Blockchain Role In Enterprise Metaverse: Solutions, Use Cases & Role

Businesses are constantly evolving according to new trends and techs to stay ahead of the competition. In the rat race to be on top, Facebook named its company Meta and the concept of metaverse has become the most talked about topic everywhere.

The platform is designed to connect people beyond their dreams. All this happens with AR and VR technology. Beyond AR & VR, there is another technology that plays a crucial role in the metaverse, i.e., Blockchain technology. It powers NFT, cryptocurrencies, and smart contracts that enable fully functional virtual economies to buy and sell digital assets. Experts also believe that blockchain technology has the potential to transform the digital world.

Since the growing trend of the metaverse, companies like Gucci, Coca-Cola, Balenciaga, H&M, Warner Bros, and other brands have entered this virtual world to make their business more scalable and profitable.

So, whether you are a tech lover or want to learn more about blockchain in the metaverse, just keep reading this post!! Here we will discuss

• What is an enterprise metaverse solution?
• What is the role of blockchain in the metaverse?
• Use Cases Of Blockchain In Metaverse
• Types of blockchain technologies used in enterprise metaverse solution
• Metaverse’s Major Challenges That Blockchain Solved
• What is the cost of building an enterprise metaverse solution?

Let’s explore…

What Are Enterprise Metaverse Solutions?

Enterprise metaverse solutions refer to immersive virtual spaces for businesses to promote their digital products and services. The platform is designed to reach a global audience and drive engagement, meaningful connections, leadership opportunities, and employee training. Moreover, the enterprise metaverse solution has the potential to provide social networking, shopping, and hangout opportunities for fashion houses, lifestyle brands, IT organizations, real estate firms, and other large and small businesses.

Role of Blockchain In Enterprise Metaverse Solutions

It cannot be denied that blockchain is an indispensable technology for creating metaverse solutions due to the many benefits it offers:

Security:

Thanks to Blockchain, the fear of hackers misusing personal data and defrauding is no longer a concern. By using private and public keys, users have control over data. Besides that, Blockchain technology has features such as personal data, authorization keys, and personal data protection for safe and secure data storage. In short, the platform functions without third-party permission for data access.

Decentralization:

To ensure the full function, all participants must see and experience the same virtual world. Blockchain technology allows thousands of independent nodes to synchronize.

Smart Contracts:

Smart contracts are Blockchain-based contracts enforced in real-time. It creates an agreement between two or more parties without the involvement of any intermediary. That makes the solution effectively regulate economics, legal, social, and other relations between participants. In addition, it also helps in healthcare, real estate, and even for government agencies to facilitate the transfer of sensitive data between parties.

Internet of Things (IoT):

The IoT industry is growing rapidly, and every year thousands of divides are being connected with it. A study revealed that there would be 50 billion devices connected using IoT devices, and the numbers are still growing. As the industry is growing, the chances for vulnerabilities are also increasingly using a single connected device. Blockchain IOT solutions protects data from the possibility of a breach.

Money Relations:

Money transfer and payment processing are the two essential features of Blockchain technology. The technology enables lightning-fast transactions in real time. This has already transformed the BFSI sector for good as it saves both time and money (mostly eliminates transaction fees charged by banks/financial institutions). For instance, Circle - The fastest-growing regulated marketplace for establishing an internet business. The platform handles $ 2 billion in cryptocurrency investments and exchanges.

As one cannot deny that a centralized ecosystem involves lots of risk in terms of creation and functioning. These always fall under the umbrella of checkers and malware attacks. But blockchain technology has the potential to minimize risk and build a stable virtual ecosystem.

Use Cases Of Blockchain In Metaverse

Virtual Currency

Virtual currencies are digital representations of the product value. It acts like physical paper money floating in the market to buy and sell products and services. Sooner, it will find a place in a decentralized environment with continuing expanding online business. MANA is a highly popular example of virtual currency in the metaverse, which is used to buy “Decentraland.” Apart from these, virtual currencies are used for lending, borrowing, investing, trading, and more activities.

NFTs

Another use case of the metaverse is non-fungible tokens. These are used to buy & sell in-game digital assets, virtual real estate, and avatars, verifying user ownership and serving as a reward within the shared virtual space of the metaverse. NFTs also enable creators to monetize their digital content, such as artwork and music, with a new approach. The best of these all are secured by blockchain technologies such as Ethereum, Solana, Polygon, Polkadot, and more!

Real Estate

To build Enterprise Metaverse Solutions, real estate works like a most valuable digital asset. But accessing and regulating the platform in the metaverse becomes difficult without Blockchain technology. It enables paperwork completion, purchase, sales, or disposal, recorded in blockchain technology.

Self-Identity Authentication

With the growing number of metaverse use cases for building enterprise solutions, it is critical to avoid fake data and illegal activities. The data can be transmitted from gaming platforms, NFT marketplace, real estate, or other in-built features. Fortunately, blockchain technology aims to distribute data in blocks that enable every user to check and use the same information. The feature creates transparency and protects parties from illegal activities.

Blockchain-Embedded Features of Enterprise Metaverse Solutions

Blockchain technology powers up the platform with a unique set of features. It helps by conducting training to promote digital marketing. To understand your platform more precisely, here we have discussed a few features.

Real-Time Chat

Metaverse supports multiple networks to connect, communicate and share information with each other, just like a real-life chat. Businesses can engage with different departments with one-on-one chat, group chat, private conversation, and more which helps to improve user engagement.

Scalable Worlds

Enterprise Metaverse Solutions is equipped with various tools and technologies that facilitate an immersive and scalable world.

Customizable Avatars

Enterprise Metaverse Solutions allows to develop virtual avatars with the freedom to customize features, clothes, and other details for a better experience.

Live Streaming

Management and employees have the option to conduct live streaming for conducting training, special seminars, and more that enhance business productivity. Users can also use pre-recorded sessions.

Immersive

With the ability of blockchain technology, the metaverse should be capable of functionalities like providing human support to avatars. Users can connect 3D experiences to real-world events and more that form an immersive experience.

E-commerce

Businesses can facilitate their services by launching new products, selling merchandise, offering rewards, collecting donations, and more.

Branding

Metaverse tools such as billboards, posters, and videos provide a provision for brand promotions and highlight products and services.

On-boarding

A well-designed and secured platform enables the on-boarding of users, registrations, and logins. During avatar interoperability and transaction, the platform is anchored to security protocols.

Top Blockchain Technologies Used In Enterprise Metaverse Solution

There are several blockchain technologies becoming mass adoption of the metaverse. Here’s a list of a few;

Ethereum

Ethereum is one of the most popular blockchain technologies to create decentralized platforms that utilize smart contracts to run programs. Blockchain technology enables the functioning of the platform without fraud or third-party interference.

Ethereum also became a home for several non-fungible tokens that link to blockchain technology and verify ownership. It is used to create digital art, gaming items, and the entire virtual world.

Cardano

Although Ethereum is a widely popular blockchain technology and is used in major projects, it still faces some challenges, such as scalability and sustainability. To deal with these troubles, blockchain technology named Cardano works as a perfect place. The technology is designed to create a decentralized environment with minimal carbon footprints and lower gas fees. Cardano offers high and fastest transaction volume that enables a better metaverse experience in enterprises.

Solana

Solana blockchain development services are often considered the competitor of the Ethereum network. Solana blockchain is built on RUST programming languages, which makes itself great for safeguarding transactions. The enterprise solution enables fast, secure, and liable protocol based on an amalgamation of proof of stake and proof of history.

Moreover, Solana blockchain technology is embedded with key features;

• Functioning without validation and bandwidth problems
• Allows different smart contracts to run at the same time
• Found helpful for moving up the transaction speed
• Establishing hardware and software connections and more.

All these features of Solana Blockchain technology help in building safe and secure metaverse solutions for enterprises.

Polygon

Polygon is an Ethereum scaling solution designed to make it more scalable and efficient. This blockchain technology is based on a technique called Plasma to achieve its high scalability, which was an issue of Ethereum.

Polygon’s proof-of-stake consensus mechanism rewards token holders for keeping the network running and verifying transactions with improved transaction speeds and lower costs for developers. Therefore enterprises looking for lower transaction costs and higher speed to exchange data, Polygon could be a viable choice.

Binance Chain

Binance Chain has been constructed to support cross-chain compatibility and ensure users get the most out of both chains. Blockchain technology, rather than just upgrading the already available blockchain platform to the next level, chose to make a whole new experience.

Blockchain technology allows players to import and customize their own NFTs and virtual environment, and AI engines and form an immersive experience.

Metaverse’s Major Challenges That Blockchain Solved

Metaverse and blockchain technology share an inevitable relationship, as you may have seen above. The reason blockchain technology helps to resolve various challenges faced by the metaverse, from designing to developing a solution. These are;

Transactional Data Acquisition:

An enterprise solution involves truckloads of immense unstructured and real-time transactional data due to the integration of various departments. Also, duplicate, and inaccurate data may also be piled up, which can tamper the quality of the data. But the blockchain validates the transaction records and traces the metaverse data to acquire verified and authentic transactional data.

Data Interoperability:

Metaverse interoperability is dependent on the capacity to manage the interactions between virtual worlds in an appropriate manner. This is where blockchain technology helps and eliminates the need for intermediaries in blockchain technology.

Data Privacy:

Keeping personally identifiable information private is a matter to address. When it comes to a metaverse enterprise solution, there is a large and complicated list of data management. Blockchain technology helps to protect the data with public and private keys.

How Much Does It Cost To Build Enterprise Metaverse Solution?

The most talked about topic in the virtual world is who wants to build metaverse enterprise solutions.

In 2023, the companies are spending billions on building a unique set of solutions, but the average cost to build a metaverse platform can range between $25,000 to $400,000, depending on features, functionalities, technologies, experts' costs, and more.

If you are going to hire an enterprise metaverse solution development company, then the number of experts required, and your prototype cost based on design and development, play a crucial role. In addition to these, blockchain technology-based solutions that support your platform plays a crucial role. Some of them are;

• NFT marketplace
• Cryptocurrency
• Social media integration
• Token development
• Gaming platforms
• Virtual E-commerce stores
• Virtual Real estate

These platforms can vary from business to business needs, but the sole motive is to provide a solution that facilitates business tasks and makes them easy.

• Enterprises Metaverse Consulting
• enterprise blockchain