The Coinbase (NASDAQ:COIN) report highlights the trends that Fortune 500 companies turn their attention to blockchain and address certain issues with internal operations.
According to the State of Crypto report, six of the 10 Fortune 500 companies are investigating the viability of blockchain-based solutions, with the investigative executives, including new technologies, achieving short- and medium-term goals. One in five executives said blockchain is part of the company’s long-term plan for the company’s business, up 47% last year.
While Fortune 500 companies have shown a huge desire for blockchain, small and medium-sized businesses have also adopted this technology. 80% of surveyed respondents revealed that blockchains are leaning towards smart contract automation and transparency, helping them with internal operations, particularly invoices and accounts receivable management.
Of those without active blockchain initiatives, 46% announced plans to explore technology within three years. The renewed interest is particularly impressive in the face of intercompany artificial intelligence (AI) adoption and desperate race to integrate AI models into businesses.
Fortune 500 companies and SMBs are focusing on real use cases from blockchain integration. The Giants are particularly enthusiastic about blockchain tokenization capabilities, and players in the financial sector are leading the fare in this regard.
Both cohorts rely on blockchain for decentralized funding utilities and use cases for real-time and cross-border payment capabilities.
Several factors are behind the growing institutional interest in blockchain. While government agencies suggest an increase in industry cooperation, large and small business operators are turning their attention to US law regarding digital assets.
“It is clear that greater regulatory certainty is still necessary for cryptography to be fully realized,” read the report. “That’s why market structure and stable laws are extremely important to the future of American crypto innovation.”
The number of blockchain-based companies is increasing
Despite the surge in AI-focused companies, blockchain-based companies have recorded impressive growth metrics in several jurisdictions. One report notes that cybersecurity blockchain-centric companies have 200% ROI, surpassing the returns earned by AI-based companies.
In Southeast Asia, Hong Kong is using the Cyberport Initiative to lead the surge in growth for blockchain-based companies. Since its launch, 150 web3 companies have set up shops in Cyberport, tempted by prospects of tax credits, regulatory support and numerous government-supported incentives.
Pakistan’s Digital Asset Minister ends US Tour after numerous policy meetings
Pakistan is approaching its goal of becoming a regional digital asset powerhouse with its latest play, including cross-border collaboration for technological advancements.
According to the X-Postal, Pakistan’s Minister of State Crypto & Blockchain, Minister of State Bilal Bin Saqib, met with US regulators to gather ideas. During her cross-country tour, Sakib sat down with leading supporters of US digital assets, including Sen. Cynthia Lumith and New York City Mayor Eric Adams.
“From Capitol Hill to the White House, I shared a new face in Pakistan. It’s driven by youth, innovation and global partnerships,” says Saqib.
On the month-long tour, Saqib advanced the profits of Pakistan’s digital assets in the US and borrowed pages from the country’s emerging regulations playbook. In a meeting with key US figures, Saqib unveiled the Pakistani government’s plans to establish its own Bitcoin reserve, reflecting the executive order signed by President Donald Trump.
During his meeting with the mayor of NYC, Saqib discussed the idea of bilateral relations between Pakistan and the Big Apple. In particular, Pakistan’s Digital Assets Minister revealed that Asian countries are willing to partner with New York on regulation and innovation.
NYC and Pakistan have previously set up crypto councils, and Saqib is promoting policy recommendation initiatives between entities.
Apart from Senator Ramis and Mayor Adams, Sakib met with Senators Tim Sheehee, Jim Justice, Rick Scott and Bill Hagerty at a series of meetings in Washington, DC.
Saqib took the time to unravel the advances Pakistan has made in its digital assets ambitions. First, the Minister has identified key steps to launching a robust digital asset regulatory framework within the country and has planned to accept subscription coins for remittances.
Pakistani soldiers are heading towards full digitalization
To achieve its digital ambitions, Pakistan has launched a new regulatory body to oversee the digital asset sector. Called Pakistan’s Digital Assets Authority (PDAA), the newly created watchdog oversees the licenses of digital asset service providers and Stablecoin publishers.
The country is making a leap in bitcoin mining, using excess energy to mine digital currency. Additionally, Digital Transformation sees regulators expanding digital wallet coverage for aid distribution, turning national birth and death records into blockchain for accuracy and transparency.
