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High Corporate Adoption Despite Regulatory Pressure
(CoinUnited.io) — A recent study by Coinbase found that despite increased regulatory pressure, over 80% of Fortune 500 companies are pursuing or deploying Web3 initiatives. The report compiled data from the firms, revealing that more than 60% of respondents had experimented with blockchain technology and considered starting their own related initiatives in early 2020. By the end of 2020, the percentage of companies adopting blockchain technology had risen to over 75%. Leading the charge were companies in the finance, technology, and retail sectors.
Infrastructure and Data Management the Key Focus
Most of the Web3 initiatives that the companies are considering are geared towards infrastructure development, supply chain management, and data collection. According to the study, over 60% of the executives interviewed believe that crypto investments would continue to grow, while many claimed blockchain technology would play a significant role in shaping the future of business.
Lack of Clear Rules Hinders Further Adoption
Despite their optimism, almost 90% of the respondents agreed that there remains a lack of clear rules and regulations around the technology that is hindering further adoption. Over 90% emphasized that policymakers must craft new rules to govern this emerging technology instead of merely enforcing existing regulations that apply to older tech. The sentiment is consistent with the report’s general sentiment, which suggests that although most Fortune 500 companies believe blockchain technology will shake up the financial system’s future, they also feel a lack of regulatory guidance and necessary legal frameworks could hamper its continued growth.The decline of the US’ share of worldwide Web3 development from 49% to 20% over the past six years underscores the urgency of creating new policies and regulations around the technology to maintain its continued global competitiveness.The report comes amid ongoing SEC lawsuits against major cryptocurrency firms such as Binance and Coinbase, which have caused market volatility and triggered an exodus of talent and investors to other countries.
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