Convergence is becoming a very common term in the technology sphere. It means merging technologies into a new form that combines their media and applications. Embedding your devices with technology improves their functionality.
Even though the article only covers the two, VR and Blockchain are not the only technologies that have been combined to improve our lives the list is endless and the applications are numerous.
Understanding VR and Blockchain
VR stands for Virtual Reality, and it is a technology that simulates an experience that is similar or different from the real world. some of the common applications of VR include entertainment, communication, and education.
While Blockchain is a digital ledger technology that enables the permanent storage of transactions online within a decentralized atmosphere. Blockchain also has several applications which include smart contracts, securities, record keeping, cryptocurrency, and gaming.
VR and Blockchain in online retailing
As we have it, VR and AR are already enabling in-store virtual tours, with a little innovation we will be able to conduct virtual shopping.
Just imagine, sitting on your sofa and wearing your VR goggles and then the next thing you know you are walking into a store and browsing through the virtual representations of the merchandise.
Imagine being able to even try out the outfits in the fashion section because you have already uploaded a full body scan of yourself, and the avatar is your virtual replica.
Blockchain, on the other hand, enables cryptocurrency payments which are borderless thus making it very compatible with the global VR retail environment. Cryptocurrencies will enable small ventures to take products directly to their customers thus reducing the costs involved.
Developers are currently working on an application that merges these two technologies. their convergence will make it possible for small businesses to trade globally. Not to mention the participants will be able to enjoy some interesting benefits which include lower costs, disintermediating of banks. Traders will no longer need to use credit cards which charge transaction fees and create waiting periods for merchants to receive their money.
VR applications are unlimited and once converged with Blockchain they could spider out across the globe.