Blockchain and Web3 technologies will be key factors in the establishment of the new metaverse, says the World Economic Forum. In a new report published in March 2024, the group noted that blockchain will enable the operative core for digital interactions, ownership and exchange.
‘Blockchain can provide safe and secure storehouses for digital twins and knowledge.
Synchronised nodes ensure consistent virtual world experiences. Smart contracts enable real-time transactions, providing legal, transparent and compliant trusted data exchange,’ the group said.
‘Non-fungible tokens (NFTs) prove existence, authenticity and ownership of metaverse assets, enabling trading of digital twins and value creation throughout the asset life cycle.’
The group noted that building infrastructure that ensures interoperability is an essential building block to realising the potential and future development of the metaverse in its entirety – and in the case of the industrial metaverse, where various technologies, tools and processes will be used, interoperability will ensure that data can flow freely and accurately between different components of the metaverse ecosystem.
‘This will facilitate efficient collaboration, data exchange and decision-making across disparate systems, ultimately enhancing productivity, innovation and competitiveness within the industrial operations. Moreover, interoperability will foster open standards and ecosystems, encouraging the development of diverse and interconnected solutions that can address complex industrial challenges effectively.’
Together, these foundational technologies and capabilities can help derive significant value from the metaverse, the WEF said.
BSV blockchain – The backbone of the metaverse
By adopting a universal protocol – the BSV blockchain – the management of functions can be streamlined, reducing technical intricacies significantly.
Moreover, having an inherent currency for transactions can simplify fund transfers across different domains for users. A native monetary system negates the necessity to channel funds through a central payment processor like PayPal or rely on integrating PayPal accounts with diverse accounts offered by various Metaverse platforms.
This shift would result in decreased fees for users and foster a more robust financial exchange framework. Without the foundation of a dependable carrier technology supporting interoperability, immutable records, a comprehensive range of transactional features, and low-fee micropayment capabilities, the concept of the Metaverse is destined to fail from the outset.
They leverage this data for profit by selling it to advertisers, thereby exacerbating the overall quality of the internet experience. Consequently, these industry giants view emerging technologies as a significant threat capable of fundamentally undermining their exploitative business practices.
