Business
Cannabis, Blockchain, and the Metaverse Interplay
New and emerging technologies are going to play a key role in shaping the cannabis industry, specifically the blockchain and the metaverse. While the true potential of the metaverse is yet to be imagined, a recent report by Bloomberg indicates a potential value of $800 billion by the year 2025, which is just three years away. By this time, global cannabis sales should have achieved a value of $33 billion, according to Investopedia. Being an emerging industry that is trying to be relevant to the present time, cannabis is likely to leverage the metaverse and blockchain to this end.
Blockchain and the metaverse are closely related. The blockchain enables the decentralization of the metaverse ecosystem so that it cannot be controlled by any one single entity. This provides numerous sought-after benefits such as:
- Trust
- Seamless transactions
- Anonymity
- Traceability
- Speed and efficiency
- Privacy and security
- Reduced cost of transactions
The metaverse is actually quite complex to fit into a sentence. In summary, it can be describes as a virtual world that allows entities to have 3D interactions so that they can “feel” and “experience” the virtual world as if they are in it. It features virtual (VR) and augmented (AR) reality. A decentralized metaverse is tech that will take the cannabis industry to the next level. Here are some potential applications to ponder:
Cannabis Research
Take for example brain studies to examine the effects of THC on the brain. Researchers can use augmented reality to view the brain, discuss, and share findings in a virtual space. Visual technologies in medicine such as CT scans and X-rays can be transitioned to the decentralized metaverse to create a better research and learning experience.
Cannabis Real Estate
Real estate in the cannabis industry can be a complicated due to the numerous licensing regulations and restrictive zoning policies. VR technology based off the metaverse can be leveraged by real estate agents to create immersive virtual experiences for shoppers. This customized experience will boost the confidence of cannabis entrepreneurs while making it easier to get through the cumbersome regulations.
Cannabis Education
The decentralized metaverse will enable the creation of immersive learning experiences for students from all over the world who want to learn about cannabis. Students can be taken through engaging VR-enabled tutorials on grow operations being able to see and experience the plant environment from wherever they are. Cannabis facilities and institutions will also be able to train employees in a simulated environment and keep track of their progress in real time.
Bottom Line
The metaverse through VR, AR, and XR tech will power waves of digital transformation in the cannabis industry. With how things are moving, it’s only a matter of time.
