The new technological advances in blockchain technology have made it part of domains such as business, and tech. A diversified conversation about trending technologies, wouldn’t be finished without virtual reality (VR), and augmented reality (AR). With VR, and AR systems still being relatively new, most of the hardware and software for the real-world functions under centralized architectures. While blockchain has already begun to change the ways, the product is built in a distributed architecture, the impact that this technology will have on our future is astonishing.
Blockchain is a peer-to-peer shared, immutable, distributed ledger infrastructure that facilitates the process of recording transactions and tracking assets. An asset can be tangible such as a house, car, cash, land or intangible like intellectual property, such as patents, copyrights, or branding. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs by disintermediation of centralized institution.
VR and AR
VR is a computer-generated simulation or a replacement of one’s environment. Virtual is “being something in effect, though not actually or in fact.” – Douglas Harper Etymology Dictionary (15 century). So, in other words, VR is an approximation of our reality that is digital but not true in itself. Augmented Reality (AR) also is known as Mixed Reality is in its self completely different from Virtual Reality (VR) because it is not trying to cut out the real world or transport you to another one but to be an enhancement to your real world with a bunch of cool digital objects in it.
The Only Limit is Your Imagination
Many industry experts foresee the future that blockchain will do for transaction what the internet did for information. However, similar to the internet, the promises made by blockchain can only be possible with assisting technologies such as VR and AR, all of which is together forming the next generation of the internet. The blockchain will provide the technology to securely perform and store transaction in a distributed network while others offer their benefit.
The only limit is your imagination! Put on your VR goggles, and you can explore a virtual world and even build parts of it yourself using AR. By purchasing items through the blockchain, your ownership has an unchangeable record. Once you own a piece of land, it’s yours to do with as you choose such as build houses, create businesses, hang out with friends, listen to music or even live the life of a billionaire. What makes it intriguing is the monetization aspect. The buying and selling of land allow people to earn money on the value of the plots that make up the virtual experience that hopefully increases in the future. Another spectacular mechanism (for the future) is that if you build some useful product/service, for example, a concert hall, or art gallery, then people might pay for access or buy virtual goods once inside.
By design, VR fools your senses and makes you think you are there with the person instead of just having short phone calls or messages which you use to assume the kind of person you’re dealing with. As an example, the blockchain can help to make sure that you don’t get tricked into losing money and even if you do get scammed the purchase and the incomplete agreement will permanently be on the blockchain. VR, AR, and blockchain will benefit the most from each other and is going to be the next step to our future full of technology, and we can only hope its a bright one.
TestOnNeed is an on-need opensource test, automation, and DevOps solution provider to better the speed, scale, coverage, and quality of Blockchain, Artificial Intelligence (AI), Internet of Thing (IoT), Multi-Edge (Mobile) Edge Computing (MEC), 5G, Cloud, Microservices, Augmented Reality (AR), and Virtual Reality (VR) software application products.
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