Blockchain allows enterprise business models within Metaverse

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However, blockchain is currently being used to form a business model in Metaverse to achieve effectiveness and cross compatibility with the $64,000 world.

Since its inception in 2017, enterprise blockchain has become an extension method. The blockchain used by enterprises is a technology designed on a non-public, permissioned network from the ground up, and is mainly used for supply chain management. As the blockchain matures, companies are beginning to use public, permissionless networks such as Ethereum to conduct business.

Fast forward to 2021-corporate regional units are currently applying decentralized ideas to form additional economic workflows in Metaverse. William Herkelrath, head of business development at Chainlink Labs, a decentralized oracle network, told Cointelegraph that although Metaverse is difficult to outline, he believes that this is a set of ecosystems, and regional units naturally grow from decentralized finance or DeFi:

“Businesses should interact with the skin world, so they can be forced to own the ecosystem within Metaverse. For example, shoppers want to use a loyalty program outside of a single platform so that they are more likely to choose to ensure that rewards are often used in different ecosystems The brand. Metaverse allows knowledge, physical assets, industrial and monetary assets to originate from a very layer outside the decentralized environment.”

Enterprise Metaverse

Although this structure sounds like an art movement, many companies investing in blockchain are beginning to embrace Metaverse. At the virtual meeting of the ecu blockchain conference last Wednesday, this topic was mentioned in depth in a panel discussion entitled “Building a Corporate Multiverse”.

David Arnold Daniel Palmer, Head of Blockchain at Vodafone Business, mentioned in the entire discussion that he regards Metaverse as a virtual world, where digital experiences, whether through games or social media networks, will appear. where. According to Arnold Daniel Palmer (Arnold Daniel Palmer), Metaverse is currently being applied to currency ideas driven by blockchain technology, such as digital currencies for financial organizations, irreplaceable tokens or NFT and DeFi.

Palmer pointed out, however, that the missing layer in Metaverse may be a way to transfer virtual transactions to the $64,000 world. Arnold Daniel Palmer pointed out that portable devices will connect these two worlds and act as middleware. He told Cointelegraph that Vodafone Business is investing in blockchain to form digital identities, which will be applied to every Metaverse and real life:

“Digital identities can transcend the digital and physical world. For example, digital wallets can contain checking accounts, mortgage data, tokens, NFTs, etc. However, decentralized identities can also access these credentials, allowing people to participate in the Metaverse and the physical world.”

Palmer shared that Vodafone Business is working on building a wallet in mobile devices to host virtual identities. Greyscale Research’s recent report entitled “The Metaverse, Web 3.0 Virtual Cloud Economies” also mentioned the concept of self-sovereign identity in the multiverse. The paper described self-sovereign identity as an associate degree “Internet native social name coin (creator coin)” and pointed out that knowledge from different platforms was also transferred to Metaverse and used for identity or credit evaluation.

Angel Garcia, Head of Global Supply Chain Strategy and Transformation at Telefonica, explained in the panel discussion that Metaverse’s digital supply chain can promote the development of telecommunications companies. According to Garcia, Telefonica has adopted a blockchain network approach in the Metaverse system. He said that the company is currently collecting data to facilitate end-to-end processes. “The next step is to automate these business processes and create them centrally for everyone,” he commented.

Rowan Fenn, co-founder of Rise X, is an associate degree business answer for companies that want to create digital autonomous organizations. He also mentioned that the company will have digital twins of autonomous organizations to control, operate, and manage analog processes: “These organizations can In a very diverse universe, moving and interacting with each other over a period of time. This can also enable digital autonomous organizations to play a role in the analog world of associate degrees.”

Finn elaborated that a company with digital twins in a very diverse system can manufacture additional products and services, and abuse less environmental resources. Therefore, he believes that this business model can enable the planet to develop from a finite economy to an infinite economy.

Companies have used blockchain to control Metaverse

Although corporate regional units are still exploring early use cases for applying business models within Metaverse, some departmental regional units have already invested in these environments. For example, Herkelrath mentioned that the blockchain network used in the insurance industry demonstrates Metaverse’s business model.

Specifically, Herkelrath explained that thousands of regional units of insurance contracts have been provided to farmers around the world through a virtual ecosystem. His other smart contracts designed on the blockchain network, combined with decentralized oracles like Chainlink, have created viable solutions to the transparency challenges of the insurance industry.

In addition, this has an effective and complete insurance method that allows customers who are deprived of their rights to use it on a global scale.

Although it seems that this can be achieved with blockchain alone, Herkelrath pointed out that reasonable contracts generated by insurance institutions require knowledge that cannot be collected, and Metaverse does not exist:

“This is feasible because you have a lot of company knowledge back, which is verified by the wider network. What happened in the Metaverse shows that business-to-consumer transactions can become cheap and anyone in the world Can visit.”

How likely is it for companies to embrace Metaverse?

Although some company regional departments are beginning to develop and utilize business models in Metaverse, understanding the technology may hinder rapid adoption. Rodolfo Quijano, head of blockchain at Henkel, a German chemical and trading commodity company, mentioned around the world, how do the most important regional companies embrace Metaverse?

Although some company regional departments are beginning to develop and utilize business models in Metaverse, understanding the technology may hinder rapid adoption. Rodolfo Quijano, head of blockchain at Henkel, a German chemical and trading commodities company, mentioned in the entire word that the most important challenge to promote adoption is to understand the value Metaverse will bring to the company:

“Technology is not difficult, but it takes longer for individuals to understand the purpose of blockchain and how it compares to the old school corporate resource proposal system. As far as the application of blockchain in Metaverse is concerned, the search for evangelists usually It’s a huge challenge for adoption.”

In addition, Arnold Daniel Palmer believes that once the Metaverse business model is involved, the company can question the role of blockchain. However, he believes that the technology is essential for these use cases. “Blockchain is a trust and exchange layer in a very diverse environment. This is a huge opportunity, but for the company, achieving transformation will be a challenge.”

Post Blockchain allows enterprise business models within Metaverse First appeared in Bitcoin wire.

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