With virtual reality videos, games, and apps gradually becoming more mainstream, blockchain developers are starting to look for the right way to insert themselves into this technology trend. One tech startup based in Switzerland and the Cayman Islands has already figured out a potential point of entry, and it involves mixing VR with social media while incorporating blockchain solutions to facilitate certain transactions.

The Global Blockchain Business Council has accepted Sensorium as a new member and key participant in an upcoming conference that will be conducted online because of coronavirus pandemic restrictions. Sensorium has been closely following the emerging nexus between VR and social media; to this effect, it is important to remember that Facebook has made considerable investments in VR. What major social networks such as Facebook see in VR is a new and exciting way for users to not only interact but also experience content.

The process of creating content meant to be shared on social media platforms has been problematic from the start. Issues related to intellectual property and copyright are difficult to manage when original creations are shared on Facebook and other social networks. Content creators have gotten the hang of monetizing their digital efforts, but the work they produce remains vulnerable. This is certainly a concern for VR content because it costs more to produce.

Sensorium executives believe that blockchain technology could be the answer to protecting copyright and authorship of VR content on social networks. The distributed ledger and smart contract features of blockchain networks could be configured to ensure that the work of VR content creators does not end up being stolen or unethically distributed. At the same time, Sensorium believes that VR content will be easier to sell, and blockchain technology could be used to accept and manage payments in this regard.

The advent of VR in social media could also give platform developers an opportunity to reset various functions through blockchain implementation. The problematic issues of fake accounts and identity theft can be significantly reduced through identity management solutions inherent in blockchain networks. With Facebook already showing interest in blockchain development through Project Libra, taking the next step with VR would likely be easier.