Regulatory Environment: What Board Directors Need to Know About Blockchain
Board members, selected for their professional acumen and expertise, are responsible for informed oversight of their companies. This is their fiduciary duty. However, few are knowledgeable or experienced in assessing new, relevant technologies. Blockchain, a part of Web 3.0, is the latest digital technology on the doorstep of corporations worldwide. Directors’ abilities to oversee company strategy, risk, and capital allocation are critical in this rapidly changing landscape. In a 2022 study from Deloitte, companies with a tech-savvy board performed better. Specifically, such companies experienced, on average, 5% greater revenue growth over a three-year period, and 8% better stock performance year over year, over three-, five-, and 10-year periods, than companies with non-tech-savvy boards.
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