Blockchain and metaverse are two next-gen technologies that are expected to gain further traction with the advent of 5G. Companies such as Antier Solutions have been continually helping several large enterprises and tech start-ups to develop products for leveraging opportunities in the blockchain and metaverse domains. In an interview with tele.net, Vikram R. Singh, founder and chief executive officer, Antier Solutions, talks about the emerging trends in these domains and the future outlook…
What are the key trends in the blockchain and metaverse domains?
Recent trends have led to unprecedented changes in the virtual reality space, as blockchain, decentralised finance (DeFi) and non-fungible tokens (NFTs) are all coming together to leverage the metaverse space.
The most remarkable trend witnessed in 2022 is the consolidation of blockchain into a full-fledged service. BaaS, or blockchain-as-a-service, has emerged as a powerful solution for building, using and hosting blockchain projects as well as utilising cloud services.
The metaverse space is transforming, setting new levels of engagement and finding new applications beyond gaming and entertainment. Metaverse developers are building next-generation virtual spaces to create fresh streams of revenue across the globe. Bringing together physical and digital worlds through NFTs has become a trend in the metaverse space, spawning a digital ownership economy that is being pursued enthusiastically by users. With NFTs taking centre stage, DeFi is eventually finding its way into the virtual reality world, giving users control over trading and digital assets.
At Antier, we offer comprehensive DeFi and metaverse development services to help businesses tap and explore this space to the fullest. Our blockchain engineers and domain experts are creating a coherent roadmap to help customers navigate this exciting journey.
How will the advent of 5G impact the blockchain and metaverse industries? How will it benefit enterprises?
The advent of 5G is expected to result in the widespread adoption of blockchain across varied sectors, including trade, financing, logistics, healthcare, education and agriculture, resulting in better economies for enterprises. Blockchain and 5G will have an enabling effect on each other. While blockchain will assure data security and reliability, 5G will provide the required infrastructure for machine-to-machine interactions, enabling smarter and faster value-based services.
5G infrastructure will also advance the consumer and enterprise metaverse use cases, offering virtual spaces that are highly immersive and hyperrealistic. With the advent of 5G technology and further expansion of the metaverse, organisations must maintain a virtual presence and go for digital transition in order to stay relevant.
What are the key sectors expecting a massive shift with the advent of 5G and wider adoption of blockchain technology?
Besides banking and finance, cybersecurity, and supply chain management, which have already taken the lead in adopting blockchain, other key sectors expected to make big gains off of it include government agencies and institutions, real estate, transportation, agriculture, healthcare, and education.
How will blockchain be integrated in 5G asset management?
The integration of the decentralised structure of blockchain with 5G is expected to help with handling all the asset tracking, movement and utilisation pertaining to network operators and service providers.
With end-to-end encryption aided by 5G, blockchain applications will provide complete information on assets through unaltered views of asset utilisation and movement, for improved security and privacy. These applications will enable more localised visibility into asset usage and auditability of the activities performed at each site, thus ensuring traceability.
How does blockchain up the ante on security and transparency and serve as a secure repository of data/transactions for various AI algorithms?
Blockchain can be public/private and secure at the same time. It provides an unprecedented level of transparency, whereby anyone can store immutable data, ensuring high security through cryptography. Through its desirable features of decentralisation, autonomy, integrity, immutability, verification, fault tolerance, anonymity, auditability and transparency, blockchain is built for the long haul. It is meant to benefit network operators and service providers by promoting security and establishing trust in asset data. Blockchain uses smart contracts to enable peer-to-peer communication during transactions, making it difficult for external parties to obtain any information pertaining to any dealings. Any changes made to blockchain would be reflected in the entire network, enhancing the overall transparency of the system.