Blockchain is the most transformative and disruptive technology to emerge in the last decade. The ongoing transition towards a digital economy has undeniably been accelerated by the COVID-19 pandemic.
The evolution of cryptocurrencies has carried with it a revolution in digital economics that has catapulted the application of blockchain technology to a new level across a variety of industries, including banking, security, networking, and more. These technologies will play a central role on the path towards a sustainable and resilient recovery, and towards the UAE’s technological authority.
Looking beyond our immediate needs and thinking long term, we should take a strategic and visionary approach in which we ask ourselves: where do we want to be decades from now? What type of innovations and technologies will prepare the way for future generations? All major economies in the world are racing to take the lead in the development and deployment of blockchain and metaverse technologies.
Blockchain: Ready for business
Distributed ledger technologies (DLT) are revolutionizing the way companies manage their assets. Blockchain and DLT platforms have crossed the disillusionment trough of the hype cycle, and they are well on their way to driving real productivity in organizations across many industries. They are fundamentally changing the nature of doing business across organizational boundaries by supporting interoperability, scalability, and security.
Blockchain can also collect and secure data transactions between users, digital platforms, and amongst users themselves, through inter-corporate and intra-digital transactions. Blockchain practically acts as a Cloud Storage, allowing extra security, due to its decentralized network, low transaction cost, and unused space available.
Blockchain at scale: Evolving technologies and standards
Early blockchain and distributed-ledger technologies have proven the feasibility of cryptocurrency trading, clearing, and settlement. However, first-generation blockchains are slow, energy-hungry, and impractical to scale.
To address those challenges, the market teems with new platforms and protocols. Many early DLT platforms are public networks in which anyone can participate; as a result of their openness and lack of privacy, they include fraudulent members and suffer from complete anonymity.
Risk-averse enterprises have more trusted, secure options nowadays, such as non-public (i.e., private) networks, which only allow select, verified members to participate; and permissioned networks, which anyone with a verified identity can join, with member activities controlled via permission-based roles.
As the metaverse is built on blockchain technology, any items you own or produce are unique and cannot be replicated or stolen. As with art pieces, blockchain technology assures that distinct digital goods traded in the metaverse are one-of-a-kind. Furthermore, cryptocurrencies keep the metaverse running; everything is purchased and sold using distinctive sorts of cryptocurrency.
The Possibilities of Metaverse Replacing the Real World
The metaverse can shape the future in which we spend more time in the virtual world than reality. An avatar represents you in the metaverse, comparable to the avatars that Facebook started using in 2020. Many technology experts believe it will eliminate the issue of geography, particularly when it comes to business interactions.
According to Harding, an increasing number of businesses will have "boarded the metaverse train in 2022.” Many tech executives anticipate that one day, individuals will begin to create their metaverses and that instead of Oasis, we will all be relaxing in that world.
Cryptocurrencies in the Metaverse
Since metaverse is built on blockchain, cryptocurrencies also use the same technology. Therefore, it will be the most popular form of payment in the metaverse world. Using cryptocurrency will be the simplest, most convenient, and least expensive method to embark on a global metaverse shopping trip.
You may use your cryptocurrency at any store, regardless of where it is located. You won't waste money on international communication or transaction costs if you use crypto, and most stores in the metaverse accept all major cryptocurrencies.
Business Trading in the Metaverse
Bloomberg Intelligence's metaverse represents a "$800 billion market opportunity." The metaverse creates a new economy in which wealth will be generated, traded, and increased with a different currency yet connected to real-world money.
We'll soon see businesses will be formed, office buildings will be built, meeting for remote workers will be held, and job interviews will be conducted in the metaverse world. The metaverse will see a surge in digital commerce, primarily as big-box retailers like Walmart aim to sell things there.
The evolution of Blockchain, and Metaverse creates new potential for advancements and applications in business management through smoother data management, document identification, and transaction verification amongst others.