I haven't been following up the progress in this. 

First of all, I don't know transparent displays are based which of the existing technologies. Is it LCD? OLED, E-ink? or something else?

Let's assume transparent displays are based on LCDs, then we have to get rid of polarizers, color filters, back-lights. Although I know there is still another type of polarizers that might be critical for this type of application. To get rid of color filters, multiplexing in the time domain seems to me the only choice.

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