Blockchain and Virtual Reality technologies are relatively new. When first looked at together it is difficult to envision how the two emerging technologies can be coupled.
Blockchain is a way of storing information so that it is almost impossible to change, steal or hack. When a blockchain is created, it is circulated and added to a ledger that is spread across a complete network of computers in a system.
Virtual reality is the use of computer technology to allow participants to experience near reality while using that technology. Unlike traditional computer games, where you watch the screen, virtual reality puts you inside the game.
How can blockchain and virtual reality be mutually beneficial?
There are a variety of ways we can combine blockchain and virtual reality. Among them are education, virtual worlds, and eCommerce.
The Oculus Quest VR Gaming System 64G - Android.
Education is essential for a properly functioning society. Education is the transfer of knowledge to others and has been going on for thousands of years.
Educators are always searching for better methods of imparting knowledge to their students more easily and effectively and virtual reality alongside blockchain has that potential.
Being in a virtual reality environment will not only allow you to see what you are learning but also interact in a virtual setting. This immersion motivates students to learn and fully understand concepts.
When partnered with blockchain, new avenues for education can be explored. It will allow for three-dimensional learning. Curriculums will be uploaded on to blockchain linked data bases, that according to the blockchain council, “will allow class members to access secure and interactive course materials by verifying their identities’.
According to the Virtual Reality Society, ‘virtual worlds are three dimensional environments in which you can interact with others and create objects as part of that interaction’.
These virtual reality worlds will change the way we are entertained, which could be anything, from paying to watch your favorite bands, to buying virtual assets.
Some projects have already started to combine blockchain with their virtual worlds using Ethereum’s ERC-721 token protocols as inducements to players and for the execution of smart contracts.
One such project is Decentraland, where you can earn money buying and selling virtual land, open shops and virtual art galleries and trade virtual goods such as digital artwork (which we shall report on, in a forthcoming article).
All transactions are recorded in an unalterable ledger on the blockchain and any subsequent transactions or alterations to your land are also recorded.
With more people continuing to explore virtual worlds and acquire virtual and digital assets, blockchain is a secure way of keeping your assets safe.
eCommerce or online shopping in the USA, grew by 14.9% in 2019 to $602 billion.
When it came to actual sales, products that had videos attached to their ads had higher views than those that did not.
Furthermore, according to Google, almost 50% of consumers look for videos of the product before they buy it.
How much will sales rise if consumers can interact in a 3-dimensional virtual setting?
Some retailers such as fashion designers and outlets could benefit immensely from this.
Virtual shops can be set up to allow consumers a better idea of how their purchase will look. So using the best virtual reality headsets can help them get a better feeling for the product, without having to go, in person, to a physical retail outlet.
Blockchain can then be utilized to store the copyrights for these digital settings and the products stored within. As more companies start to enter the virtual marketplace these secure copyrights could proof invaluable.
There looks to be a bright future for both the twinned technologies of blockchain and virtual reality.
Whether it is helping humanity through education, allowing you to escape from the real world for a few hours of escapism or making millions for retailers, blockchain and virtual reality can make a huge difference.