We live in a digital world. The advancement and development of new technologies has made the virtual world a possibility. The virtual world represented by the metaverse is developing rapidly. In the Metaverse, a virtual world surpasses the real world, including a combination of AI and blockchain. Both blockchain and AI have the potential to directly impact the Metaverse positively.
What is Metaverse?
- The Metaverse is not a new concept. It has been around for decades.
- It has become a popular keyword after the social media networking giant ‘Meta’ announced its shift towards virtual and augmented reality.
- When thinking about the metaverse, it is important to keep in mind that it is not a single place.
- It is a collection of several digital spaces to build a virtual world using blockchain technology.
- The metaverse is a virtual universe where people live as digital avatars and interact with friends and family members.
- In the metaverse universe, you can buy digital currencies, purchase digital assets, and trade them.
- Also, you can take virtual trips to various digital locations.
- Examples of metaverse include NFT galleries, planets, digital streets, etc.
- Multiple stakeholders and developers work together to create the metaverse.
- In the metaverse world, users pay for products and services in digital currencies.
- Metaverse takes you to a different life in the virtual world.
- With the advancement and development of technology, many activities are carried out, resulting in massive amounts of data.
- The upcoming 3D-enabled space of the metaverse makes use of advanced technologies such as virtual reality, blockchain, and AI to provide a real-life like personal or professional experience in the digital world.
Blockchain for the Metaverse
- Trust is a key issue in the virtual world, especially when it comes to the reliability of data.
- A big question mark in the minds of people is whether the real world is being accurately converted into data in the virtual world or not.
- Blockchain is a trust technology that exists as a decentralized, secured data store protected by encryption.
- Blockchain enables users to gain access to digital spaces such as the metaverse.
- Blockchain is a technology that provides trust between individuals during transactions.
- A blockchain, as the name indicates, consists of different blocks that contain data and a chain that connects them. However, only one block is recognized and connected to the previous block.
- Consensus algorithms form the core of the blockchain architecture. Each blockchain has a consensus that helps the network make decisions.
- Improved security, decentralized technology, immutability, and faster settlements are some of the key features of blockchain and why it should be a part of the metaverse.
- With the advancement in technology, the number of people who use the metaverse will increase.
- This would mean the generation of huge amounts of data in the metaverse, which has value.
- As the data in a metaverse increases, so does its value. Hence, security and reliability are crucial.
- Blockchain technology can guarantee the reliability of data in the metaverse.
- A visible application of blockchain technology in the metaverse is the use of virtual currencies.
- With virtual currencies powered by blockchain, residents of the metaverse world will soon be able to make purchases from virtual storefronts and dress up their virtual avatars.
- In addition to transactions, blockchain can be used to validate identities with the help of trusted third-party sources, making communication and collaboration much safer and more secure, particularly in the metaverse.
Artificial Intelligence in the Metaverse
- With the application of AI, prediction is possible with the use of learning and pattern recognition by using huge amounts of data.
- The use of artificial intelligence is also helping people and businesses to reduce human errors and also the monotonous repetitive tasks.
- The world of the metaverse will contain a huge amount of data generated by AI.
- Various AI technologies can be used to collect the data and analyze it, learn from the previous data patterns, and come up with new creative processes and applications.
- The combination of AI with other technologies like augmented reality (AR), virtual reality (VR), and blockchain can help improve trust accountability, privacy issues, and decision making.
- For example, during a meeting or any other event, it is generally observed that the individual with the loudest voice or one who is of an influential nature tends to win. AI can be effectively used to rank individuals in a meeting or event based on various parameters such as knowledge of the subject, expertise, previous history of being right or wrong, etc.
- Artificial Intelligence could help rank people’s opinions and choose the best one irrespective of his or her position or power.
- In the metaverse, the use of AI and blockchain can ensure that the best solutions are selected and a collaborative approach can play a key role in achieving success rather than people who fake it all and think that they know everything.
Metaverse is a virtual world of infinite possibilities. It is only restricted by the user’s imagination. The metaverse is slowly transforming into a reality. From games to real-world navigation apps, the metaverse has also made its entry into our daily lives. However, the metaverse is still in the niche stages of development. It has tremendous scope and potential moving ahead in the future. Predictions indicate that by 2028, the market size of Metaverse will reach $800 million. Many tech giants have already slated the metaverse to be the next big thing in the world of technology.