Enterprise blockchain has come a long way since its inception in 2017. Enterprise blockchain initially started as a technology built on permissioned private networks, primarily used for supply chain management. As the blockchain matured, companies began to take advantage of public networks without permits, like, to carry out their business.
Fast forward to 2021, companies are applying decentralized concepts to create more efficient workflows in the metaverse. William Herkelrath, head of business development at Chainlink Labs – a network of decentralized oracles – told Cointelegraph that while the Metaverse is difficult to define, he believes it to be a collection of ecosystems that are growing naturally from decentralized finance, or DeFi:
“Companies need to interact with the outside world and therefore they will be forced to have ecosystems in the Metaverse. For example, consumers want to use loyalty programs outside of individual platforms, so they will be more likely to choose brands that ensure that rewards can be used within other ecosystems. The Metaverse allows data, physical assets, and business and financial assets to be layered outside of a centralized environment. “
The Metaverse for Enterprises Although the concept may sound futuristic, several companies leveraging the blockchain are beginning to embrace the Metaverse. This topic was discussed in depth last Wednesday at the virtual conference of the European Blockchain Convention, during a panel entitled “Building the Enterprise Multiverse”.
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