A new oinbase">Coinbase report reveals corporations are rapidly embracing blockchain technology, but the U.S. risks lagging due to an acute shortage of blockchain expertise.
The number of Fortune 100 companies with crypto, blockchain, or Web3 initiatives soared 39% year-over-year in early 2024 to record levels. Over half of Fortune 500 executives say their firms are working on blockchain projects with sizable budgets averaging $9.5 million.
Tokenization of real-world assets like Bitcoin ETFs and U.S. Treasury bills has been a major adoption driver, with over $64 billion in combined value. Blockchain appeals to smaller businesses eyeing use cases like payments, gaming, and healthcare apps.
However, the U.S. is at risk of missing out on blockchain’s economic potential. China surpassed the U.S. in 2023 for the number of Fortune 500 headquarters. The key barrier is not regulation but an acute talent shortage – only 26% of crypto developers reside in America.
Most major U.S. corporations want to collaborate with domestic blockchain partners and see a digital dollar as key to global competitiveness. But without a deep pool of expertise, the country may struggle to capitalize on transformative web3 opportunities.
As blockchain rapidly permeates the corporate world, developing homegrown talent has become an economic imperative for the U.S. to keep pace with innovations reshaping finance and business.
