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- From when it began in 2017, Enterprise blockchain has drastically strengthened. Three years later, in 2021, Enterprise blockchain began administering their business using private networks like Ethereum.
- Certain industries such as the insurance industry are already leveraging Metaverse. As pointed out by Herkelrath, farmers are being provided insurance contracts through virtual contracts.
- There is no doubt that enterprises are embracing the Metaverse environments, understanding the technology and its value may delay its fast adoption.
Essentially started as a technology built on private, permissioned networks, and used for supply chain management, Enterprise blockchain has made quite a progress since its beginning in 2017. With time, enterprises began leveraging public, permissionless networks such as Etherum for operating their businesses.
In 2021, enterprises are now implementing decentralized concepts for building more efficient workflows in the Metaverse. Head of business development at Chainlink Labs, William Herkerlrath, in an interview said that although Mertaverse is difficult to define, it is a collection of ecosystems that are oozing directly from the decentralized finance or DeFi.
“Enterprises need to be interacting with the outside world and will therefore be forced to have ecosystems in the Metaverse. For example, consumers want to use loyalty programs outside of single platforms, so they will be more likely to choose brands that ensure rewards can be used within other ecosystems. The Metaverse allows for data, physical assets, commercial and financial assets to be set up in a layer outside of a centralized environment.” explained Herkerlrath.
Metaverse Environment For Enterprises
Many people might believe that the concept is advanced, the reality, however, is that there are a variety of enterprises using blockchain that have already adopted the Metaverse environment.
On Wednesday, at the European Blockchain Convention’s virtual conference, a panel entitled “Building the Enterprise Multiverse.” discussed the subject in detail.
Blockchain Lead At Vodafone Business, David Palmer, putting his views forward said that he believes Metaverse is more than just a virtual world. Users can have varied experiences through social media networks or games.
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Palmer also says that the Metaverse is being implemented in finance concepts based on blockchain technology such as Decentralised Finance and NFTs or Non-fungible Tokens.
Palmer also pointed out that there is a missing link between virtual transactions and the real world, which he thinks can be completed via mobile phone.
He further added that Vodafone is also leveraging blockchain technologies to design digital identities that can be enforced in both real life and the Metaverse platform, by creating wallets to host virtual identities within mobile phones.
Head of global supply chain strategy and transformation at Telefonica, Angel Garcia adding value in the discussion said that a digital supply chain for the Metaverse can give rise to more efficient telcos.
Garcia explained that the approach to creating a blockchain can come from within a Metaverse Environment. He shared that the company is currently working on improving end-to-end processes. He also remarked, “The next step is automating those business processes and making them centralized for everyone,”
Co-founder of Rise X, Rowan Fenn also explained that enterprises should also have an identical digital twin of their organization for governing, operating, and controlling analog processes, since the twin would be able to create more services and products, at the same time utilizing less natural resources.
Fenn further said, “These organizations will be able to interact and transact with each other in real-time in a Multiverse. This will also allow the digital autonomous organizations to work together in an analog world.”
Enterprises Already Utilising Blockchain To Work In Metaverse
While most enterprises are just beginning to explore the Metaverse Environments, some industries are already peaking at its use. Herkelrath gave the example of the insurance industry.
He pointed out that farmers are being offered several insurance contracts via virtual ecosystems while smart contracts solve the transparency issues within the insurance industry.
However, it may seem like the blockchain enabled this alone, Herkelrath also noted that the required data couldn’t have been possible without Metaverse.
“This is made possible because you have a metaverse of companies with data coming in that is verified by a broader network. The fact that this can happen in the Metaverse demonstrates that business-to-consumer transactions can become inexpensive and accessible to anyone in the world,” said Herkelrath.
Will Enterprises Embrace The Metaverse With Open-Hands?
Although many companies have embraced the technology, understanding the technology could be a hindrance to its rapid adoption.
Head of the blockchain at Henkel, Rodolfo Quijano highlighted the point and added to the discussion, “Technology isn’t an issue, but it will take more time getting people to wrap their heads around what blockchain does and how this can compare with old-fashioned enterprise resource planning systems. Finding evangelists can be a big challenge for adoption in terms of blockchain being applied in the Metaverse.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
