We live in an age marked by rapid development of cutting-edge technology. The future is going to be beyond our imagination with the way new technology is emerging, and being adopted. A variety of researches also supports this assumption, as it is predicted that new technologies will grow at more than 100% in the next two years, with IoT and Blockchain Technology leading the way.
Additionally, there is one another exciting technology that tech-enthusiasts are trying to juxtapose with IoT and Blockchain. The three technologies are known as ‘The Big Three.’ In October of last year, Facebook announced that it has changed its company name to Meta. The company will begin trading under the stock ticker MVRS starting Dec. 1. The change is because Mark Zuckerberg is building a new virtual world called Metaverse, which is a broad spectrum of technology applications, and not just owner of the social media giant Facebook.
Important Aspects of Metaverse, IoT, and Blockchain
In the following paragraphs, we shall discuss in some detail the crucial aspects of Metaverse, and the crucial role IoT and Blockchain are going to play in development of Metaverse, and how a good blockchain development company can help make Metaverse platform more secure, stable, and reliable.
We have come a long way since Satoshi Nakamoto introduced to the world the concept of the modern blockchain. Evolving technology along the blockchain ecosystem has led to the explosion of the cryptocurrency market, prompting a number of modern organizations to invest in this exciting technology. With the rapid advancement of technology, new blockchain organizations have come into existence, aiming to set international standards for technology and bring it more into the mainstream.
What does the statistics say?
The Blockchain Research is currently focused on areas pertaining to resources and mining, media, healthcare, technology, energy, retail, telecom, finance, government and manufacturing.
- Blockchain Technology is making tremendous progress in the manufacturing sector with over 75% organizations reporting that they intend to use Blockchain technology in one form or other in the time to come.
- A report by Statista reveals that expenditure on Blockchain Related solutions will surpass $20 billion by 2025.
- It is believed that Blockchain technology will be able to enable over 30% of IoT technologies by 2024.
Unbelievingly high level of security, transparency and agility makes Blockchain a highly preferred and cost-effective medium for transferring business-critical data with rapid speed and security. In addition, it offers the facility of easy tracking as it works on an immutable ledger.
The Possible Scope of Metaverse
Blockchain and IoT can fast-track the development of the Metaverse. Here we look at how this is possible, and how it can impact the process of operating via information.
Metaverse in the educational sector
Industries operating in the education sector are increasingly realizing the importance of Digital Humans to make teaching more fun and interactive. Organizations involved in learning and educational sectors are vigorously lapping up the metaverse technology to create a wholesome learning experience for their students by creating multiple worlds that make learning fun and engaging for learners. Metaverse is completely revolutionizing the way education is being imparted across the globe. Integration of immersive technologies in education can make learning both fun and productive. AI bots are being increasingly utilized to provide wholesome learning experience.
Metaverse in health industry
Metaverse in healthcare sector is evolving at a rapid pace. Organizations involved in the sector are increasingly using technologies like Artificial Intelligence, Virtual Reality, Augmented Reality, Internet of Medical Devices, Web 3.0, intelligent cloud, robotics, edge and quantum computing to name a few to completely change the way medical care is provided to patients. For example, virtual reality is being used by doctors and experts to train junior doctors and staff to better comprehend complex medical procedures.
Metaverse in entertainment
As mentioned above, everything in the metaverse is hundred percent purely virtual reality. As such, metaverse is completely changing the concept of entertainment and how we play games, watch movies or visit theme parks. The ABBA concert experience in London is a great example of how metaverse is impacting entertainment industry. The band members are in their seventies, but AI was used to make them look much younger. Online gaming platform like Roblox are already holding virtual concerts. Theme Park giant Walt Disney has announced that it will build a theme park in the metaverse in a couple of years.
The metaverse, a current massive trend at the moment, is believed to be the next big thing in the digital world. Metaverse facilitates technology such as augmented and virtual reality to help people immerse themselves in a thoroughly exciting digital world. A quality IoT development and blockchain development company can help develop a platform where users feel like they are really part of the action.