The world has changed drastically after the coronavirus pandemic. Companies across industries have adopted new ways of doing work. Social distancing has become part and parcel of everyone’s life. And almost all companies are serious about protecting their employees. This can be substantiated by the fact that companies are allowing non-essential employees to work from their homes.
At this juncture, it’s critical to talk about Virtual Reality (VR), Augmented Reality (AR), AI Web Application and Mixed Reality (AR) that have been at the forefront of providing world-class technical infrastructure. There was a time when VR was considered to be the technology of the future. But today, it is very much around us, and soon it will become a compulsory module of our daily lives. VR applications can take our experiences a notch higher. From entertainment and real estate to education and travel. It’s redefining peoples’ behaviors and personalities at every level. Experts suggest that the VR market is expected to rise from USD 15 billion in 2019 to USD 70 billion in 2024.
f we look at the present times, they are harsh and unforgiving. Incessant lockdowns and quarantines have already caused a lot of troubles in peoples’ lives. But it can no longer stop us from meeting new people and exploring new places. Virtual Reality has played a significant role in allowing people to do that from the comfort of their homes.
Apart from VR, Blockchain is also creating new headlines every day. Although the crypto market suffered substantial losses in 2018, it has recovered since then and regularly touches new heights. Companies and researchers have been investigating how a combination of both these technologies viz. Virtual Reality and Blockchain can help companies grow further. And fortunately, it turned out that both of them pair well.
The following advantages explain why:
1. Blockchain provides an excellent platform to implement a world full of virtual reality components. The most significant advantage is that the user doesn’t have to depend on the platform developer. They can create a VR world that works on user-defined rules and consists of their creations. Another benefit is that Blockchain facilitates the decentralization of data and allows information exchange in the virtual world while ensuring data security.
2. Blockchain ensures that creative work is protected at all times. So if anyone tries to steal the credit of someone else’s creative work, it will be recorded in the Blockchain. It’s a piece of positive news, especially for bureaucracy, as it will help them to ensure copyright protection is provided to one and all.
3. The cryptocurrency market is already making significant profits. Companies have realized the benefits of Blockchain and are implementing it across their business ecosystem. Suppose the VR market integrates with the cryptocurrency market successfully. In that case, it will have a spillover effect that will increase the popularity of VR and attract a substantial amount of people to join the ecosystem. Moreover, if people realize that they can make safe and secure transactions and have access to earning opportunities while accessing the virtual world, they will readily join the system.
After reading about the advantages that the mix of Blockchain and Virtual Reality can provide, it makes sense to look at some real-world examples.
1. Decentraland
Decentraland is the result of some pathbreaking work done in mixing VR with Blockchain. It’s a virtual world that allows people to make crypto coin-based transactions to purchase land plots and then construct according to their imagination and creativity. It also allows users to create a virtual neighborhood and then populate it with unique virtual objects. The best thing about Decentraland is that users can turn their virtual world into a profitable destination and earn money from it. They can also host social parties where they can invite guests and have a good time. Moreover, users can also sell advertising space to marketers in exchange for ‘MANA,’ Decentraland’s virtual currency. The land parcels in Decentraland are purposely limited to ensure no vacant area so that the land price increases as the platform gains traction. Decentraland enables its users to buy and sell a virtual property without any broker. Thus, users don’t have to pay brokerage charges, which means they will get 100% of the compensation.
2. Cappasity
Cappasity has developed a revolutionary platform where people can buy, sell, or rent VR content using Web Application. The Blockchain interface ensures that user copyrights and creativity remain intact. Content creators and developers can share their work with others and embed it into mobile applications to create a sustainable business. Moreover, Cappasity has a sandbox ecosystem where developers can test their apps’ efficiency, benefits, and drawbacks.
The Cappasity ecosystem has the following components:
- API for third-party developers
- Decentralized copyrights storage
- CAPP wallet
- Internal exchange
- Free utilities
The world is becoming digital at a fast pace and companies that fail to adapt will fall behind. Experts suggest that customers are demanding technologies that make the online experience realistic. Cappasity provides a reliable ecosystem powered by Blockchain and VR that are spearheading this revolution.
3. CEEK
CEEK is at the forefront of using a combination of Blockchain and Virtual Reality to allow people to participate in live events. Singers can organize VR concerts where thousands of people can join from anywhere in the world without physically attending them. It also eliminates the requirement of a centralized ticketing system. Instead, participants can freely pay using the virtual world’s cryptocurrency without any third-party’s intervention. Moreover, Blockchain maintains a ledger that stores all the transactions that have occurred in the past. Thus, nobody can tamper with the chain, and the records are kept clean and safe.
4. Victoria VR
Victoria VR enjoys all the advantages of Blockchain-VR symbiosis. Users can travel to exotic locations, participate in brainstorming sessions, enjoy concerts and shows, and play online games with their friends from the comfort of their homes and without worrying about data security. Victoria VR is a prime example of how users can build virtual worlds, provide a top-notch experience to customers, and sell space to marketers to build a sustainable business ecosystem.
It has its unique token called Victoria VR token that users can hold on to their DEXFIN Exchange account to initiate staking. Reports suggest that users can earn a passive income of up to 20% annually through staking.
Blockchain has revolutionized the way contracts are formed and implemented. Smart contracts allow users to create and follow flexible guidelines. The following factors form the backbone of these guidelines:
- New government policies.
- Natural calamities.
- Changing market conditions.
- Agreement between the parties involved.
It helps companies to change few clauses in the contract, which may prove detrimental to their health. Smart contracts have rendered the age-old paper-ink agreements useless.
Conclusion
Blockchain and Virtual Reality have an exciting journey ahead. They will transform the way businesses function. VR will allow users to access high-quality education and entertainment from the comfort of their homes. At the same time, Blockchain will ensure that all transactions happen in a safe and secure environment. Users will require a VR headset that will transport them to a new world of possibilities allowing them to do otherwise impossible things. They can fly over the mountains, swim in deep waters, roam the dusty roads of Mars, or study the different layers of the Sun while standing on it. VR is full of immense possibilities and Blockchain will provide the backbone to carry it safely.
Author:
Nishant Joshi likes to read and write on technologies that form the bedrock of modern-day and age like ERP, CRM, Web Apps, machine learning, data science, AI, and robotics. His expertise in content marketing has helped grow countless business opportunities. Nishant works for Sage Software Solutions Pvt. Ltd., a leading provider of CRM and Best ERP Software in India to small and mid-sized businesses.
You can learn more about him on Linkedin