Blockchain and Virtual Reality: A Match Made in Heaven – Part 1

We’ve all heard of the virtual reality (VR) industry, which bears shocking similarities to the rise of the blockchain phenomenon. Since 2016, the blockchain gospel has spread widely and gained acceptance. Experts predict it will disrupt major global sectors including healthcare, banking, insurance, transportation and supply chain management. VR has not been left behind and is firmly clinging to this wave of disruption.

Games

Virtual reality technology transports its users into an artificial computer world that allows them to simulate reality in these immersive environments. To access these 3D worlds, users wear a special head-mounted display (HMD). People love fantasy – the success of the entertainment industry confirms this statement. It’s no surprise that virtual reality has quickly become a popular gaming accessory, but VR is not only great for gaming, it could be a game-changer (pun intended) for a variety of other industries. It turns out that being able to trick your mind into believing it’s somewhere else has a ton of benefits that extend beyond the gaming space. For example, medical students can improve their surgical skills by training in virtual reality, sports fans can watch a football or NBA game up close, businesses can allow customers to try out their products in virtual reality before purchasing them, to name just a few applications.

Blockchain and VR

Blockchain and virtual reality can complement each other in many ways. With its inherent decentralization features and ability to securely transfer information, blockchain can help complement data processing on virtual reality platforms that suffer from scaling limitations due to centralized data storage systems. Simply put, blockchain will make VR better! Integrating cryptocurrencies into VR applications will help improve the security of the entire system and give users more control over their data. The user experience will also be greatly improved, as the crypto-peer-to-peer approach can help with avatar tracking in virtual environments, as well as provide support for advanced p2p communications such as voice chat. Many companies are starting to see the benefits of combining virtual reality and blockchain, and they have started using these technologies to create amazing products.

Interesting start? We will talk about the products themselves in the next part of this material. Be with us!