We present a new approach to noncommutative real algebraic geometry based on the representation theory of $C^\ast$-algebras. An important result in commutative real algebraic geometry is Jacobi's representation theorem for archimedean quadratic modules on commutative rings. We show that this theorem is a consequence of the Gelfand--Naimark representation theorem for commutative $C^\ast$-algebras. A noncommutative version of Gelfand--Naimark theory was studied by I. Fujimoto. We use his results to generalize Jacobi's theorem to associative rings with involution.

We study natural $*$-valuations, $*$-places and graded $*$-rings associated with $*$-ordered rings. We prove that the natural $*$-valuation is always quasi-Ore and is even quasi-commutative (\emph{i.e.,} the corresponding graded $*$-ring is commutative), provided the ring contains an imaginary unit. Furthermore, it is proved that the graded $*$-ring is isomorphic to a twisted semigroup algebra. Our results are applied to answer a question of Cimpri\v c regarding $*$-orderability of quantum groups.