Metaverse and Blockchain

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Metaverse and Blockchain

8 September 2021   | Blockchain, Emerging Tech

At the end of June 21, Mark Zuckerberg told Facebook employees about its next big ambition: to build its corner of the Metaverse—a collection of virtual worlds that could forever change the way human beings interact. But what is the Metaverse, and why is everyone suddenly talking about it?

Metaverse, a term first coined in science fiction, combines the prefix “meta”, meaning beyond, and “universe”.

It refers to shared virtual worlds where land, buildings, avatars and even names can be bought and sold, often using cryptocurrency. People can wander around with friends in these environments, visit facilities, purchase goods and services, and attend events.

Amidst pandemic, we have seen a significant change in how people operate their day-to-day activities. There is a grand vision of a network of fully realized virtual worlds where users connect and carry their activities between various emerging technologies. Therefore, the Metaverse is the outcome of the convergence of a range of emerging and existing digital technologies. It also allows users to generate their content and distribute it freely throughout a widely accessible digital world. Metaverse brings in profound changes concerning digital interactions between people, businesses, and amongst them together.

Blockchain technology plays a critical role. It is also required to guarantee the reliability and security of the diversity, rich content of all the vital data in Metaverse. Blockchain is the foundation of Trust, Transparency and Traceability in the Metaverse World. This gradually may become the primary technology for verifying the legitimacy of almost any virtual asset, identity, authenticity, ownership and governance for any digital asset. The essential features of working in a metaverse are moving the assets seamlessly and instantaneously from world to world. Blockchain as an underlying technology would be beneficial. The idea of blockchain in the Metaverse is to build a new kind of digital asset based on ownership and governance.

The flock of Emerging Technologies

Augmented reality, virtual reality, artificial intelligence, internet of things through blockchain are giving new meaning to the world of Metaverse. In Industry 4.0, the virtual world has snowballed. The real thing has been converted into data from the virtual world, and the virtual world has even played a role in leading the real world. According to many experts, the Metaverse of the future would consist of
  • Ubiquitous networking
  • Blockchain with Non-Fungible Tokens (NFTs)
  • Extended Reality (XR) with VR and AR
  • Other newer emerging technologies

At present, the Metaverse is still in its infancy; but there is a spark of interest in the market after Mark Zuckerberg’s repeated statements or declarations of building a virtual world is his company’s (Facebook) next big ambition. He has even rightfully coined, Metaverse is ‘the next generation of the internet’. Adding to this, even Andrew Bosworth, the VP of AR/VR at Facebook, has also emphasized that the Metaverse will help to “build the connective tissue” between various devices and physical activities.

Metaverse’s through BaaS (Blockchain as a service): In the virtual world, trust technology is emerging as an important issue, and what better way of using blockchain as one of these trust technologies for individuals or businesses with any transaction or asset management needs. Blockchain provides an immutable distributed database of digital assets. This ultimately lays the platform for TRUST, TRANSPARENCY and TRACEABILITY for all valued partners of any supply chain. Blockchain’s ability to create easy-to-identify information chains that cannot be manipulated makes it the perfect complementary solution to numerous systems in Industry 4.0. BaaS ultimately can drive cost-saving efficiencies and enhance the consumer experience through traceability, transparency, and tradeable.

TRST01’s focus areas of adoption are also inclined towards the use of blockchain with the help of emerging technologies in Document Authentication, Smart contracts, Supply Chain Management, and Track and Trace (food and seed). The primary responsibility is to create business value through enhanced trust and reduced risk across the value chain. The focus is also to aspire to cater to diverse industry issues by delivering Blockchain Solutions suitable to business requirements. TRST01 is currently focusing on these things for the creation of specific use-cases scenarios such as:
  • 1. Building Blockchain-based Solutions adaptability for different customer segments/industries
  • 2. To increase and expand our blockchain core in the long run and fully own the technology
  • 3. To find the target customer base by rapidly expanding into the market segment

Future Metaverse

The Fourth Industrial Revolution would continue to create a convergence world where offline and online meet. This convergence is being created in among all the sectors, including manufacturing, logistics, finance, automotive, healthcare, education, food and everyday life. Ultimately, the Metaverse with blockchain technology offers us a way to make the internet or digital world better, safer and secure.
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