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Blockchain enables enterprise business models on the Metaverse

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Blockchain is being utilized to develop new business models with the help of metaverse.


Enterprise blockchain has come a long way since its inception in 2017. Enterprise-grade blockchain originally started as a technology built on approved private networks and is used primarily to manage supply chains. When blockchain was very mature, companies started using permissionless public networks like Ethereum to do business.

Fast forward to 2021 - the company is now implementing the concept of decentralization to create more efficient workflows in the Metaverse. William Herkelrat, director of business development at Chainlink Labs, a decentralized oracle network, said Metaverse, while difficult to define, believes it is a naturally growing collection of ecosystems of decentralized funding, or DeFi:

“Companies need to interact with the outside world and will therefore be forced to have ecosystems in the meta universe. For example, consumers may want to leverage loyalty programs outside of individual platforms so they are more likely to choose brands that ensure prices can be used in other ecosystems. Metaverse enables the creation of data, physical assets, commercial and financial assets in layers outside of a centralized environment.

Meta universe for enterprise

While the concept may sound futuristic, a number of blockchain companies rely on Metaverse. This topic was discussed intensively last Wednesday at the European Blockchain Convention virtual conference as part of a panel entitled “Building a multiverse of enterprises”. David Palmer, leading blockchain at Vodafone Business, mentioned during the discussion that he sees the Metaverse as more than just a virtual world where digital experiences can be created through games or social networks. According to Palmer, Metaverse now applies to financial concepts driven by blockchain technology, such as central bank digital currencies, irreplaceable tokens or NFT and DeFi.

However, Palmer discovered that the missing layer in the Metaverse was a way to bring virtual transactions into the real world. Palmer discovered that mobile phones can connect two worlds by acting as middleware. He also said that Vodafone Business uses blockchain to create digital identities that can be applied across the Metaverse and in real life: “Digital identity will transcend the digital and physical world. For example, digital wallets contain bank accounts, mortgage information, tokens, NFTs, and more. But even decentralized identities will have access to these credentials and allow people to participate in the universe and the physical world.

According to Palmer, Vodafone Business is working on creating a wallet on mobile devices to house virtual identities. The concept of self-identity in the multiverse was also mentioned in a recent Grayscale Research report entitled "Metauniverse, Virtual Cloud Economies on Web 3.0". The document describes a stand-alone identity as a "social reputation coin originating from the Internet (coin creator)", in which it indicates that data from other platforms can be transferred to Metaverse and used for identity or credit assessments.

Angel Garcia, Head of Global Supply Chain Strategy and Transformation at Telefonica, further explained during the panel that digital supply chains for Metaverse can help increase efficiencies in telecommunications. According to Garcia, Telefonica has taken the approach of creating a blockchain network for use in the Metaverse ecosystem. He added that the company is currently gathering information to improve the process from start to finish. “The next step is to automate these business processes and centralize them for everyone,” he said.

Rowan Fenn, co-founder of Rise X – an enterprise solution for companies looking to build digital autonomous organizations – also mentions that enterprises can have digital twins of their autonomous organizations to manage, manage and control analog processes: “These organizations can interact and perform transactions with each other in the multiverse in real time. It will also enable digital autonomous organizations to work together in the analog world.” Fan clarified that companies with digital twins in the multiverse ecosystem would be able to produce more goods and services while using fewer environmental resources. Therefore, he believes that this business model will allow the world to move from a limited economy to an endless economy.

Companies are already using blockchain to work on the Metaverse

While the company is still researching early use cases for implementing business models within the Metaverse, several industries are already using this environment. For example, Herkelrath mentions that the blockchain network used in the insurance industry represents the Metaverse business model.

In particular, Herkelrat stated that farmers around the world are offered hundreds of thousands of insurance contracts through a virtual ecosystem. He added that smart contracts based on blockchain networks, together with decentralized oracles such as Chainlink, have made it possible to overcome transparency challenges in the insurance industry. Moreover, it simplifies the entire insurance process to make it accessible to undemanding customers worldwide.

While it seems that the blockchain itself makes this possible, Herkelrat notes that smart contracts generated by insurance agents require data that cannot be collected without the existence of the Metaverse: “You can do this because you have an enterprise metaverse with incoming data that is being researched by the larger network. The fact that this can happen in the Metaverse shows that business-to-consumer transactions can be cheap and accessible to anyone in the world.

How likely is it that the company will accept the meta universe?

As several companies begin to develop and deploy business models on the Metaverse, understanding the technology can hinder rapid adoption. Rodolfo Chiano, Head of Blockchain at Henkel, a German chemical and consumer goods company, mentioned during a panel discussion that the biggest challenge for implementation today is understanding the value Metaverse can offer companies: Palmer adds that scalability is also an issue in the Metaverse corporate environment, along with understanding how organizations can embrace and embrace this new technology: “For telecommunications, the most important point to consider is how to connect people in the Metaverse. People will have two identities, virtual and physical. So, the question is, will we have the bandwidth in terms of connectivity?

In addition, Palmer believes the company will question the role of blockchain in Metaverse's business model. However, he believes technology is essential for these applications. “Blockchain is a layer of trust and exchange in a multiverse environment. This is a huge opportunity, but it will be a challenge for companies to make the transition.”

“Technology is not a problem, but it will take people longer to figure out what blockchain does and how it compares to ancient enterprise resource planning systems. Finding evangelicals can be a big acceptance challenge when it comes to implementing blockchain in the metaverse.

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