Integration of IoT and blockchain for decentralized management and ownership in the metaverse

Abstract

SummaryThis manuscript provides an in‐depth exploration of metaverses, charting their historical development, technological foundations, and potential multifarious applications. It critically assesses the prevailing challenges and explores potential pathways for the evolution of these expansive, virtual environments. In shedding light on the wide‐ranging implications of metaverses, it navigates societal, cultural, regulatory, and economic landscapes. It further elucidates the symbiosis between the Internet of Things (IoT) and metaverses, presenting empirical evidence derived from purpose‐built IoT frameworks for metaverse applications. A series of experiments were conducted to affirm the hypothesis that the integration of IoT into metaverse utilities, including advanced concepts such as smart buildings, the intricate task of power grid management, and the precision‐centric domain of agriculture, can drive significant progress. Quantitative findings provide compelling evidence of marked improvements in energy conservation, cost‐efficiency, and operational effectiveness arising from the incorporation of IoT into metaverse use cases. With observed mean improvements of 25% in energy conservation, 17% in cost reduction, and an impressive 22% increase in operational efficiency, specifically in the realms of smart building applications and power grid management, this study underscores the pressing need for sustained research and development initiatives in this emerging.