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Goldman Sachs has praised the features of blockchain technology and called it the future.The investment back says that the metaverse will thrive on blockchain as we move to a decentralized future.More institutions are embracing the power of blockchain technology with central banks using the technology to build their CBDCs.

Blockchains were given the reputation of being a disruptive technology but in recent times, the narrative could be changing.

The top investment bank, Goldman Sachs, has lauded blockchain tech for the innovativeness and potential that it possesses to change the world. The bank’s stance was contained in a research report written by in-house analysts and headed by Rod Hall. 

The bank stated that blockchain can “uniquely identify any virtual object independent of a central authority.” It went further to state that the technology allows for the “partial elimination of centralized control”

Despite the seemingly widespread use of blockchain technology, the Wall Street bank believes that we are still in the early stages of its adoption. According to the report, the bank comments that 2017 was the year that blockchain began its meteoric ascent as it proliferated the banking sector and spread its tentacles in the healthcare, education, logistics, and art industries. 

Praising the technology, Goldman Sachs thinks it is the most important invention since the invention of the internet; however, there still exist some challenges for the adoption of the technology. 

“Investment implications are hard to predict at this juncture, but companies who are dependent on centralized control of user identity will likely find their business models challenged by the adoption of blockchain,” said the bank.

Apart from spawning a $2 trillion cryptocurrency ecosystem, Goldman Sachs believes that the third iteration of the internet will be built on blockchain technology in accordance with the ethos of decentralization.

It adds that the tech holds the key to the metaverse, the intersection of virtual reality and the internet. Through blockchain technology, digital ownership is already a reality through NFTs. 

Cryptocurrency investment firm Grayscale reported last month that the metaverse could become a $1 trillion market. Already, plots of land in the metaverse are being sold for millions of dollars and top brands are already jostling for a piece of the pie.

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