chess handicaps are as old as the game itself...
and the great master, morphy, as an example would play everyone with piece odds and Win! generally, one of the best ways to get a handicapped game is to go to a chess event called a simul where one strong player plays many others at the same time.
this makes victory a little easier and is an awesome way to play against a strong/famous gm.
as an example
super GM Hikaru Nakamura in Washington university, WA February 2011
http://www.studlife.com/scene/2011/02/28/getting-to-know-grandmaster-hikaru-nakamura/
he played 42 chess players at once. obviously playing that many in a significant handicap- but HN has a talent at playing strong chess in quick games. all 42 lost.
the point is, I think, to solidly prepare for a simult. you can get tips on the internet if you google it.
@greatpatzer, Super GM like HN, who happens to be one of the world's best on blitz can out think, outplay anyone not on his category. Now if he is to be handicapped a queen, would he still be able to win as many?
What are the chances if the Chess World is to create Handicapping to give lower rated players to stand a chance or equalize playing field?
For some reason this sounds to me as if you are suggesting literally handicapping the stronger player before the game, e.g. breaking his knees or something... Maybe it's the capital H which makes it sounds like some kind of ceremony 
What are the chances if the Chess World is to create Handicapping to give lower rated players to stand a chance or equalize playing field? For example, a player a rated a 1000 above the opponent will be handicapped a Queen or half the time allotted.