In a virtual world you will have Real World applications as follows –
Holographic Design (Car Maker, Aeroplane, Infrastructure)
Holographic Security and Surveillance
You will also be able to overlay a heat-map onto a life-size area. Issues will show up as bright red due the calculation of your eye tracking. The technology will identify problem areas and recommend solutions as an overlay.
This can be used in manufacturing, design, medicine, architecture, entertainment, safety, etc
There are three related technologies here: Virtual Reality, Augmented Reality and Mixed Reality.
Virtual Reality (VR) – entirely immersive
What you see completely fills your field of vision and is so realistic that you are fooled into believing it is real.
Augmented Reality (AR) – digital overlay on top of real-world
You can still see ‘reality’ through the device, whether that is a headset or screen display.
For example, show an advert from a magazine to your phone and you see an overlay on the phone, or point your phone at a museum artefact and you will see its history, critical opinions or some commentary.
Mixed Reality (MR) – embedded digital reality in Real-World
The contents grow bigger as you get closer and shrink as you moved away. You will be able to navigate around it, and see items at all angles. You would be able to interact with objects, all the while still being able to see the real world around you.
Light Field – infinite number of lights rays
Inside-Out Tracking – speed of movement and direction
Retinal Projection – Beaming of light rays directly into your eyes, as to using a headset.