- IoT and Blockchain are defining the modern-day internet and might transform it forever in the coming years.
- IoT and blockchain combined can offer the products like metaverse that might become a necessity, like smartphones.
Blockchain technology is growing apace at an astonishing rate of 73% a year. This is more than the crypto adoption rate worldwide. Blockchain lessens the dependence on single individuals, companies, or other monopolists through its decentralized nature. Therefore, people are more focused to rely on blockchain-based solutions. The fact is evident as the global expenditures on blockchain-based solutions will reach $19 billion by 2024, according to a report.
How IoT and Blockchain can contribute to building a better metaverse?
Metaverse is the next fantasy land of tech geeks, even though the tech is still in its inception. Tech giants like Meta (Facebook), Google, Unity, Epic Games, Adobe, Microsoft, and many others have jumped into the virtual world of the metaverse. Meta is spending $10 billion and hiring over 10,000 people to excel in the hardware and software side of the internet buzz
Metaverse is the next fantasy land of tech geeks, even though the tech is still in its inception. Tech giants like Meta (Facebook), Google, Unity, Epic Games, Adobe, Microsoft, and many others have jumped into the virtual world of the metaverse. Meta is spending $10 billion and hiring over 10,000 people to excel in the hardware and software domains. Even though they have failed to impress users with their early versions of the metaverse. The internet buzz is going to offer an immersive experience where people can meet, socialize, and interact using their avatars.
IoT and Blockchain combined can offer a better metaverse, according to the proposed notion. Since metaverse gears must always be connected to the internet, like IoT, it is safe to say that IoT is already a part of the virtual world. In the US alone, 47% of manufacturers are adopting IoT technologies for better productivity and workplace analytics. Most of these 47 percent of manufacturers provide items linked to immersive electronics or video games.
Since blockchain-based data is immutable and secure, it will make the blockchain and IoT integrated system more reliable. Smart contracts can play a major role in transferring and securing data online on hostile internet. When integrated with IoT, technologies such as metaverse will provide gamers and social animals with a seamless experience.
IoT is quickly engulfing homes and businesses, and it is predicted that by 2020, it will support over 24.5 billion devices. If blockchain and IoT are integrated well, we might use these products in many other areas as well.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.