It wont be wrong to say that today we are surrounded by technology in every aspect of life. The technologies keep evolving and they have made innumerable contributions in different fields. They also lay the foundation for more innovations of tomorrow.
IoT and blockchain are two such advanced technologies that have seen tremendous growth and promise a lot for the future too. Along with these two, there came a third one – Metaverse which further propelled the excitement amongst tech enthusiasts.
In this blog, we will cover in brief about metaverse and how it will be impacted by blockchain and IoT. It is believed that the metaverse will be a more secure, stable, and robust platform for businesses looking to take their experience to the next big level.
An overview of blockchain technology
We will just give a brief introduction to this technology. Blockchain technology is crucial in securing your online or digital assets. With blockchain, one can monitor and extend security to assets with the help of a distributed ledger. The major benefit of this technology is in terms of its storage and transfer of data in blocks that are chained to all the previously digitized information. While it was initially developed to secure cryptocurrency and its trading. However, looking at its performance, it was quickly scaled to greater applications. Another significant advantage of blockchain technology is data accuracy as all the transactions are properly recorded and monitored with top-notch security.
An overview of IoT
IoT has been shaping the tech world for quite some time now. It has effectively made the distribution of information easier and faster. With IoT, one can connect every general and sensory device to ease up doing every simple tasks. It has helped many manufacturing companies and tech firms to enhance their productivity. IoT also decreases the cost of operations and boosts ROI. Not only this, it also enables better mobility and provides flexibility for all the day-to-day operations. With blockchain technology, IoT is sure to become even more powerful and bring about interesting applications in the world – in every field and genre!
Now, we move on to a brief explanation of metaverse and its scope.
The possible scope of a metaverse in the near future
The world went crazy when Facebook changed its name to “Meta” recently. Tech giants applauded this bold step and hailed it as the future of technology. As such, IoT and Blockchain are surely going to act as catalysts to develop the possible scope of metaverse. Together, they are going to revolutionize the way things have been working so far. We have already started seeing metaverse being applied in sectors like travel and entertainment.
In the education sector
Metaverse, blockchain and IoT have been actively changing the scene of many sectors. If we talk about the education sector, we can see many schools and educational institutions implementing AI bots to replace the human aspect of communication. There is an emergence of the “Digital Avatars” that provides 24X7 assistance and company to students in their studies.
In the entertainment and healthcare sector
More and more names in the entertainment industry are coming up with creating a lot of life-like characters to be used in movies, games and other events. These digital characters use AR/VR to keep the audiences hooked to them.
Similarly in the health care sector, there is an increasing need to have staff available for patient engagement and communication. There are many such industries that have come to realize the significance of human communication and they are working on using metaverse to solve this demand-supply gap. Blockchain and IoT will amplify the power of metaverse and make technology more advanced and accessible.
Benefits of IoT and Blockchain for metaverse
If you see closely, you will realize that blockchain and IoT will make metaverse a more common and useful technology. With the right expertise, businesses can use these three technologies to deliver exceptional experiences to their clients.
Digitizing the real-world assets calls for faster deals without changing the source and destination of these assets. Blockchain can help to manage digital assets and improve the trust factor between the governing bodies. There will be a popularity of smart contracts that will boost the user experience when it comes to safe data transfer and validation of ownership of any asset. By applying IoT, one can increase the degree of personalization in any transaction. Say, you can have an exact digital copy, with all desired characteristics, of the person you want to interact with! Isn’t that something?
It is true, there will be some challenges and obstacles in the use of these technologies. For example, one big challenge could be finding the right tools and equipments to channelize the power of these technologies. However, despite the problems and issues, IoT, blockchain and metaverse do look promising for the future and are sure to come up with more interesting applications – that we cannot think of as of this date! If you are interested in developing the right software products for your business, think of EOV now! We are the right partners for your mobile app development services needs and we can help you build the future-ready products, delivered in the promised time!