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Blockchain

10 Top Use Cases of Blockchain in Virtual Reality

Unveiling the 10 pioneering ways blockchain transforms VR.

While talking about blockchain technology, we should keep in mind that this is a new and still evolving industry. There are several use cases of blockchain in different industries, including virtual reality.

Here are the top use cases of blockchain in VR.

1. Decentralized Asset Ownership

Blockchain can be used to verify and track the ownership of virtual assets in VR, making it impossible for fraudulent transactions to occur, one example is DeFi (Decentralized Finance) in which there is no threat of fraud or theft as DeFi offers an emerging model for organizing and enabling cryptocurrency-based transactions without relying on intermediaries or traditional banks.

2. VR Advertising and Sponsorship

Blockchain and VR can work together to verify sponsorship and verify traffic, promoting transparency and trust between brands and consumers. Through blockchain, advertising and sponsorship in virtual reality can be made more secure and reliable.

By using blockchain-based smart contracts, brands and advertisers can ensure that their ads are displayed to their target audience in the virtual reality environment. This, in turn, can increase the relevance of the ads and improve the ROI for the advertisers.

Additionally, blockchain can also help to track and verify the traffic generated by the ads. By recording each interaction with the ad on the blockchain, advertisers can get a better understanding of the effectiveness of their VR advertising campaigns. This level of transparency can help to build trust between the brand and the consumer.

Blockchain can also be used to prevent fraudulent advertising practices. By using a decentralized system that relies on a consensus mechanism, blockchain ensures that the data is secure and tamper-proof. This can prevent scenarios where advertisers pay for fake traffic generated by bots or other illegitimate means.

In conclusion, the use of blockchain technology in virtual reality advertising and sponsorship can offer numerous benefits to both brands and consumers. By increasing transparency, security, and reliability, blockchain can help to build trust and improve the overall experience for everyone involved.

3. Secure VR Marketplaces

Decentralized marketplaces on the blockchain can be used to facilitate secure transactions of virtual goods and services, reducing fraud and ensuring safe transactions.

4. Virtual Reality Gaming

Blockchain-based incentives may be utilized to incentivize gamers to contribute to better gameplay, thus increasing engagement in VR gaming environments.

5. Rights Management

Another potential use case is the registration of copyright, publisher, and distribution rights to control the distribution and licensing of virtual reality content, ensuring the creators of content receive fair compensation.

6. Virtual Real Estate

With the increasing popularity of virtual worlds, blockchain technology can be utilized to enable the ownership and trading of virtual real estate. This allows for users to build and own property in virtual worlds and potentially earn revenue from it.

7. Virtual Currency

Virtual currencies used in VR environments can also benefit from blockchain technology. Blockchain can enable secure, transparent, and decentralized transactions for virtual reality commerce, as well as provide a more stable and reliable virtual currency system.

8. Identity Management

Blockchain technology can be used to manage and protect user identities in virtual environments, providing a more secure and trustworthy system for verification and authentication.

9. Cross-Platform Interoperability

Blockchain technology can enable interoperability between different VR platforms, allowing users to seamlessly interact with each other and access content across different platforms.

10. Decentralized Autonomous Organizations (DAOs)

Using blockchain technology, DAOs can be created in virtual reality environments to create decentralized decision-making and governance structures. This can enable community-driven development and decision-making in virtual worlds.

Conclusion

The use cases of blockchain in virtual reality demonstrate the potential for these two emerging technologies to work together and create innovative solutions for a variety of industries.

Blockchain technology can provide an additional layer of security and transparency to the virtual world, enabling safer transactions and the protection of users’ personal information.

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10 Top Use Cases of Blockchain in Virtual Reality

20. Juni 2023 0 comment

Knowledge Metaverse Research

How Can Consumer and Industrial Blockchains Power the Metaverse?

Several blockchain use cases continue to dominate the monetisation of the Metaverse

The blockchain continues to remain relevant amid the ongoing cryptocurrency ‘winter’ hitting markets. The rise of the industrial metaverse has also explored new use cases for cryptographic technologies.

The Metaverse is a shared immersive platform combining spatial communications and the internet. It also relies heavily on blockchain technology to enable peer-to-peer (P2P) exchanges and engage others in decision-making.

How does the Blockchain Develop the Metaverse?

Blockchain is the underlying technology that keeps a distributed ledger of all transactions in the Metaverse. This shared, immutable record provides the framework for creating ‘trustless’ digital relationships and transactions.

Each transaction in the Metaverse is recorded via the blockchain, providing a complete history of all activity to ensure transparency and security.

This also enables the development of unique identity verification systems and voting authentication mechanisms to facilitate decentralized autonomous organisational (DAO) governance.

The Industrial Metaverse as the Next Blockchain Frontier

Additionally, numerous multinational corporations like Siemens have begun exploring use cases for the blockchain related to the industrial metaverse.

According to PricewaterhouseCoopers (PwC), the industrial blockchain holds promising use cases. These include supply-chain monitoring, counterfeit detection, identity management, asset tracking, and quality assurance.

These technologies have become instrumental in boosting regulatory compliance, offering a transparent, automated alternative to lengthy audit processes.

The World Economic Forum also explained in July last year how the blockchain, cryptocurrencies, and NFTs could boost applications for the Metaverse. At the time, forum members said the Metaverse was “already here” and could potentially revolutionise workforces. Doing so could help boost connections between businesses and communities.

At an Industrial Internet of Things (IIoT) event in October last year, a GE Digital executive further outlined the industrial blockchain’s benefits.

Dr Colin Parris, Chief Technology Officer for GE Digital, explained at the time how the blockchain, digital twins, and IoT could help facilitate the industrial metaverse. These would integrate across virtual, augmented, and mixed reality (VR/AR/MR) devices to visualise data for enterprise users.

Top Blockchain Platforms Leading in the Metaverse Development

Currently, several blockchains have helped build popularity among many Metaverse platforms:

Ethereum

Ethereum is the most popular blockchain, and its decentralized platform utilizes smart contracts or applications that run to minimise fraud or third-party interference.

It is also home to several non-fungible tokens (NFTs), or digital assets linked to the blockchain which verify ownership. They have also been used to create digital art, gaming experiences, and even entire virtual worlds. Some examples of metaverse platforms based on Ethereum are Decentraland, Cryptovoxels, and The Sandbox.

Ethereum received a massive $33 billion USD upgrade to its Shanghai blockchain algorithm ecosystem in April. The recent upgrades aimed to reduce energy-intensive mining by adopting a proof-of-stake system for traders.

Cardano

The Cardano blockchain is an innovative contract platform under development that addresses some of the issues faced by Ethereum linked to scalability and sustainability.

Cardano powers the Pavia metaverse platform, which uses blockchain technology to create a decentralized environment for its users with a minimal carbon footprint and lower gas fees.

Solana

Solana was developed to power the next generation of metaverse platforms and powers the Star Atlas metaverse and others as a scalable, secure, and energy-efficient tool.

It also provides an immersive and interactive experience where users can interact with each other and their environment, with a focus on virtual land exploration.

Metaverse avatar giants Ready Player Me integrated the Solana blockchain for creating interoperable assets for the Mini Royale: Nations. The additional took place in March and included avatars, data, and other digital content.

Polygon

Polygon is an Ethereum scaling solution designed to make it more scalable and efficient. It uses a technique called Plasma to achieve its high scalability.

The blockchain borrows from Ethereum and operates as a Layer-2 protocol. This adds improvements and bespoke tools to the Ethereum blockchain, without eliminating its core features.

Binance Chain

Binance Chain has been developed by the team behind the world’s largest cryptocurrency exchange, Binance, to create metaverse platforms such as the Ultiverse.

Players can import and customize their own NFTs and virtual environments, and an artificial intelligence (AI) engine also adjusts non-playable characters (NPCs) based on player activities for a more immersive experience.

The US Securities and Exchange Commission (SEC) cracked down on Binance and other crypto exchange platforms in May, citing alleged securities violations.

Platforms such as Binance, Kraken, Coinbase, and others have sharply denied the allegations.

XRP Ledger

This blockchain was developed to power the next generation of metaverse platforms and has been designed as a scalable, secure, and energy-efficient technology for several metaverse platforms, including XFLOKIVERSE, a brand new NFT game and collection initiative.

The project is a combination of XFLOKI currencies to build a comprehensive metaverse with many characters with the aim of becoming the most popular platform and meme coin on the XRP ledger.

Benefits of Using Blockchain Technology for the Metaverse

The blockchain is crucial for the Metaverse for the following reasons:

Security – Secure metaverse storage and transmission has become more complex because they store data in exabytes (1 billion gigabytes). Blockchain technologies are crucial for decentralized environments, allowing users to manage their data independently.
Trust – Tokens are safe storage devices that communicate information, personal data, and authorization keys in encrypted form. It also boosts user trust in the ecosystem by restricting other parties from accessing critical information.
Integrate with the global economy – Cryptocurrencies and digital assets are integral parts of the blockchain, However, they are also a technical analogue of traditional money and carry out metaverse transactions.

Evolution of ‘Green’ Metaverse Blockchains

One of the most exciting trends in the blockchain is the proliferation of ‘green’ NFTs. As the world aims to reduce its carbon footprint, it will likely see a move towards more energy-efficient blockchain technology.

This is important for metaverse platforms as they often require large amounts of energy to run. Some of the most promising energy-efficient blockchains include Solana and Cardano.

Conclusion

Many blockchain projects are still under development, but a few examples lead the charge in this emerging industry. In the future, they could power platforms for the next generation of online experiences.

Quelle:

How Can Consumer and Industrial Blockchains Power the Metaverse?

8. Juni 2023 0 comment

Knowledge Metaverse Research

What is Blockchain and what does it have to do with the Metaverse?

The roles blockchain and NFT eCommerce will play in the Metaverse

Blockchain and non-fundable tokens (NFTs) are among the “hottest” technologies of these last two years. At least 18 percent of Americans have invested in an NFT while more than 1 in 5 Brits feel that NFTS are a “good and safe investment.”

NFTs are a unique and non-interchangeable data unit stored using blockchain technology that assigns real-world value to a digital object. In the meantime, blockchain adoption is steadily growing.

76 percent of respondents on a recent Deloitte survey felt that digital assets like cryptocurrencies built on blockchain could be a strong alternative to fiat currencies and even replace them in the next decade.

However, until now, discussions around blockchain, NFTs, and crypto revolved around real-world investments and monetary transactions in the physical realm. The launch of the metaverse by Facebook (intended) changes this.

After Facebook announced its rebrand to Meta, cryptocurrencies like MANA that are meant for trading on the metaverse saw around 400% price uptick.

What does this mean in the long term? How does blockchain fit into Facebook’s plan for the metaverse, and the global metaverse in general? To answer these questions, let’s first understand the meaning of blockchain in the context of a virtual world like the metaverse.

Defining Blockchain

You can define blockchain as a digital ledger that contains a growing list of records (or blocks) interconnected using cryptography techniques.

Every block on the blockchain will have a cryptographic hash or mathematical algorithm describing the previous block on the chain, a timestamp for when the block was accessed/modified, and any other transaction data.

As a result, the blockchain is immutable and is virtually impenetrable to fraud, as there is always an end-to-end record for transparency.

The security of blockchain derives from the fact that it is powered by a peer-to-peer network. This means that the computing power for a block is shared across a public network, and every node on the network has a copy of the blockchain.

While blockchain has many use cases (e.g., secure sharing of healthcare information, logistics monitoring, anti-money laundering, and music royalties), its most relevant application for the metaverse is cryptocurrency.

Cryptocurrency is a purely digital currency or a digital asset that is traded only via online systems and the transactions are authenticated using a decentralised network on the blockchain.

Like regular currency, you can use cryptocurrency or “crypto” to make purchases – but the value of crypto can vary wildly as there is no single entity or group of entities controlling/regulating its value owing to its decentralised nature.

There are several cryptocurrencies you can buy like Bitcoin, Ethereum, and MANA, which we mentioned, and Facebook has dabbled in the technology as well.

What Is Metaverse and How Is it Related to Blockchain Technology?

The metaverse is defined as a three-dimensional virtual reality space where users can interact with digital objects and with each other in an immersive surrounding. The metaverse is persistent, real-time, infinite, self-sustaining, interoperable, and decentralised.

It is easy to imagine how cryptocurrency could fit into the vision for the metaverse. Crypto is completely untethered from real-world fiat currencies, both in terms of value and physical form. This makes it a convenient mode for payment and transactions in the virtual world.

Also, by its very definition, the metaverse is decentralised in nature. No single entity should or can control the metaverse – decentralising its currency would go a long way in adhering to this philosophy.

Further, crypto (and blockchain technology in general) could be a useful anchor in a constantly evolving world.

In the metaverse, our surroundings, natural habitats, people’s appearances, objects, etc. would shift according to developer activity and ongoing customisation. The immutable nature of blockchain and crypto would introduce necessary stability.

Blockchain Use Cases in the Metaverse

The myriad applications of blockchain in the metaverse can be distilled down to the following use cases:

Immutable in-game assets

In-game assets would essentially become non-fungible tokens or NFTs that you can earn and sell. VR gameplay would then allow users to make real money that has value inside the metaverse.

Assets would remain completely undamaged even if the user quit the game, the game was deleted, or there is an adverse event in the metaverse.

Self-identity authentication

As users navigate the metaverse and their identity evolves, blockchain technology can keep track – essentially acting as the equivalent of a social security number, but virtual.

Age, changes to one’s appearance, online activity history, and other unique details can be stored on the blockchain for transparency and to prevent crime in the metaverse.

Real estate in the metaverse

Like in-game assets, real estate is another key commodity in the metaverse. Defining and regulating real estate can be a challenge, given that the metaverse is infinite both in terms of space and concurrent users.

Blockchain could act as an immutable record of how real estate is created, altered, traded, and destroyed in the metaverse.

Creator incentivisation

This will probably be among the first applications of blockchain in the metaverse. In August of last year, Epic Games sued Apple for charging a 30% fee for any purchase that users make through its popular game, Fortnite.

Similar issues can crop up in the metaverse as well. Creator incentivisation through cryptocurrency would ensure that there are no arbitrary or unfair rules governing the exchange.

Will Facebook’s Meta Rely on Blockchain Technology?

In his Founder’s Letter announcing the rebrand as Meta, Mark Zuckerberg stated that privacy, safety, open standards, and interoperability will be central to the metaverse.

He added:

This will require not just novel technical work — like supporting crypto and NFT projects in the community — but also new forms of governance

Apart from this, there’s no mention of Meta’s plans for blockchain technology as yet.

Notably, however, Facebook has its own digital currency called Libra, which it built back in 2019. The wallet designed to manage and use Libra was first announced as Calibra, then was rebranded as Novi, and was finally relaunched in December 2020 as Diem.

In other words, Facebook has the infrastructure in place for blockchain in the metaverse, and we can expect more concrete moves in the next few months.

Quelle:

What is Blockchain and what does it have to do with the Metaverse?

9. Dezember 2021 0 comment

Knowledge Research

The Future of Augmented Reality & Blockchain Technology

If there is a major blind spot in the AR space in 2019, it’s the impact that blockchain technology will eventually have on the software distributed in AR clouds.

For the uninitiated, the quickest way to describe blockchain technology is as a method of assigning unique attributes to digital assets using cryptography, and those assets are distributed on a (usually) decentralized, (usually) public ledger (database) called a blockchain.

The most popular application of this technology has been in the realm of digital currency, most famously in the form of Bitcoin. But the promise of blockchain technology extends far beyond its uses as a cryptocurrency.

In our current, web-based digital life, copying a photograph, for example, is trivial. And determining whether or not a digital photo is an original photo or just a copy of that digital photo can be difficult. Blockchain addresses this issue by allowing developers to create unique digital assets that users and other developers cannot copy. One recent example of this dynamic was CryptoKitties, a popular game that used the Ethereum blockchain network to allow users to generate and sell unique CryptoKitties — sometimes for thousands of dollars.

Naturally, many in the AR and VR space are investigating ways to harness blockchain technology to give virtual items and assets unique properties and value. Some, like Verses, SuperWorld, and Arcona are experimenting with merging AR and blockchain technology to sell virtual real estate. Others, like Lampix, are working on using computer vision and AR along with blockchain technology to track virtually represented data between users and businesses like cafes, bars, and restaurants.

Part of the reason that there’s so little chatter in the AR space about this technology is that blockchain itself is still a relatively new, and somewhat complicated technology. Satoshi Nakamoto, the creator of Bitcoin, released his open source software in 2009, but it took years before that cryptocurrency gained any real traction. Subsequently, most of the activity around the blockchain space has focused on cryptocurrency coins and speculation on the fluctuating values of those coins. But in recent years, a long list of companies, including heavyweights like Microsoft, IBM, and FedEx have all kicked off efforts to develop blockchain projects with an eye toward future uses beyond mere currency.

As for companies involved in AR, we now know that Facebook is working on its own blockchain project, and Amazon is already well ahead of many others in offering support for companies interested in created blockchain solutions. And last month, Magic Leap posted a job listing for a senior blockchain architect, a blockchain Oracle engineer, and a blockchain engineer.

„As a Senior Blockchain Architect for Magic Leap’s Lifestream team you will have overarching responsibility for the planning and execution of a portfolio of blockchain, smart contract, and Ricardian contract technologies in support of the implementation of our Lifestream business function and how it integrates within our product portfolio,“ reads the company’s job posting. „Design end-to-end solutions for our customers using blockchain technology on AWS, GCP [Google’s Cloud Platform], or other cloud services providers.“

Last year, long before that job posting, I asked Magic Leap’s chief content officer, Rio Caraeff, about the company’s possible efforts in the blockchain space. It was the only time during our meeting that I got the sense that I’d thrown him a curveball question. I’d already suspected that Magic Leap was working on a blockchain solution, and now we have proof.

To put the potential marriage of blockchain and AR in better perspective for those unfamiliar with the technology, imagine a world in which the Pokémon characters you collect in AR are „truly“ unique — like the CryptoKitties mentioned above — each with entirely distinct characteristics and abilities.

Suddenly, you have an AR game that becomes an exercise in fans trading „actually rare“ Pokémon creatures, each of which could eventually be sold or traded for large sums of money. That’s just one, very simple example of how blockchain technology applied to AR could gradually influence how AR apps are developed and turned into profitable ventures beyond measuring tapes and furniture demos.

„Within the explosion of Ethereum based dApps [decentralized applications on a blockchain], there are dozens of projects in development at the intersection of blockchain and immersive,“ says Gordon Meyer, co-chair of the Blockchain Committee for the VR/AR Association.

„Considering the pace of blockchain growth and seeing firsthand the kind of [head-mounted displays] that are in development, the prospect of entering into an augmented world and sharing in a global economy of content experiences and HMD feature value-adds, while wearing a Warby Parker-esque pair of glasses, is a world I think we’ll see within the next two to four years.“

Of course, there are critics of mainstream, for-profit companies that are moving to embrace blockchain technology. Many new, private blockchains are centralized, thus giving the company or organization that created it the ability to control who participates in making administrative changes to the network. That single factor takes a significant part of the promise of blockchain’s immutability, security, and transparency and compromises it, to an extent, in favor of a company’s privacy and control.

Despite this still contentious argument over public versus private blockchains, more and more companies are entering the space with private blockchain projects. And as AR companies begin to deploy their AR clouds, you can expect them to integrate blockchain technology in many of them in the coming months and years, and you might even make a couple of bucks from it in the process.

Perception: Blockchain is speculative Internet money voodoo, the technology itself is a solution looking for a problem.

Next Reality: Blockchain is the missing link that will make AR secure and more profitable in the coming years.

Quelle:

https://next.reality.news/news/future-augmented-reality-blockchain-technology-0196248/

9. Dezember 2019 0 comment