capitol Hill to the White House, I shared a new face of Pakistan: one driven by youth, innovation and global partnerships,” said Saqib.
The month-long tour saw Saqib advance Pakistani digital asset interests in the U.S., borrowing a page from the country’s emerging regulatory playbook. In his meetings with key U.S. figures, Saqib revealed plans by the Pakistani government to set up its own Strategic Bitcoin Reserve, mirroring the executive order signed by President Donald Trump.
In his meeting with the NYC Mayor, Saqib mooted the idea of a bilateral relationship between Pakistan and the Big Apple. Notably, the Pakistani Minister of State for digital assets revealed that the Asian country is willing to partner with New York in regulation and innovation.
NYC and Pakistan have previously launched Crypto Councils, with Saqib pushing for policy advisory initiatives between entities.
Apart from Senator Lummis and Mayor Adams, Saqib met with Senators Tim Sheehy, Jim Justice, Rick Scott, and Bill Hagerty in a series of meetings in Washington, D.C.
Saqib took the time to reel out the progress made by Pakistan in its digital asset ambitions. Firstly, the Minister revealed key steps toward launching a robust digital asset regulatory framework in the country and plans to embrace stablecoins for remittances.
Pakistan soldiers on toward full digitization
To achieve its ambitions for digitization, Pakistan has launched a new regulatory body to oversee the digital assets sector. Dubbed the Pakistan Digital Asset Authority (PDAA), the newly minted watchdog will oversee the licensing of digital asset service providers and stablecoin issuers.
The country is taking a leap with Bitcoin mining, using surplus energy to mine the digital currency. Furthermore, the digital transformation spree sees regulators expand digital wallet coverage for aid distribution, with national birth and death records turning to blockchain for accuracy and transparency.