Blockchain and VR/AR: A Killer Combo or Just Another Hyped-up Business Solution?
When we speak about disruptive technologies, blockchain and virtual reality lead the hype, providing ways to solve a variety of business pain points.
A Brief Look at Blockchain
Blockchain continues to transform the business world digitally. Its global market share is expected to grow to $5.43 billion by 2023. And the numbers seem reasonable, as organizations continue to embrace the technology for the increased trust, security and efficiency of their processes.
Despite the widespread opinion that the blockchain algorithm is too complicated to comprehend even for people with a tech background, its concept is clear and simple. Blockchain is a distributed ledger, or a decentralized database, that unites a chain of immutable records called blocks (that’s where the name “blockchain” comes from). There is no central server to control the entire network, which makes it practically impossible to violate the data stored in blocks.
A Brief Look at VR/AR
Virtual reality expands far beyond the entertainment sector, and augmented reality is not only about Pokemon GO.
Virtual and augmented reality technologies open diverse business opportunities, from increased customer engagement in retail to optimized workflows on any assembly line. With the global tech giants being future-oriented, development of the brand new VR/AR software is set to rise dramatically. Thus, the VR/AR market is expected to reach $215 billion by 2021.
Both blockchain and VR/AR offer a lot of room for businesses to experiment, yet they are usually considered separately. But what if we decide to merge them and see what benefits they can bring combined?
How Do Blockchain and VR/AR Match?
It’s not just about combining all the buzzwords in one sentence. As we’ll see further, this mix can pair with business processes quite well.
With smart VR/AR applications, you can create immersive virtual presentations for an ultimate “try-before-you-buy” customer experience, streamline the production workflow and enhance collaboration between co-workers. Here, blockchain comes in handy to power a new way of secure data storage for these applications.
Each virtual asset or content piece created for VR/AR can be safely stored in a blockchain network. As every piece of information put in blocks gets instantly encrypted, there is no chance to alter it afterwards. Thus, blockchain can create a kind of a backup system for your VR solutions.
Moreover, blockchain smart contracts will help you safeguard the ownership of your virtual demos and protect copyrighted materials times faster and cheaper. All the solutions you design with the help of VR/AR, be it a real estate property mock-up or a construction pre-modelling, can be easily displayed or sold without any intermediary but controlled by a smart contract.
Fully automated and regulated smart contracts cut out the need for lawyers to pinpoint the parties’ responsibilities. This helps you deliver the virtual or augmented reality solution to the stakeholders and clients in a highly secured environment. In fact, this disintermediation extends to regulating all operations that previously may have required a third party.
Time to Bring the Solution Into Action
Since blockchain helps to utilize the VR/AR opportunities to the fullest, no wonder you will want to incorporate this combo immediately. Don’t know how to do that with the maximum efficiency? Here’s a solution for you — now you can develop, launch and test your VR applications on the genEOS blockchain platform.
genEOS is a decentralized ecosystem that will ensure your data is securely stored and kept transparent on a blockchain. Being an innovative model for managing token distribution, genEOS meets the current legal and regulatory requirements. The platform also lets you generate unlimited quantities of self-executing smart contracts in real time, so that you can scale your VR/AR solution on demand.
To reiterate, VR/AR technologies are increasingly creating new competitive opportunities for businesses. To reinforce their potential with blockchain, contact the genEOS experts for a free consultation.
