Is Augmented Reality (AR) Blockchain’s Killer App?
How much better would Pokemon Go be if it were powered with blockchain? Photo Cred: David Grandmougin
The number of projects present in the crypto world — most of which are powered by blockchain technology — is increasing rapidly each year.
At the time of the writing of this post, there are 2447 cryptocurrencies listed on CoinMarketCap, many of these being projects that have — at one point — been discussed as being the “killer app” for blockchain.
Seriously, the obsession is real.
For some perspective, consider that last year, on October 15th, there were only 1600 projects listed on CMC.
From Bitcoin to Brave, from cross-border payments to online gambling, the beautiful truth is that blockchain technology can potentially be leveraged in an endless number of ways.
However, while the number of crypto projects has significantly increased, one of the biggest questions in the crypto world (arguably) remains unanswered, depending on who you talk to:
Where’s the Killer Blockchain App?
Or, in other words:
Which blockchain app is going to usher in the mass adoption of crypto?
In this post, we’re going to throw AR’s name into the hat.
Could Augmented Reality (AR) be blockchain’s Killer App?
The short answer is: possibly!
There is a huge amount of potential to leverage blockchain to unleash the power of Augmented Reality (AR).
And this goes way beyond gaming.
Despite how much potential we see for AR and gaming.
BofA Merrill Lynch refers to the rise of AR, VR and mixed reality as “the fourth computing revolution”…
But, we must distinguish AR from VR here.
While Virtual Reality enables one to experience a different world altogether, it is widely believed that Augmented Reality has more immediate applicability…
…and this is due to the fact that AR adds digital overlays onto the real world!
But, why is this so important to distinguish?
Here we’re going to answer a question with another question 🙂
Remember Google Glass?
The AR glasses developed by Google essentially flopped — when it came to consumer usage — after numerous concerns were raised about the ability for people to potentially record without anyone knowing.
But, was that the end of Google Glass?
Did you know that the tech giant turned the failure of Google Glass for consumers into a pretty useful Google Enterprise?
The Google Glass pivot alone is pretty decent proof of the potential for AR beyond gaming, with employees reporting more enjoyable work experiences and companies relaying evidence of more efficient operations after the implementation of Google Enterprise.
Beyond this, Augmented Reality has many, many more use cases.
From transforming shopping experiences in retail — a solution already being implemented by stores which we discuss here — to enhancing doctors’ capabilities in the operating room…
…from enhancing fan experiences at sporting events…
((( for any NFL fans, congratulations, that yellow first down marker you’ve been seeing on you’re TV means you’ve already experienced AR essentially )))
…to enabling advertisers to engage with (potential) customers in novel ways, AR truly has a host of applications…
WHAT HAPPENS WHEN OVR COMBINES AR WITH BLOCKCHAIN?
Here at OVR we are super excited about the potential for AR when converging this technology with blockchain.
And this is perhaps best demonstrated in two ways:
First: with OVRLands.
What are OVRLands?
OVRLands are parcels stored inside a blockchain-based ledger that make up the digital layer of subdivision of our planet into hexagons.
Simply put, these are digital assets superimposed on top of the real world.
Thanks to blockchain, these are freely trade-able among users in a decentralized fashion through the use of the marketplace OVROwner. This means that OVRLand owners can decide what kind of experience the user will experience once someone enters their OVRLand.
And remember: these are lands placed over top of the real world, enabling users to experience the real world in a completely different way!
Secondly, there’s OVR advertising.
OVR implements a decentralized advertising system based on the publisher/advertiser principle where the OVROwner can earn OVR tokens by inserting the sponsored content proposed by advertisers into the augmented reality experience that the owner has created.
What we are focused on creating here is an augmented reality where numerous stakeholders benefit. Blockchain technology enables secure, efficient and decentralized transactions within the OVR ecosystem.
You may think that there is somewhat of a gaming dynamic here.
And you’d be right!
However, we see this as the combination of gamification and augmented reality value creation!
In the OVR ecosystem, we are excited to deliver things such as:
- Users being able to buy & sell OVRLands in much the same way one buys & sells land in the real world.
- Users being able to create unique experiences for anyone who comes onto their OVRland.
- Users being able to allow advertisers to promote on their land and earn OVR tokens for this!
And this all in decentralized fashion.
This is the power of AR when combined with blockchain.
And here at OVR we are excited to deliver this to the market.