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How Metaverse and Blockchain Will Change the Way We Do Business?

By Vishakha Thakur

Businesses have begun to experiment with developing a blockchain-based Metaverse platform. Blockchain offers safe and easy to use metaverse platforms and the convergence of Blockchain and Metaverse will transform businesses and business models. This convergence gives importance to digital assets as well as smart contracts. A blockchain based Metaverse often offers various opportunities such as smart contracts that can be used to easily control the transfer of digital assets.

What are the benefits of using Blockchain & Metaverse Together?

The convergence of both the technologies makes it easier for users to invest in financial products and services. This can assist users in monetizing their work so that they can make up for their incomes that are being affected by inflation and the pandemic. It also helps in reducing expenses and increasing transaction efficiency.

• No barrier to invest in financial products and services
• Helps to assist individuals in order to monetizing their work
• Increased transaction efficiency and reduced expenses
• Generates fresh concepts which attracts users
• Helps to manage projects that connects the global community

What are the use cases of blockchain in Metaverse?

Healthcare:

Blockchain technology has the potential to boost the efficiency and security of healthcare services in the metaverse. It can serve as a secure distributed ledger for the storage of patient records and other sensitive data. Furthermore, smart contracts based on blockchain technology could enable automated payments between providers and insurers without the need for manual processing or third-party intermediaries. Decentralised identity protocols on blockchains like Ethereum could help ensure that only approved staff have access to medical data while also giving patients more control over their own health data.

Financial system:

The four key qualities of blockchain are tamper-proofing, openness, transparency, and decentralisation. Millions of transactions for products exchange occur in the metaverse in a short period of time, so the security and efficiency of these transactions must be assured. Based on the foregoing characteristics, blockchain-based virtual digital assets are an excellent option for the development of large-scale and scalable economic systems in the virtual world. Blockchain-based coins enable peer-to-peer transactions in the metaverse. Virtual digital assets in the metaverse enable quick, simple, and reasonably priced e-commerce transactions. Because not all metaverses use the same coin, the services of virtual digital asset exchanges like Coinbase and Binance are critical.

Smart contract deployment:

The blockchain network’s fundamental structure allows smart contracts to be automated, programmable, open, transparent, and verifiable, among other impressive properties, allowing for on-chain trustworthy interactions without the need for a third-party verification platform. If the metaverse’s financial system is built on top of the blockchain, smart contracts’ characteristics can be used to decentralise the operation of contracts which significantly reduces certain harmful behaviours such as corruption, rent-seeking, corruption, or the underhanded operations that might exist in the financial system, and can be widely used in the social, financial, and gaming sectors.

NFTs:

The most essential aspect of NFT is its indivision and uniqueness, which makes it suited for identity representation, such as exclusive and indivisible assets that may be freely exchanged and transferred. These virtual assets in the metaverse are accompanied with ownership certificates known as NFTs.

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