Virtual Reality and Blockchain is a Perfect Combination: True or False?
For the virtual reality market, the general chaos created by COVID-19 turned out to be quite a blessing
The high-tech revolution is at the peak of virtual reality and augmented reality technology today. In all fields of life, from education and entertainment to the real estate and travel sectors, virtual reality is commonly utilized. This breakthrough, while seen as futuristic by some, has already shown that it has a significant role to play in many numerous sectors. Truly, this is the technology of the future.
For the virtual reality market, the general chaos created by COVID-19 turned out to be quite a blessing. Such VR offerings promising to provide secure, open experiences during the pandemic seem to have increased significantly. A variety of attractions for visitors have begun to deliver immersive VR experiences and availability of online collections through different applications. For starters, you can go on a walking tour in Peru’s Machu Picchu.
In recent years, corporations have experimented with the likes of virtual shopping centers and estate agent asset viewings, beyond media and culture. The technology, at least before coronavirus put tourism largely on hold was seen as a great way to support travel agents. Different new products to promote VR meetings and lectures are more instantly convincing, on the basis of this year’s boom in online meetings.
But virtual reality isn’t the only industry that has recently been in development. Blockchain technology and cryptocurrencies are other common participants. Blockchain plays a crucial role in driving digital transformation efforts post-crisis and addressing certain problems outlined in the existing framework by providing assistance in the COVID-19 crisis and rebound.
Therefore, VR has become one of the most favored of all as businesses continue to see the advantages of blockchain when paired with other innovations. The integration of two innovations into an economy focused on a single cryptocurrency still appears to be one of the most promising of the next millennium.
Can Virtual Reality and Blockchain Work Together?
- True virtual economies would be driven by the decentralized existence of blockchain and cryptocurrency usage. Blockchain-based transactions, for example, in online gaming, may remove the need for a main hub or in-game sale. Players can, on their own way, create an online economy. Thus, from a controlled gaming service to a complex virtual environment, a standard massively multiplayer game is transformed.
- Virtual reality has now become a commonly adopted form of content consumption. Blockchain technology can be used in file formatting to optimize file formatting fragmentation, which contributes to endless error messages and suppresses global communication. A single technical network that serves as a medium of transmission is helped by blockchain.
- The integration of VR and blockchain also enhances the way performing arts are viewed by people. A large portion of musical income is raised from live performances. The participation of such events, however, is restricted by the capacity of the premises, which not only upsets audiences who do not get the passes to purchase, but also restricts the potential earnings of the performers. To address this issue, a blockchain-powered platform allows audiences to digitally encounter live concerts using VR equipment. Via their designated cryptocurrency, this creates a self-sustaining environment, audiences pay for virtual concert tickets, and VR experiences with performers and musicians.
- The fusion of AR/VR and blockchain capabilities could lead to the transformation of offline economies, the development of new virtual economies and the redesign of everyday life elements assumed to be usual like shopping, tasks etc. An elevated amount of engagement and interconnectedness between the offline and online environment presumes the future of AR and VR. As technology advances, it will inevitably be widely embraced by consumers and companies.