Can you own property that only exists in a virtual space? One US company believes you can, and has developed a blockchain platform designed for exactly that.
Los Angeles-based Verses has released a virtual and augmented reality protocol to enable digital goods and experiences that are set in physical spaces to be monetised and traded.
By layering a secure blockchain over the ‘real’ world, non-physical spaces can be owned. Each location and item receives a unique identifier that means it can be securely and officially tracked – a physical space essentially becomes tied to virtual items.
This means that different virtual and augmented reality applications can be interconnected into a single digital network. For example, if someone places a virtual chair in a particular place and ‘ties’ it to that place, anyone with augmented reality goggles will be able to see it.
How does it work?
Verses’ Spacial Web Protocol works as an open standard, which means it is publically available for software developers to create spatial applications for entertainment, shopping, property, government, healthcare, and other industries.
This includes use cases such as virtual commerce, interconnected virtual reality spaces, smart city infrastructure and secure holographic telecom.
Verses’ technology will be compatible with more than 2bn connected mobile devices by 2020.
Jay Samit, independent vice chairman at Deloitte Digital and advisor to Verses, said: “Verses is the sandbox for the next generation of entrepreneurs that want to solve global issues, create new worlds and digital solutions to real world problems.
“By overlaying the blockchain on the physical world, you can go to a location and store digital objects there that are known to you as being official, real and allowed to be there. This new protocol creates order out of what otherwise would have been chaos.”
Gabriel Rene, executive director of Verses, added: “We have assembled a world-class team of staff and advisors from companies like Deloitte, Apple, Samsung, Google, Microsoft, Magic Leap and more to create a safer, smarter and more immersive new era of the web — ‘The Spatial Web’.
“The next generation of augmented and virtual reality can now include authenticated location data, real-time mapping and physical asset tracking between specific locations. This technology powers a new era of fully interconnected and immersive interactive experiences that speak to consumers’ moods and thoughts.”