Blockchain technology is entering many new facet of modern industry. Up to now, blockchain has concentrated on logistics, contracts, and payments. But a distributed ledger technology’s ability to authenticate transactions, ownership, and rights is ubiquitous, transparent, and secure. These attributes lend themselves to use within more virtual environments.
With virtual and augmented reality (AR) making inroads to corporate training and manufacturing operations, new issues arise surrounding ownership and usage rights. With the ability to create new worlds, or modify existing environments, virtual spaces can become vulnerable to a variety of risks and issues. Without clear and verifiable ownership, augmentation equipment could be unable to access virtual properties or these properties could be manipulated by third parties without owners’ knowledge or consent.
Researchers are looking to create geospatial internet protocol addresses within blockchains that apply to virtual spaces. This allows vendors to integrate across virtual worlds and users to move virtual assets across real space. Many technologists view geospatial IP as the basis for the emergence of Web 3.0. Others see the application of blockchain in similar emerging situations as a mechanism to minimize the side effects and pitfalls of rapid technological advancement.
Executive Director, Global Chamber Charlotte