Blockchain’s immutability and unhackability are essential features for any virtual reality system to find widespread adoption. Although hacks and data breaches are frequent, the platform on which people will be operating in a totally online and virtual environment must be secure, as reported by Cointelegraph.
Blockchain not only enables quick information confirmation but also enables transactions that are safeguarded and cryptographically secure. Virtual reality will be used in a fundamentally new way that includes blockchain technology and digital currency.
Cryptographic transactions are practical and tested ways that enable people and institutions to carry out transactions in a virtual, traceable, and real-time manner. However, the trend toward virtual and online payments has been escalating even without the continuous application of blockchain and crypto-asset technology. With the adoption of cryptocurrency payments by Visa, Mastercard, and PayPal, transacting and engaging in business in an online setting has become a mainstream evolution that has become even more widespread, Cointelegraph stated.
In a virtual ecosystem like the metaverse, crypto-enabled payments grew even more common, thus it makes sense that they will become more prominent in the future.
The field of the metaverse is still in development and is growing quickly. However, the fact remains that blockchain technology and digital currency will have to be a substantial part of the metaverse’s implementation in the future if it is to be supported and realised.
The development of AR and VR technologies is still ongoing on several blockchain-based metaverse platforms, which will eventually enable users to interact with the environment.
Virtual reality and augmented reality are predicted to boost the global economy by $1.5 trillion by 2030, up from $46.5 billion in 2019, according to PwC, a multinational accounting and consulting organisation.
To prepare for the industry’s growth, Google, owned by Alphabet Inc., Facebook Inc., and Microsoft Corp. have all made investments in cloud computing and virtual reality businesses.
(With insights from Cointelegraph)
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