The potential of Blockchain technology has been recently recognized also by the business world beyond the financial sector. In fact, many companies are already experimenting with this technology in order to create new services or to improve their existing ones. The possibility to create a shared and immutable ledger of transactions among different parties is particularly appealing for those businesses where trust is essential, such as the supply chain management. A number of startups are working on this, and some big companies have already implemented Blockchain-based solutions in their business processes. Maersk, for example, is using Blockchain to keep track of shipping containers around the world, while IBM is working with food retailers and suppliers to use Blockchain to trace the origins of food products and ensure their safety.

The use of Blockchain is not limited to business. Also the public sector can benefit from this technology. For example, the state of Ohio in the US is now accepting Bitcoin payments for 23 different types of taxes, while the city of Austin in Texas is using Blockchain to streamline its work order system.

Not only business and government, also the academia is experimenting with Blockchain. A number of universities are now offering courses on this topic, and some are even implementing Blockchain-based solutions for their own internal operations. The Massachusetts Institute of Technology (MIT) , for example, is using Blockchain to protect the intellectual property of its students’ research projects.

The potential of Blockchain technology is clear. But what about its potential when combined with other technologies? In particular, what about the combination of Blockchain with Virtual Reality (VR) and Augmented Reality (AR)?

The first VR/AR-Blockchain application that comes to mind is probably in the area of gaming. The possibility to create a virtual world where players can own digital assets that are stored on a blockchain could create a new type of game, where players would have a real incentive to accumulate wealth and power. This could lead to the development of new business models for gaming companies, and open up interesting opportunities for investment.

Another potential application of VR/AR-Blockchain is in the area of education. The possibility to create virtual or augmented reality simulations of real-world scenarios could be used to teach students in a more effective way. For example, medical students could benefit from VR simulations of surgical procedures, while business students could benefit from AR simulations of business meetings or negotiations. The use of Blockchain in this context could help to ensure the authenticity of the simulations and the integrity of the data.

Finally, VR/AR-Blockchain could also be used in the area of marketing. The possibility to create virtual or augmented reality experiences that are personalised for each individual user could be used to create more effective marketing campaigns. For example, a clothing company could use VR to give potential customers a virtual tour of its store, or an airline could use AR to show passengers their personalised travel itinerary. The use of Blockchain in this context could help to ensure the privacy of user data and the security of the marketing campaign.

The potential applications of VR/AR-Blockchain are many and varied. The combination of these technologies could lead to the development of new and innovative solutions in a wide range of industries. It is therefore important to keep an eye on this emerging technology, and to explore its potential for your business or organisation.

This and much more will be available through Metabourne platform. Stay tuned for more information.