My code to change alpha value:
Color color = other.gameObject.GetComponent<Renderer>().material.color;
color = new Color(color.r, color.g, color.b, 0.5f);
other.gameObject.GetComponent<Renderer>().material.color = color;
Error I get when trying to change alpha value:
My Shader File(MultipleUVBlend01):
The color in you shader is set to a custom name "_MainColor" so you need to use GetColor() and SetColor().
Color color = this.gameObject.GetComponent<Renderer>().material.GetColor("_MainColor");
color = new Color(color.r, color.g, color.b, 0.5f);
this.gameObject.GetComponent<Renderer>().material.SetColor("_MainColor", color);