VR and AR have a wide variety of applications, but without the ability to manage tangible digital assets it cannot create a parallel economic system of goods, property and jobs. Cue blockchain. Its powerful ability to create and maintain digital assets is exactly what is needed in the VR digital world.
As a global database, blockchain provides VR/AR developers with the correct information to license data. Thanks to constant synchronization, licensees of content always have the most up-to-date proprietary information on the network.
Blockchain also offers identity verification, consensus mechanisms and systems of governance, allowing virtual communities to establish laws while executing and recording the transfer of virtual properties through smart contracts. Blockchain-supported decentralized VR models allow users to establish their preferred currency, while players’ identities can be cryptographically verified in order to protect their private data.
Combined with open web technologies, blockchain deploys powerful tools to design, distribute and experience virtual worlds with independent economies based on cryptocurrency. With blockchain, users can perform a real-world job through VR, earn cryptocurrency for their work, and then spend the funds back in the real world.
No trusted third parties required.