Blockchain technology is an exciting age, however, until recently, the true potential of the technology has been recognized. Cryptocurrency, web3, blockchain, and metaverse are in the process of changing the norms and are observed to revolutionize how enterprises work. Blockchain technology is growing at a significant rate and is aiming to reach a $23.3 billion market by 2023.
Here is an article that describes how blockchain, metaverse, and web3 have a huge impact on enterprises.
What is Forcing Enterprises to Adopt Blockchain?
The basic advantages that blockchain provides enterprises are the ability to protect transactions, data security, and decentralization of business operations. There are a series of factors that are driving enterprises to adopt blockchain technology. These are value chain creation to clients through several use cases, funding by venture capitalists, and growing demand to simplify the process by forming transparency, and transforming the customer experience by reducing operational costs.
Here are two other factors that are supporting the development of various use cases of blockchain technology.
- The demand for a multi-party atmosphere where various parties such as customers, vendors, clients, contractors, etc.
- The need to establish trust between several parties because there are variations in systems, processes, frequencies, systems, data flows, and communication modes that help with business flow.
Use of Blockchain Technology Across Several Industries
The BFSI sector is at present dominating the blockchain industry, according to the data that suggests around 50-90% of European and American banks that are exploring financial services, and the blockchain industry by spending $1 to 2 billion dollars on the blockchain. Here are some of the industries that are implementing blockchain technology in their business.
- Data records of clinical trial tests for secure distribution
- Secure patient health records and all medical documents
- Anti-counterfeit measures that are taken to check for spurious medicines and drugs
- International payments that involve cross-border currency transfers
- Know your customer involves customer records and databases
- Counterparty risk tracking and management and mortgage contracts
Logistics & SCM
- Vehicle analytics help to track the location of vehicles and promises delivery to users and helps drivers with analytics to log in their duty records
- Managed vendor contracts, onboarding, service agreements, and other end-to-end supply chain procedures
- One of the subsets in the supply chain process is financial settlement for order closure and tracking of the movement of goods.
CPG & Retail
- Registering automobiles, and transferring ownership
- Use of token mechanism for the loyalty program of redemption, and reward allocation
General Use in Industries
- Keeping a record of service management
- Transfer of documents, and authentication of documents interparty payments and intellectual property settlements, and rights across industries.
Blockchain technology is gaining traction in its application across several industries. Around 28% of the enterprises have already decided on their blockchain provider, while 42% of the enterprises are still in the discovery phase of the journey.
Metaverse: A Cornerstone for Business Development
Metaverse is the combination of several elements of technology which includes augmented reality, virtual reality, and videos where the users live within a virtual universe. Metaverse allows its users to play, work, and socialize with friends through concerts and conferences taking place all around the world.
Global Businesses Adopt Metaverse for Growth
Metaverse is a doppelganger of our real world. It is similar to what we have seen in the popular Netflix series, “Stranger Things”, where the series is based on the connection between the “real world”, and “upside down” (a doppelganger of the real world). Metaverse has already grabbed the attention of several industrialists and leaders. Facebook founder, Mark Zuckerberg is so influenced by the concept of Metaverse, that it has renamed its most popular social platform “Facebook”, as “Meta”.
Similar to the real world, can do all the activities in the metaverse as well. The world has similar features, objects, and beautification to those in our real world. With Facebook being one of the biggest companies in the world, it’s changing its brand name has made an impact on the enterprises and set the trend for global businesses. Some of the partners of Meta are Perfect Corp and ModiFace which allow advertisers to easily upload 3D assets to the platform and create AR (Augmented Reality) commercials.
Impact of Metaverse on Enterprises
Experts suggest that the metaverse is the next huge step in the evolution era. Today, especially after the covid 19 pandemic, digital presence has been important for every business. Metaverse will surely revolutionize the business sector. However, the question is, will the impact of the metaverse be positive for business growth?
Promote New Products
Professionals share that metaverse will play a significant role in the enterprises and their overall business development. With the help of the metaverse, enterprises can easily create business models and share them with a single touch. One of the biggest examples of the action is “Gucci’s collaboration with Roblox”. The global brand Gucci created a garden exhibit on Roblox and sold rare items on digital platforms. Some of these rare items were way more expensive than the objects available in the real world.
Advertisement Platform For Businesses
Metaverse has also proven to be a great platform for advertisements. In 2018, Wendy’s formed a virtual character and launched it on the game “Fortnite”. The character was dropped in a game “Food Fight”. Wendy’s destroyed all the freezers instead of destroying its opponents, promoting their “Fresh, never frozen” burgers. With over a nine-hour live stream, thousands of people joined Wendys. The brand experienced a 119% increase in brand mention and recognition on social media. Thus, enterprises may find it advantageous to use the metaverse.
Remote Work Environment
With the covid 19 pandemic showering its wrath on several industries, the demand for working remotely gradually emerged to become a trend. This enables us to take a proper charge and bring out the best advantage of the virtual reality platform. Metaverse enables you to conduct online meetings, and conferences, where your character will be attending them, and you will be operating it, creating a comfortable, and healthy work environment.
Looking at the global acceptance of the metaverse, it may be in its nascent stage but is already adopted by several industries. With proper regulations and security, it may become one of the best technology for enterprises to develop their business.
What is Web3? How does it Impact Enterprises?
Web3 is the new technology that is mainly built on blockchain technology and supports decentralized web application development and allows users to have control of their content, identification, and data. The technology includes decentralized application platforms, privacy-preserving protocols, and decentralized governance. These innovations will support a decentralized web, that will be integrated with the existing web2 that we use daily.
Web3 enables social models and new businesses. For example, blockchain-underpinned smart contracts operate applications that remove any administrative overhead, and intermediaries for controlling central authorities. Tokens and cryptocurrencies facilitate the economy and business models of web3. The technology also supports new opportunities for enterprises such as monetization, and programmability of crater-owned and managing data in the form of tokens.
Metaverse will require several features enabled by web3. It can benefit from the tokenization of web3 to store and trade values in an absolute digital context. The web3 and metaverse will not join together but they complement each other today and even in future applications by enterprises and other industries.