Blockchain technology is at the heart of the development of the metaverse and Web 3, Goldman Sachs said in a research note.

It is the only technology that can "uniquely identify any virtual object independently of a centralized institution," Goldman writes in the report, and this ability to identify and track ownership is critical to the functioning of the metaverse. For Web 3, blockchain allows for the "partial elimination of centralized control," the note says.

Future users will be able to log in without the need for a third party, such as Meta, Google or Apple. Web 3 is a third-generation Internet service enabled by a decentralized network.

Goldman Sachs analysts believe that cryptocurrencies are just the beginning of blockchain. They note that since 2017, blockchain has expanded from banking to distributed applications across multiple verticals, such as communications, media and manufacturing.

It's difficult to predict the investment impact at this point, but companies that rely on centralized control of user identities may find their business models challenged by blockchain adoption. 

The metaverse is an immersive digital world created by the combination of virtual reality, augmented reality and the internet.

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