In last week’s blog, I discussed Blockchain, and why it was so important. Clearly, with the rise of cryptocurrency, the use of blockchain is being accepted by more individuals and businesses across the world.
However, Blockchain will soon make headway in the immersive technology space–especially in Augmented Reality. Currently, it is difficult to track whether a digital photograph is the original or just a copy. With the addition of blockchain technology, developers can create a unique digital asset that other users cannot copy or steal.
Why is this critical for augmented reality (AR)?
Well, think about every virtual item having entirely unique characteristics and abilities. The developer who created the item would be credited all the way through the trading or buying process. They could trade these digital assets for large sums of money while eventually turning AR creations into profitable ventures.
With AR companies beginning to create their own AR clouds, they may strongly consider implementing a blockchain.
Robert Rice, the individual who coined the term XR, understands the importance of blockchain for smart cities and the success of augmented reality. Rice was interviewed on an episode of CoinGeek, where he identified another opportunity for blockchain in the immersive technology space–real estate. For global digital real estate, he can’t see it existing without the blockchain. Rice explains, “For 2 or 3 dollars, you can go onto Omniscape and buy a location somewhere. And that space is yours for 2 years, just like a domain name. You then have the power to trade your space for profit.”
Virtual Reality will profit too
Just like augmented reality, people can make money and spend time in a virtual space by applying blockchain technology.
Companies like Victoria VR are taking advantage of the symbiosis between blockchain and virtual reality. They have created a blockchain-based ecosystem that allows users to make money trading and running businesses in a virtual world. They have united multiple virtual reality platforms filled with unique creative content.
Immersive technologies combined with the power of blockchain will demonstrate the importance of recording transactions and assets with reliability and certainty. We will see how blockchain will play an important role in the adoption of immersive technologies everywhere.