Blockchain and virtual reality (VR) make a perfect combination. With a lot of scope for growth and expansion, both AR/VR and Blockchain play a crucial role in creating a great new world of opportunities in Metaverse and other areas. The scale and pace of changes and innovations are dynamic in today's digital economy. To meet the challenges, digital innovators rely heavily on combining blockchain and VR.
Looking at the latest progress of blockchain and VR, it is certain that it will increase its significance in the digital economy. Let’s explore how VR and blockchain can sync to make things happen.
Virtual reality (VR) and blockchain working in tandem
Traveling to Mars, fighting with swords in outer space or under the sea, teleporting you to your home to see your family and much more is possible once you enter the virtual world. And when Mark Zuckerberg is saying all this and telling you to take VR seriously, lend an ear to him without a second thought (forget about Meta stock falling – we all know how much time, effort, and money Zuckerberg is investing in Metaverse).
Combined with blockchain, it is set to make every digital experience more immersive than ever in gaming, real estate, casinos, sports, healthcare, education, virtual traveling, advertising campaigns and much more. Metaverse expansion relies heavily on advancements in augmented reality, virtual reality, and mixed reality (AR, VR, MR), and blockchain play a key role in the development of all three realities.
More blockchain projects than ever are emerging that combine gaming and VR because of VR’s popularity among gamers. By 2026, the global virtual reality market is expected to reach $212.06 billion. That’s at a CAGR of 53.3%. Investors are bullish about the perfect match between blockchain and VR, and the future of a virtual universe, including Metaverse, is more promising than ever.
What is blockchain technology, and how does it impact the digital economy?
Blockchain has a chain of records called blocks linked using cryptographic methods. What does this mean? The implementation of cryptography guarantees security and allows complete anonymity and exclusiveness when it comes to transferring information. That information can be monetary, like with Bitcoin and other cryptocurrencies.
Why is blockchain so revolutionary?
Its unique nature allows for the existence of data that can’t be duplicated. This has allowed individuals worldwide to participate in using and investing in digital currencies.
Since no digital token can be duplicated or falsified, there are no instances of double-spending. The first implementation of currencies became a technology that applies to many kinds of information, including VR-related data.
How can virtual reality become even more realistic?
What do we mean by Virtual Reality blockchain? It’s a unique idea that will soon revolutionize the virtual reality user experience and the entire economy.
As one of the most prominent forms of technology today, VR still has a way to go before it becomes a standardized practice. Since the 90s, there have been attempts to implement it in wider use through video games and other video-based content. However, the future is here. Oculus Rift, Samsung Gear VR, and Google Daydream are some of the most prominent VR headsets that allow people to distort, modify and craft their own reality. The gaming market has created a big demand for VR hardware. Some have been discontinued, and some failed, but that’s just part of the evolution the whole VR hardware is going through.
The VR-blockchain pairing is a concept that translates the data created by a headset into blocks of data that can’t be compromised. Since many digital and physical formats for data safekeeping are outdated, blockchain provides a secure and easy way to use VR and connect people using that same VR technology.
The true potential of VR-blockchain pairing
The most ambitious and inspiring concept is the so-called joint-reality idea. Since data is secure, people could join for a singular Virtual Reality user experience.
As a result, there will be no more delayed business and pointlessly geo-blocked content. Since blockchain provides security, nobody can stop data from traveling from one person to another. Modifying reality and free-flowing information are now united.
Blockchain and VR joining hands together leads to the making of some spectacular technologies by creating visionary projects. They are as follows:
Decentraland (MANA)
With VR standing strong in science, engineering, and others, Decentraland (MANA) makes a new way into gaming and technology. The design of the game displays the beauty of a big land in the virtual world with its hosting powers in the hands of the blockchain.
Ceek VR
One of the actual properties of virtual reality is to transport its viewer to an impossible destination. Ceek VR, with an ultimately mind-boggling combination of Blockchain and VR, enables the user to view live VR concerts.
GazeCoin
This unique blockchain solution seeks to provide solutions that advertisers possess in the new VR medium. GazeCoin is a newly developed VR system that keeps track of eye movements and user engagement through virtual reality (VR).
Heightened digital security
There have been attempts at implementing cryptography into data in the 1990s, but none of the ideas of the time could bypass the existence of a trusted party. Only in 2009 did Satoshi Nakamoto conceptualize blockchain as completely peer-to-peer technology. With the release of Bitcoin in 2009, it started serving as a public ledger for any transaction between two or more people.
Since then, there’s been no way to measure how fast blockchain has grown. Smart contracts have begun being used, as well as backing by banks who seek to improve their security measures. There have been propositions for online voting and doing anything previously seen as unsafe online.
VR growth shows no signs of stopping
If you want to discover the virtual reality growth rate, you are in for a surprise. More and more people have taken an interest in further research related to VR and its fusion with blockchain technology. Research conducted by IDC in 2018 predicted a 52% growth rate for the VR market throughout the next five years. According to current predictions, that rate will become even higher soon.
As people realize the benefits of VR, they will use it as an inseparable part of their daily lives. For both business and entertainment, VR will be an instrumental part of our path toward the future.
What lies ahead? A myriad of possible virtual reality (VR) applications
The government has started investing heavily in blockchain research centers and is funded by international banks and important organizations. As data transfer becomes more secure, we will do everything online. Digital security is the biggest concern to most people willing to do business over the internet. VR, still in an evolving state, is truly embraced with an expectation that it will continue to serve and bring new opportunities for development for blockchain.
We will also see the rise of the Internet of Things (IoT). With data stored in the blockchain, you will be able to control everything via apps. From data centers to supercomputers, there will be no more concerns over data compromising and hacking incidents. Blockchain provides us with a bright future that is slowly coming along. Along with virtual reality (VR), there is no way to ensure a great blockchain future.
