Enterprise blockchain has come a long way since its inception in 2017. Blockchain for enterprise use initially began as a technology built on private, permissioned networks, primarily used for supply chain management. As blockchain matured overtime, enterprises began to leverage public, permissionless networks like Ethereum to conduct business.
Fast forward to 2021 — enterprises are now applying decentralized concepts to create more efficient workflows in the Metaverse. William Herkelrath, head of business development at Chainlink Labs — a decentralized oracle network — told Cointelegraph that while the Metaverse is hard to define, he believes that it’s a collection of ecosystems that are growing naturally out of decentralized finance, or DeFi:
“Enterprises need to be interacting with the outside world and will therefore be forced to have ecosystems in the Metaverse. For example, consumers want to use loyalty programs outside of single platforms, so they will be more likely to choose brands that ensure rewards can be used within other ecosystems. The Metaverse allows for data, physical assets, commercial and financial assets to be set up in a layer outside of a centralized environment.”
The Metaverse for enterprises
While the concept may sound futuristic, a number of enterprises leveraging blockchain are beginning to embrace the Metaverse. This topic was discussed in-depth last Wednesday at the European Blockchain Convention’s virtual conference, during a panel entitled “Building the Enterprise Multiverse.”
David Palmer, blockchain lead at Vodafone…