Coinbase has published a report on the adoption of blockchain by Fortune 100 and Fortune 500 companies. The report essentially highlights that the majority of surveyed companies are either exploring the concept of crypto and blockchain or are in the final stages. Blockchain is considered an operational infrastructure that drives innovation and ambitions in Web3.
Data collection and management have emerged as the top utilities for blockchain implementation. This is being done or is being considered because the current century-old global financial system requires updates and blockchain solutions can serve as a foundational ground. Losing pace with modern developments could pave the way for competitors to gain an edge in the industry.
Coinbase’s report mentions that more than half, or 52%, to be more precise, of the Fortune 100 companies have pursued blockchain and crypto since the beginning of 2020. Since the start of 2022, nearly 60% of their initiatives are either in the pre-launch phase or have already launched. The survey found that 62% of the executives of Fortune 500 companies were familiar with blockchain or cryptocurrency. The same participants said that they were either hosting the initiatives or were in the process of planning for them.
The majority of the initiatives have been undertaken by three key sectors, tech, finance, and retail. These sectors belong to the Fortune 100, and the number has been cumulative since the beginning of the first quarter of 2020.
Web3 is involved in infrastructure, supply chain management, and data collection and management. However, the clarity of regulations surrounding blockchain and Web3 is holding back investments in these sectors. There are no clear rules about blockchain, crypto, and Web3. Hence, several investors are withholding their financials, and companies are taking adoption and implementation slow.
Companies use crypto and blockchain to stay ahead of the competition, which accounts for 64% of the surveyed participants. The secondary objective is to meet consumers’ expectations, which accounts for 45% of the total participants. Around 55% said that they took up innovative technologies because they enhanced their efficiency.
IBM has recorded the highest number of Web3 initiatives, followed by Alphabet and Microsoft. Their numbers are 18, 11, and 11, applicable in the same order. With five such initiatives, Bank of America ranks 10th on the list. Amazon is in 6th position with six initiatives.
Fortune 500 companies have reported a variety of services, including blockchain infrastructure, data collection, and management. These services include payments and settlements, supply chain management, process automation, identity management, and tokenization, to name a few. Many companies have also taken the initiative to launch their non-fungible tokens (NFTs). Nike leads the list with 14 NFT collections. It is followed by Time Magazine with 7 collections and Dolce & Gabbana with 4 NFT collections.
Fortune 100 companies have amassed $101.3 million in royalty revenue from 118,354 different consumers.