1. A method for providing hierarchical wearable processing unit (HWPU) in a Wearable processing Unit (WPU), the method comprising: determining a plurality of hierarchies in the WPU to define the (HWPU), wherein each hierarchy from amongst the plurality of hierarchies is determined for a particular performance and power consumption, and wherein each hierarchy from amongst the plurality of hierarchies is configured to execute at least one of independent applications and tasks; associating at least one host with each of the plurality of hierarchies based on the particular performance and power consumption of each of the plurality of hierarchies; configuring each hierarchy from amongst the plurality of hierarchies with functionalities based on allocation of dedicated hardware resources, wherein the functionalities performed by the each hierarchy through the allocated dedicated hardware resources conform with the particular performance and power consumption of each of the hierarchy; and virtualizing a set of common hardware resources to form virtualized set of hardware resources, wherein the virtualized set of hardware resources is shared among one or more hierarchies from amongst the plurality of hierarchies, wherein the virtualized set of hardware resources includes a display and the display is sequentially shared by different applications, and wherein the different applications are executed by the one or more hierarchies.