A virtual reality world driven by blockchain technology is in its final stages of development, in what could be a significant development for the technology.
Dubbed the ‘Bronze Age’ of its development by those behind the project, this virtual world has been unveiled, complete with its own blockchain for recording ownership information of virtual land.
The VR environment, which comes with support for Oculus Rift hardware, will allow players to claim land, build and develop constructions within the virtual environment, based on similar technology to that underpinning digital currencies like bitcoin.
The blockchain can be ‘mined’, in much the same way as uncovering new bitcoins, in order to allocate land within the virtual realm. Land registry and ownership will be charted within the blockchain, with players able to exchange and trade land in the secondary market.
The project, known as Decentraland, remains in its testing phase, looking to build on the progress made by other similar virtual reality games, such as BitQuest and Huntercoin.
Developer Manuel Aráoz said that the project would eventually enable users to build complex worlds out of rudimentary blocks, with unlimited potential for the Decentraland world.
“The current version we’re releasing…allows users to build structures using simple primitives such as cubes, spheres and planes, but we’re planning to allow more complex stuff and even scripting. It’s ultimately up to the users what cool stuff is built on Decentraland.”
The Decentraland project is hotly anticipated by VR gaming fans, who have warmly received these recent developments. But even beyond the gaming sector, the fundamental technology could have applications in a range of real-world settings.
The concept relies on the blockchain for recording and verifying land ownership, and demonstrates some of the capabilities of this emerging technology.
Indeed, some local authorities have already turned their attention to the blockchain in the real world, as a means of recording land registrations and transfers.
Land registry is just one envisioned application for the blockchain, and developers are already making significant inroads into similar solutions for markets as diverse as finance, shipping, agriculture and electoral votes.