Spatial computing represents a monumental technological breakthrough that will fundamentally transform how we interact with and experience the digital world seamlessly integrated into our physical surroundings. As explored in futurist Gabriel Ren ‘s visionary work, ‘The Spatial Web', spatial computing will revolutionize diverse industries ranging from healthcare and education to retail, marketing, tourism and entertainment by blending virtual and augmented elements into our environments to create unprecedented immersive experiences that dissolve the boundaries between the real and digital realm.

As this emergent technology gains momentum, it is crucial for forward-thinking organizations across all sectors to actively educate themselves on the capabilities, applications and implications of spatial computing in order to spearhead its strategic adoption and gain a competitive edge in the new digital landscape it promises to usher in.

At its core, spatial computing relies on advanced sensors, cameras and algorithms to map physical spaces in real-time and overlay context-aware digital information and objects into that environment in a way that feels natural and intuitive to users. Key technologies like augmented reality (AR), virtual reality (VR) and mixed reality (MR) work together to bring these immersive spatially-aware experiences to life by digitally enhancing our perceptions of the world around us.

Major technology players including Microsoft, Google, Apple and Meta are steering spatial computing's rapid evolution by making substantial investments into developing devices, platforms and frameworks that enable next-generation immersive experiences blending the digital and physical. Microsoft's HoloLens headset allows industrial designers to overlay holographic designs onto real-world environments for evaluation, while Apple's ARKit enables mobile AR experiences on iOS devices.

Diverse industries are beginning to embrace the disruptive potential of spatial computing and its myriad applications. In healthcare, spatial computing enables patient education through VR visualizations and supports complex surgical planning by creating digital overlays of anatomy on the patient in real-time during procedures. In design and engineering, it facilitates intuitive 3D visualisation and collaboration on digital models.

Spatial computing also holds vast untapped potential for training simulations, immersive shopping experiences, experiential marketing campaigns, interactive tourism experiences and data analytics. However, successfully harnessing its full promise requires proactively tackling key challenges around implementation barriers, user familiarity, ethical risks, and integration with emerging technologies like the Internet of Things.

Spatial computing represents an exciting new frontier underpinned by our innate human desire to transcend boundaries and turn imagination into reality. It promises to reshape the future of work, collaboration, education, healthcare and entertainment in groundbreaking ways.

Organizations that strategically adopt spatial technologies today will be poised to unlock transformative innovations and push the limits of human creativity, productivity and collaboration. With ethical considerations in mind, spatial computing can help create an empowering future where the physical and digital coexist in harmony, unlocking a world of possibilities.

The spatial revolution is here and gaining momentum fast. Let us embrace it responsibly to collectively build a future where virtual enhancements amplify our experiences rather than replace them, allowing technology to enrich our understanding of the world and our place within it.

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Image: Midjourney

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With the ability to learn from users' behavior and improve experiences over time, Deep Learning will help create a living, breathing metaverse that continually evolves and responds to user feedback. Deep learning will enable the metaverse to become a vibrant and engaging environment where users can explore, create, and interact with one another. With the help of deep learning, the metaverse will become a place where users can truly escape reality and immerse themselves in a world of their own making.

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Deep Learning Abilities In Evolving Metaverse

Technology's influence on the world is becoming increasingly obvious as it develops. One of the most fascinating new technologies, deep learning has a nearly limitless number of potential applications. Deep learning has the ability to breathe new life into the metaverse, a virtual world built from the pooled data of the actual world. This is one of the most promising applications of deep learning.

Deep learning is a sub-domain of artificial intelligence involving neural networks designed to mimic how the human brain processes information. These networks can be used to identify patterns and make predictions based on the data they are given. In the context of the metaverse, deep learning can be used to create a virtual world that is informed by the real world.

For example, deep learning could be used to create a virtual replica of a city that accurately reflects the physical environment. The virtual city could then be populated with virtual characters and objects that are based on real-world data. This would give the virtual world a sense of realism and depth that could not be achieved with a static, pre-programmed environment.

Deep learning could also be used to create interactive experiences in the metaverse. For example, a deep learning system could be used to create a virtual character that responds to the player's actions and interactions. This could allow for a much more dynamic and engaging experience than a static, pre-programmed environment.

Finally, deep learning could be used to create virtual economies in the metaverse. Deep learning allows virtual economies to be created that accurately simulate real-world economies. This would allow players to experience the same economic principles that are found in the real world, such as supply and demand, resource scarcity, and competition.

Deep learning has the competency to revolutionize the metaverse and create a virtual world that is more immersive, interactive, and realistic than ever before. By creating virtual replicas of the real world and allowing for dynamic, interactive experiences, deep learning could enliven the metaverse and open up a whole new world of possibilities.

Role Of Deep Learning Technologies In Transforming Metaverse

The technology has recently seen a revolution in the development of deep learning technologies. Deep learning algorithms are increasingly being used to create virtual worlds and simulations for a variety of applications, ranging from entertainment to healthcare. The development of these technologies has been accelerated by the new era of artificial intelligence and the convergence of different techniques such as machine learning, natural language processing, and computer vision. As a result, deep learning has become one of the most important technologies powering the transformation of the metaverse.

The metaverse is an ever-evolving virtual space where users can interact with each other, share experiences, and create new content. To ensure that the metaverse remains vibrant and engaging, it is essential to have technologies that can power realistic simulations and create realistic 3D environments. Deep learning algorithms are ideal for this purpose as they are able to learn from data and create simulations that are more realistic and immersive than ever before.

One of the most impressive applications of deep learning in the metaverse is the creation of virtual avatars. Deep learning algorithms can be used to generate realistic 3D models that can be used to represent users in the metaverse. These avatars can be used to interact with other users and explore the virtual world. In addition to this, deep learning algorithms can also be used to generate realistic facial expressions, body movements, and other features that make the avatar more lifelike.

Deep learning technologies are also being used to create virtual worlds that are more immersive than ever before. Deep learning algorithms are used to generate realistic environments with realistic lighting, shadows, textures, and more. These simulated environments can be used to create immersive experiences that are more realistic than ever before. In addition to this, deep learning algorithms can also be used to generate realistic interactions between users and objects in the virtual world, allowing for more realistic interactions with the metaverse.

Deep learning technologies are also being used to create virtual reality experiences. Deep learning algorithms are used to generate realistic virtual reality environments that are more immersive than ever before. These environments can be used to create immersive experiences that are more realistic than ever before. In addition to this, deep learning algorithms can also be used to generate realistic interactions between users and objects in the virtual world, allowing for more realistic interactions with the metaverse.

Deep Learning Technology's Ability to Secure Data

Deep learning is a powerful technology changing the way data is stored and secured in the metaverse. The metaverse is the collective of virtual, digital, and augmented reality worlds and is an ever-expanding digital space. Data security becomes a top priority as the metaverse continues to grow and evolve. Deep learning provides a viable solution to this problem, as it allows for the efficient and secure storage of data within the metaverse.

Deep learning utilizes advanced algorithms and neural networks to provide a secure and efficient means of storing data. This technology is able to identify patterns within data sets, allowing it to identify and protect areas of data that are important and should not be accessed or modified. This ensures that data stays secure and is not vulnerable to malicious attacks or manipulation.

In addition to data security, deep learning also offers enhanced data analysis capabilities. Through its advanced algorithms, deep learning can quickly and accurately process large amounts of data, allowing for the rapid analysis of complex data sets. This can be used to improve the accuracy of predictive models, detect anomalies, and uncover hidden patterns within data.

The use of deep learning to secure data in the metaverse is a powerful way to ensure data integrity and accuracy. By utilizing advanced algorithms and neural networks, data can be securely stored and accurately analyzed, making it a valuable tool for any organization looking to protect its data in the metaverse.

Wrapping Up

Artificial Intelligence and Machine learning technologies are revolutionizing the metaverse and transforming how users interact with and create content in the virtual world. These technologies enable more realistic and immersive experiences than ever before and are used to create avatars, simulated environments, and virtual reality experiences. As the development of deep learning technologies continues, the metaverse is sure to become even more immersive and engaging.

The post How Will Deep Learning Enliven The Metaverse? appeared first on Datafloq.

If the gaming industry is anything to go by, there's certainly a major market to be explored when it comes to metaverse fashion. In the world of video games, $100 billion is spent annually on virtual goods. With more than three billion video game players around the world-of which 46% are women, there's certainly an audience ready for digital goods.

Video games make for a great starting point when exploring the viability of metaverse fashion. We've even seen metaverse-facing games like Roblox and Fortnite partner with leading fashion houses to deliver ‘skins' for users to decorate their characters in stylish clothes.

One leading example of high fashion's relationship with video games came from Balenciaga partnering with Fortnite to offer players premium add-ons to decorate their in-game avatars.

“The next generation of designers are dressing avatars, and they are doing it on Roblox where anyone can be a creator, starting with their own online identity,” said Christina Wootton, vice president of Brand Partnerships at Roblox. “Fashion is about what's next and finding new voices with clear visions, and this talent is emerging in the metaverse.”

“It is the global creative space for the next generation of designers who are bringing limitless self-expression opportunities to people around the world, setting new trends that are starting to move into real life, and sharing their expertise with top brands. This recognition from a powerful fashion institution declares loud and clear that this is the space to watch for future fashion trends and talent.”

By taking a similar concept to downloadable in-game content today and optimizing it with burgeoning technology like NFTs, it's possible to create digital fashion that can actually belong to the user and be traded and sold on like real clothing items. But is metaverse fashion really here to stay, or does it simply represent another trend in the world of fashion?

Exploring Fashion's Passion for the Metaverse

Statistically speaking, it's clear why leading fashion brands are passionate about growing into the metaverse. Data from McKinsey's State of Fashion 2022 findings notes that ‘personal expression is important to Gen Z', and it's through partnering with technology that brands can seek to appeal more effectively to younger fashionistas.

When fashion house Gucci launched its own metaverse project, The Gucci Garden in 2021, the virtual space received 19 million visits. The brand even sold a virtual handbag in the same year for $4,115, a price that weighs in far higher than its physical handbags.

To be capable of multiplying your market to accommodate digital goods as well as physical goods seems like a no-brainer for brands. In the metaverse, all products can forever be in pristine condition and unweathered, and any avatar wearing a Balenciaga t-shirt offers free promotion to the brand wherever they virtually go.

Social media has often shown through Instagram and TikTok filters that users are happy to transform their faces to look more like an animal, robot, alien, or any historical figure, and this can indicate that fashion designers can go as creative as possible in offering new clothing and accessories for users.

In McKinsey's latest State of Fashion 2023 report, it was suggested that fashion brands should seek to “embrace creative campaigns and new channels to achieve greater marketing ROI and to gather valuable first-party data that can be leveraged to deepen customer relationships.”

This means that the metaverse must be focused on as a space for brands to deliver virtual lines to not only expand revenue streams but also build customer loyalty. This doesn't have to be limited to clothes, and should somebody want a pair of Vera Wang glasses for their avatar, it's possible to tap into a range of real-world high fashion spectacles to get the right pair to wear in the metaverse.

Metaverse Fashion Won't Mimic IRL

Despite the fashion industry identifying the metaverse as a key market opportunity, it's unlikely that virtual trends can truly mimic the patterns followed by their in-real-life counterparts.

Trends in the metaverse wouldn't have any need to adapt to seasons. There's little use in users buying a bulky coat in winter and a t-shirt in summer when their avatars are simply an extension of their personality in a controlled digital environment.

It's also unlikely that shoppers will buy a range of digital clothes as substitutes in their wardrobe, making it difficult to see consumer spending reach the levels that we see in traditional fashion today. Furthermore, even if an uptick in virtual fashion spending took place, it's more likely that this would replace traditional fashion spending, rather than combine forces with alternative approaches.

There's also the matter of the carbon footprint attached to the minting of NFTs. While the fashion industry has long had a difficult time in managing its own carbon emissions, creating NFTs that act as proof of ownership of digital goods can be damaging to the environment in their own way.

Despite this, there's still plenty of potential that can be explored when it comes to metaverse fashion. As the technology continues to develop, we're likely to see fashion fall into a more natural rhythm to complement virtual spaces. Whether we're all going to be donning our Gucci handbags to go to work in the metaverse by the end of the decade or not, we're likely to see more high fashion brands seek to build into this new technological frontier in innovative ways over the coming years.

The post Can Metaverse Fashion Ever Emulate Traditional Fashion? appeared first on Datafloq.

Undoubtedly, the metaverse represents an unparalleled prospect for enterprises to leverage the potential of virtual reality and digital assets to augment their business outreach. In this piece, we delve into how companies can exploit the metaverse to expand their business operations.

What is the Metaverse?

The metaverse is a revolutionary realm that amalgamates numerous digital landscapes, platforms, and assets. This virtual domain replicates real-world experiences, and its entry point is via digital devices, particularly virtual reality headsets. The metaverse is a dynamic, interconnected web that affords individuals the opportunity to engage with each other and digital assets in a seamless, immersive experience.

The Potential of the Metaverse

The metaverse has the potential to transform the way commercial entities function. By leveraging the metaverse, organizations can fabricate immersive experiences that enable them to actively engage with their customers, intensify the promotion of their merchandise and services, and amplify their brand image. The metaverse can prove to be highly advantageous for SaaS businesses in augmenting their revenue streams, rendering new products and services, and escalating customer engagement.

Opportunities for Businesses

The metaverse presents several opportunities for businesses. Here are some ways businesses can leverage the metaverse for business growth:

Virtual Events and Experiences

The metaverse, a futuristic virtual world, offers a plethora of opportunities for businesses to create unparalleled and immersive experiences for their customers. Through the metaverse, businesses can hold virtual events such as product launches, conferences, and trade shows, providing their customers with an interactive and engaging experience that was once impossible.

By leveraging the metaverse, businesses can expand their reach and attract a wider audience, without being limited by geographical constraints. Furthermore, hosting virtual events in the metaverse can significantly reduce costs compared to traditional physical events, saving businesses time, money, and resources.

Virtual Real Estate

The elusive metaverse presents enterprises with a rare opportunity to possess digital property in the virtual realm. Businesses can procure virtual terrain, construct virtual outlets and workspaces, and vend digital commodities and amenities. The metaverse has the potential to aid enterprises in reducing their operational expenditures, increasing their outreach, and establishing a fresh source of revenue.

Digital Assets and NFTs

Enterprises have the capacity to design and peddle digital properties and non-fungible tokens (NFTs) in the vast expanse of the metaverse. Digital commodities such as virtual garments, ornaments, and personas can be produced and marketed to patrons. NFTs can be utilized to trade digital real estate, artwork, and memorabilia. The metaverse proffers companies with a novel method of monetizing their merchandise and facilities, creating a potential boon for business growth and prosperity.

Advertising and Sponsorship

The metaverse presents businesses with new advertising and sponsorship opportunities. Brands can advertise their products and services within the metaverse, sponsoring virtual events and experiences, and even creating their own branded virtual environments.

Challenges and Considerations

While the metaverse presents several opportunities for businesses, it also comes with its own set of challenges and considerations. Here are some things businesses should consider:

Technical Complexity

Creating and operating in the metaverse requires technical expertise. Businesses will need to hire developers, designers, and other professionals with experience in virtual reality, blockchain, and other related technologies.

Security and Privacy

The metaverse raises concerns around security and privacy. Businesses will need to ensure that their virtual environments and digital assets are secure, and that customer data is protected.

Accessibility

The metaverse is still a nascent technology, and not everyone has access to the necessary digital devices to enter it. Businesses will need to consider accessibility issues and ensure that their virtual experiences are accessible to all customers.

Conclusion

The metaverse introduces a novel and thrilling prospect for businesses to capitalize on the capabilities of virtual reality and digital assets to expand their enterprises. It offers a myriad of opportunities for businesses to engross their patrons in immersive experiences, market virtual goods and services, and reach a broader audience. Moreover, it provides fresh possibilities for advertising and endorsements, allowing brands to advertise their products and services to a wider market.

Nevertheless, creating and operating in the metaverse necessitates a level of technical expertise. Companies must factor in issues related to security, privacy, and accessibility. Despite these challenges, the potential advantages of the metaverse are far-reaching, and early adoption of this technology can provide a competitive advantage in the market.

As the metaverse progresses and becomes more ubiquitous, companies that invest in it will be in a better position to reap the benefits of this new frontier. A bright future awaits for companies that leverage the metaverse to expand their businesses, and we can anticipate groundbreaking innovations and advancements in this realm in the forthcoming years.

The post From Data to Reality: Leveraging the Metaverse for Business Growth appeared first on Datafloq.

Exciting times ahead as the convergence of generative AI and the metaverse takes shape! If 2021 was the year for the metaverse, 2022 was the year for generative AI. In the past months, Generative AI took the world by storm and in 2023, these disruptive forces will converge to kickstart the immersive internet and unleash creativity like never before.

The Metaverse is a paradigm shift in the internet, an immersive and interactive digital experience that transcends the limitations of a 2D internet. It brings together the physical and digital worlds, creating an environment where all aspects of data, from identity and personality to emotions and assets, can be interacted with in innovative ways, resulting in magical experiences.

The advent of Generative AI has greatly advanced the potential of the Metaverse, allowing for the creation of hyper-personalized and dynamic digital experiences that drive engagement and joy. With its ability to generate art, text, and even entire virtual worlds, Generative AI is poised to transform the way we create and experience the Metaverse.

In this article, we will delve into the convergence of Generative AI and the Metaverse and explore the potential outcomes of this union – a Brave New World Metaverse or a Nightmare Scenario.

Generative AI is a subset of AI that has the capability to create unique and original content, from text to music, images and virtual worlds. This is achieved through training on a large dataset, allowing the AI model to learn patterns and generate new content based on these patterns. The impact of Generative AI on the Metaverse is profound, providing the ability to create new and dynamic digital environments, characters, and interactions in real-time.

The use of generative AI in the metaverse has the potential to transform the immersive internet before it has even arrived. However, it is certainly not without risks, and we could end up in a dystopian future. However, with the right governance to overcome these challenges, we could end up in a magical human-centric metaverse.

The post Releasing the Generative AI Genie: A Glittering Metaverse or a Dystopian Reality? appeared first on Datafloq.

From game developers to high fashion brands, the metaverse market is set to be worth a whopping $679 billion by 2030. As more ecommerce giants move their stores onto a virtual platform, AR-generated fitting rooms and Gucci-designed customisable clothing will lead the digital world forward.

(Image Source: 24-7 Crypto)

As over 500 brands invest in platforms like Fortnite and Decntraland in 2023, eyewear could be the metaverse's next biggest thing. We've had Gucci handbags and Balenciaga hoodies, but how about a pair of Ray Ban's to finish off the look?

Let's have a closer look at some of the eyewear brands entering the metaverse.

Brand New Vision

One eyewear brand entering the metaverse in 2023 is Brand New Vision. After raising $4 million in their newest funding round from Animoca Brands, the specs retailer is ready for a new digital adventure.

Releasing their newest NFT collection, called ‘The Family of Gs', the product drop aims to target the fashion industry in a Web3 space.

(Image Souce: BNV)

BNV believe that their NFT wearables will open doors for consumers. Following in the footsteps of the Gucci 10KTF wearables, the brand hopes their NFT collection will be bought and displayed within a number of metaverse-powered platforms.

After already entering Decentraland and a number of other gameplay-based platforms, consumers can customise their avatars with BNV glasses, which aid them in earning tokens while attending events!

Woodys

Eyeglasses brand Woodys has become the first specs manufacturer to release sunglasses into the metaverse.

Diving into Web3 with their newest NEON-G NFT wearables, their digital sunglasses collection is made up of three boldly coloured, futuristic designs.

“NEON-G is our first NFT collection designed for the metaverse, only available through OpenSea”, Woodys revealed. “We started our dive into the WEB3 with the Neon-G NFTs launch, venturing into a new digital world. And this is only the beginning. An innovative brand experience halfway between the physical and the digital worlds.”

Woodys has also released three digital artworks, available for purchase on the Open Space platform, alongside their limited edition sunglasses designs.

(Image Source: Woodys)

The campaign aims to blend retro and futuristic styles while still remaining trendy within a Gen Z market. The brand's aim is to get its name noticed within the digital arena before moving further into creating more platform-based virtual accessories for online consumers.

NEON-G frames have since been recognised and nominated for the SILMO D'OR awards, which crowns the most cutting-edge optical brand on an international level.

Ray-Ban

One of the most well-known eyeglasses brands has also dipped its toe into the digital world. After partnering with tech experts at Meta, Ray-Ban has released its first AR-powered glasses, called Ray-Ban Stories.

While these specs may not be in the metaverse, they are the closest fashion brand yet to create a physical product that could one day blend the virtual and real world.

So what are Ray-Ban Stories all about? Manufactured with the traditional sunglasses style in mind, Ray-Ban Stories can capture real-life moments using a 5MP camera, take shots using Facebook Assistant voice commands and transmit sound to connect a user to a call in seconds.

(Image Source: Ray-Ban)

“At Facebook Reality Labs, our mission is to build tools that help people feel connected anytime, anywhere. We see virtual and augmented reality as the next computing platform – with humans placed squarely at the centre,” says Meta's CEO, Mark Zuckerberg. “Like today's computers and smartphones, AR will be useful while also enabling us to transcend the physical distance between people and connect through social presence – the feeling that you're right there with another person, no matter where in the world they happen to be.”

These physical wearables will continue to transform the way we connect in the real world, bridging a path to the metaverse. Ray-Ban stories may only be the first AR-infused model, but with time the tech behind fashion wearables will get smarter.

“Ultimately, the most common form factor for consuming three-dimensional and spatial content will be some sort of a single wearable that combines augmented reality and virtual reality,” states Amy LaMeyer, WXR Fund partner, “Meta knows that we're all going to shift to this combination space, and this is the next step on how we're going to interact with technology. We're going to get to this point where it ends up hands-free more and more.”

What's next for eyewear in the metaverse?

“This is an exciting time to be working on the metaverse,” Claims Zuckerberg “We are investing in this because we believe in the future.”

As more eyewear brands make their journey onto popular platforms such as Sandbox and Roblox, the opportunities are endless for NFT wearables, as well as physical AR/VR-infused glasses that blend fashion with technology.

The post Meet the Eyewear Brands Entering the Metaverse appeared first on Datafloq.

Why Are Digital Twins In Demand?

Digital twin provides the ability to an existing system by:

• Identifying problems or bugs in the system
• Eliminating if there is any bug/error occurs in the system
• Finding new opportunity
• Planning multiple scenarios like “what if” using simulation
• Preventing downtime

In the upcoming years, digital twins will have high exposure, and billions of things will transform into digital twins. Digital twins can be very helpful for many organizations with the help of data-driven technological innovation, enhancing product exposure and customer experience.

Digital Twins Bulletin

1. Statista forecasts the value of manufacturing augmented reality IoT 2030 will be $110 billion.
2. The Gartner report identified DT market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8%.
3. Statista report says all industries have adopted digital twins to boost productivity and efficiency. By 2025, the manufacturing industry is forecast to reach a market worth over six billion U.S. dollars.
4. The digital twin market was valued at nearly $8 billion in 2021, according to a report from Reportlinker.com.

How Do Digital Twins Add Value To Your Existing Business?

Digital twins technology provides the core value of data intelligence. The data-driven intelligence model establishes relationships with the latest products and services you may develop. Digital twins implement the framework to help engineering and machine learning technology create digital twins.

Your business also needs personal “Digital Twins” that may rely on physical assets. If you build something, you would be using digital twins. It will help your manufacturing process, avoid inevitable changes, and save money and time. Let's point out a few benefits digital twin has for organizations.

Convergence Of IoT, AI, Extended Reality, And Metaverse

Digital Twin is a digital expression of a physical good or object. It uses the sensors and machine program attached to a physical object to retain physical, manufacturing, and operational data. A few of the latest technology like AI, machine learning, metaverse development, cryptocurrency, and big data analysis is used to provide digital twins solutions for an organization that may cover:

• Manufacturing
• Healthcare
• Education system
• Industry IoT
• Smart Cities
• Realtor sector
• Business model

Risk Assessment And Production Time

One of the best things a digital twin can do is validate and test a product before it exists in the real world. Digital twin develops a digital version of the physical product. Then, it goes through several processes, then detects if there is any failure before the product goes into the production unit. Engineers can disrupt the system with many scenarios and reactions. It helps identify mitigation-related strategies. Digital twins enhance production capability, lower risk assessment, and accelerate production reliability.

Normalized Maintenance

The system with digital twins and the IoT (Internet of things) generates much data with the sensor and other technology. Business data becomes more accurate in predicting any pitfalls in the system or if the system needs a maintenance service. Thus, improvement in production and the business with specific maintenance will make the system run with a great flow.

Types Of Digital Twins

Status Twin

Generally, the status twin is used for basic applications like dashboards, monitoring, and alerting systems. It builds with the help of visualization tools that follows the operating parameters. Status Twin allows HMI (Human Machine Interface) and monitoring to support it for the processing of the system.

Operational Twin

Digital twins provide comprehensive information from the system used in reliable engineering modules, changes in the operating parameters, and decision-making processes. The digital twin gives controlling capability with actions to make the user interact and change the operational parameters.

Simulation Twin

Digital Twin leverages simulation processes and AI to create effective prediction and forecasting of the system. It helps avoid any unconditional circumstances in the design and lets the process work smoothly. It gives a straightforward solution to perform better within the system.

How Digital Twins Shape Our Industry In 2023

Nowadays, evolving the latest technology is a common practice, and digital twins are booming for several organizations. Let's figure out different industries where Digital Twins are doing remarkable jobs. Let's catch Digital Twin in action!

Supply-Chain/Logistics Industry-

Digital Twins are widely being used in the logistics and supply chain industry. Some of the features that it provides;

• Predicting the quality of the product before production
• Enhancement in shipment
• Data warehouse testing
• Development of logistics network

Healthcare Industry

A digital twin can help the traditional healthcare system embrace futuristic technologies. It creates a virtualized platform for optimum patient care, performance, and cost-effectiveness. DT can develop a used case system that will be helpful for potential patients by comparing their stats and attributes. It produces these features:

• Improving the healthcare operations
• Improving personalized care
• Facilitates a better infrastructure

Manufacturing Industry

The manufacturing industry is considering the digital twins as a game changer. Manufacturing units are completely dependent on costly equipment and a high volume of data which can be utilized in several phases;

Feasibility of product

• Customized design
• Quality testing
• Predictive maintenance

Retail Industry

The retail industry can use digital twins of customer information to improve customer experience. You can also look for data-driven software that finds the best solution for your business needs.

E.g., Retailers can provide ideal clothing for each customer based on their individual digital twins model experience virtually.

The proven digital twins' technology is already engaged in serving many industries. The retail industry has found DT can improve product freshness and optimize logistics. It also helps lay out the physical items and improves areas like schedules for animal meat-cutting. By the use of DT, it can keep all the products fresh, even meat, until the time of delivery.

Construction

Digital twins support real-time data analysis that helps the construction industry plan projects and understand where they are coming from. It enhances the capability of the system to revise and create optimized structures. Unlike traditional mechanisms, digital twins identify the problem early in the cycle. And instead of recreating, it makes necessary changes and continues with the project. This pre-generated module can be used for potential projects as well.

Educational Sector

Digital twins use the dynamic simulation for the advanced testing of costly equipment. Digital twins are helping students to understand the behavioral approach, like dealing with what-if conditions, understanding failure modes, and recognizing their sensitivities to change in the various parameters. The deployment of digital twins has encouraged the future of the educational sector. It is changing the paradigm of learning and teaching ability. Dealing with imaginational power could bring a healthy atmosphere to learn and understand the topics.

Water Management Sector

Digital Twins can be a landmark in the water management sector. Considering a water management platform, DT can accurately access and understand the system behavior, identify the bugs in the system, and simulate the what-if scenarios. Digital twins can use actuators and sensors to read the entire data and capture the system's performance. The progressive use of computer maintenance, geographical information, and supervisory systems has immensely supported digital twins for precise performance.

Benefits of Digital Twins

Sharing The Data Across Silos

Using digital twins is the major advantage of sharing the data across different silos. Different businesses use the traditional method of saving the data in repositories. A digital twin uses the proxy sensor to collect data from other sources instead of the conventional, time-consuming system. The digital twin model develops the relationship between the start of data.

Manage Operations In Real-Time

A digital twin provides optimized performance for all activities within the organization. It gives better insights, simulations, and a connection to fetch all online and offline data. Digital twins help make better decisions. Thus, it helps the organization save time and work efficiently.

Smart Forecasting

Digital twins process the real-time sensor data that generates predictive recommendations that eliminate any upcoming error/s or bug/s in the system. It uses the latest technologies like machine learning, artificial intelligence, and IoT that significantly improve maintenance and operational activities.

Faster Results

Digital Twins can improve the operation, reduce the development work time, and increase the time to the market. It enhances the organization's functionalities and improves the system's significance.

Conclusion

Digital Twins are a new subject in the market. But what is the process of making digital twins? Are all digital twins the same? Knowing the basics would help you understand what resources you may require to develop your digital twins. Constructing a twin-based project will help implement better and more precise solutions for your project. How to build digital twins is one of the primary questions for many organizations, start-ups, and investors.

Digital Twins can use the theories with humans to establish a virtual model. DT involves the simulation technology of such models and predicts the foreseen things to the system. This enhances the performance capabilities and ensures the system performs maintenance whenever necessary. Digital Twins are rapidly changing the earthly world into virtual reality. The future is bright because industries welcome digital twins with wide arms open.

The post How Does Digital Twin Technology Work In 2023? appeared first on Datafloq.

What individuals can do with their devices and the internet is constantly evolving as technology advances, with many new experiences and possibilities available to users. The Metaverse is likely to become immensely popular.

We've progressed from static, read-only websites that provided users with information to Web 2.0, which allows users to read and produce, and we're in the center of a digital revolution with light-speed development growth.

The Covid-19 pandemic has escalated the popularity of online meetings through platforms such as Zoom, Google meet, and Teams. Those tech firms have gone above and beyond to improve the experience, eventually colliding with the Metaverse's lofty aspirations.

The term “metaverse” was not long ago familiar to science fiction enthusiasts. The entire globe is now discussing it. While we may need to comprehend the metaverse fully, we have become fascinated by this futuristic technology and its benefits for individuals and corporations.

Let's talk about the Metaverse and how it can benefit your business.

A Brief About Metaverse

You may mingle, work, shop, and play in the networked 3D worlds known as the metaverse. The metaverse merges virtual, augmented, and physical reality into a visually rich world you interact with through an avatar, blurring the distinction between real and digital life.

Since the metaverse isn't a real technology, defining it is still challenging. Instead, the term “metaverse” describes a change in how humans engage with technology. Its significance will unavoidably shift as we research and build this new cyberspace.

The utilization of avatars, digital ownership, and virtual and augmented reality are the current focal points of the metaverse, all of which are currently prevalent in the gaming industry. A customizable avatar that communicates with other avatars in an online community represents you in the metaverse, a cross between the internet and virtual gaming.

Top Benefits of the Metaverse for Business

1. Increased Revenue:

This statement should be rather clear, given that it outlines some of the advantages discussed in this essay. The metaverse enables businesses to reduce overhead expenses like office renovations and furniture upkeep.

Companies like Gucci have started generating more money by selling digital bags with more expensive price tags than real-world bags. It happened following a collaboration with the online gaming site Roblox, which is well-known for holding virtual concerts.

It enabled the business to build a digital garden show for priceless goods. Gucci made a lot of money by dividing the locations into display rooms based on themes.

Finally, businesses can purchase real estate to build their virtual offices and rent a portion to other investors or companies to increase their revenue. More individuals are already purchasing metaverse land and preparing to create their metaverses on various platforms.

2. Cost Savings on Overhead:

Similar to how the internet connects users around the globe, the metaverse promises to do the same. It will provide a better, more immersive experience that will make them feel like they are in the same room together.

Organizations can interact virtually with their customers, suppliers, and stakeholders without having to schedule in-person meetings or send some of their representatives abroad for lobbying. It does away with expenses like transportation.

Everyone can host and participate in meetings electronically, just as they would in person. You won't need to continually spend money on office repairs, new equipment purchases, and office upkeep if your business is in a virtual environment where you can connect to all your clients.

Once you have purchased your items for a shipping firm, you may need stores to keep them in various places. You can operate out of a three-story structure as a whole.

3. Promote and Sell your Goods:

A variety of companies currently use ar technology to enable clients to visually test out clothing or eyewear, view how new furniture might fit in their space, or receive a transformation with new hair or other products.

It will be able to have similar metaverse experiences, just better. You can build stores and showrooms in the metaverse where clients can see your items if you can lease or acquire commercial land.

Users are still expressing interest in virtual clothing and accessories, as well as the unique gaming experience, demonstrating that digital style is still in trend. Consider the consequences of the metaverse's evolution.

4. Find Unique Ways to Engage Users:

As a business, you can benefit from the metaverse since it provides a new level of unique experiences and entertainment prospects. Your company will certainly profit and attract attention if it is one of the first to give customers a metaverse adventure.

You can use virtual items and AR/VR exhibitions to advertise your business in the metaverse. Please don't put off working with interactive design businesses till it becomes commonplace.

5. Enhance the Experience of Working Remotely:

The lack of face-to-face encounters that remote work presents makes it challenging for employees to interact and communicate with one another. A metaverse offers a digital setting where workers may communicate, read one another's body language and feelings, and maintain their emotional connection.

6. Seek for Possibilities to Host Virtual Events:

Planning a conference or live event that can be watched both virtually as well as offline might be even more groundbreaking. Many people lack the means to go to a professional conference or lecture, but this does not mean that they should cease studying.

A metaverse conference, rather than a basic Zoom or Google Meet broadcast, might be a complete VR experience with appropriate networking and engagement opportunities, rather than simply another video call.

7. Enhanced Customer Experience:

Because of the immersive nature of the metaverse, you may communicate with customers more closely. It also provides outstanding options for clients who wish to find their assets. We can employ AI to provide more timely and effective services.

More data will be generated as a result of metaverse engagement, which you can use to customize experiences and improve your marketing efforts. You can also show product information to clients while they interact with virtual or augmented reality objects to boost brand transparency and support them in the marketing funnel.

8. Increase Brand Authenticity:

A staggering 86% of people prefer to purchase authentic brands. The metaverse can assist you in developing a brand that is genuine and has the support of people outside of your brand.

Many companies are able to expand on these three elements by giving consumers an accurate look at their products and services on social media.

Giving customers information about your business, what you stand for, and how your products are manufactured will become much easier thanks to the metaverse. Since 71% of consumers will buy from businesses that share their values, these insights will increase your sales.

To Sum-Up

All the benefits of Metaverse we have discussed so far are just like the tip of the iceberg. As technology evolves, then only we can leverage its full potential. Modern technologies like blockchain, IoT, AI/ML, cloud computing, and other standards like Web 3.0 are the metaverse's foundation.

Businesses need to be aware of the innovative, captivating, and incredibly promising technology known as the metaverse.

The post How Your Business Can Benefit from The Metaverse appeared first on Datafloq.

The Web 3.0 world in the domain of games backed billions in 2021 and is set to create records this year as well. And what could be a better time to start your football game than now? With Web 3.0, the games get decentralized, and the players govern the set of rules altogether.

This WorldCup is slowly setting with the flags high for Argentina, and the king of football has already achieved his dream.

The stunning match between Argentina and France is one of the best sports events to be ever witnessed by mankind. And the game was an ode to the late Maradonna, who prepared the trophy right away for his Argentinian successor. The goat, Messi has been inspired and impressed by the technological advancements, including the cutting-edge Web 3 technology stack. He himself has a share in Web3 games in FIFA 2022. Not just that, $200M has been invested in creating a Messi-inspired theme park in China. For now, let us have a glimpse of some of the games released by FIFA 2022.

Technologies Under The Web3 Umbrella

Blockchain Technology

A blockchain represents a distributed ledger that is fully sufficient to record peer-to-peer transactions. Through this technology, users can confirm transactions and central cleaning authorities.

Using this technology, participants can confirm transactions without the requirement for a central clearing authority. Potential applications can include financial transfers, settling transactions, voting, and other difficulties.

Cryptocurrency

The digital virtual currency that uses encryptions for safeguarding transactions and operate without any third party interference. Cryptocurrencies are a phenomenal mode of carrying decentalized trade. Later these tokens can be exchanged at exchange wallets. Here blockchain technology is used to analyze the value of the cryptocurrency and check the money circulations.

Artificial Intelligence and Machine Learning

Machine Learning has gained massive popularity in the recent years with Siri and Alexa. Through AI, the recent social media trend of creating virtual avtar has gained a momentum. This is made possible by Natural Language Processing.

Decentralised Autonomous Organisations

DAOs are a robust method for collaborating with people all across the world. Considering this in mind, they have built in treasuries which can not be opened without the permission of the group. DAO also comprise voting, making decisions and ensuring that the company always gets a voice.

Distributed Computing (Edge Computing)

Edge computing has served as a networking paradigm that completely concentrates on processing data with bandwidth usage. Through, processing from the networking edge, the quantity of communication can get considerably reduced. Edge commuting involves, executing fewer processes on the cloud and putting them into local locations like a user's personal desktop or an edge server.

Metaverse

Another interesting component of the universe of Web 3.0 is the Metaverse. The Metaverse is a pure virtual wonder in which humans can interact and socialize with each other through their virtual avatars. Virtual avatars are the personalized profiles of the members of the metaverse. The birth of the internet in the 22nd century will bring about decentralization in a new manner. The metaverse will erase geo-barriers and enable users to enjoy virtual visits and tours like never before.

Web3 Games Incorporated By FIFA

AI League: FIFA World Cup

Image Credit – PRNewsWire

Launched in the month of November, this is a mobile game where the users can predict

Matches in the World Cup. The predictions hold certain points which will be utilized for winning points that will be exchanged for prizes. After the world cup, the user can even get a chance to play in the AI League, which will be a casual football game. You will also leverage the option of collecting and trading characters while creating your own team and making them compete against each other within the realms of the metaverse.

This game is run by AI-controlled characters with player inputs tactically. Players can also create their own team full of their favorite players.

Players can also collect and trade their characters with other players while improving their abilities in rigorous training sessions.

The soccer fields are made in various locations, stretching to cities like Rio, Seoul, Paris, and many more.

FIFA World Cup Qatar 2022 in the Upland Metaverse

Image Credit – NFT News

Upland is all set to work in a gamified manner with the largest open-blockchain network. Upland will create rich and fun experiences in the virtual world with 3M registered accounts. For the current FIFA World Cup, the stadium named Lusail will be added to Upland's metaverse along with other nearby landscapes. This can be visited by the fans virtually in the metaverse.

For football fans, Upland has also introduced a collection of NFTs. Multiple rarities are available inside the virtual world. These rarities are posters, cards, logos, boots, and shirts. Many more of them are also there, and fans can leverage these NFT collections to adorn their collection based on the total 32 teams.

After a user completes a collection, the fan score can benefit him with a bucket full of rewards. The prizes can extend upto winning the entire virtual stadium itself.

Matchday Challenge

Matchday, a blockchain-based gaming startup, has partnered with FIFA and the football global union Fdration Internationale des Associations de Footballeurs Professionnels (FIFPRO) to bring football-related experiences to its platform.

Matchday is a blockchain-based gaming startup partnered with the FIFA Federation and the football global union Federation Internationale des Associations de Footballeurs Professionnels (FIFPRO) to bring football-related games back to the platform. Along with the FIFA edition, a casual mobile game is also set to be launched in 2023.

This game basically allows the gamers to challenge other players to predict the world cup matches. They win after making accurate predictions along with gaining accurate predictions.

FIFA World Cup Qatar 2022 on Phygtle

This mobile app allows users to generate, an eternal level of fandom by describing physical goods and experiences which get tied to digital assets. This will turn bridge the gap between physical and digital world. The golden globe of the FIFA Trophy can be recreated and collectible figurine, digital assets can be collected.

An eternal representation of fandom will exactly sound like NFTs and this platform offers various NFTs.

Official NFTs for FIFA World Cup Qatar 2022: FIFA+ Collect

FIFA Collect enables fans to get a convenient outlook on collecting FIFA themed NFTs, mostly highlights from it 92-year old history. The users can have their hands on live streams, highlights, collectible cards and stats of matches taking place while capturing the moments with exciting NFTs.

Crypto Payments For The FIFA World Cup

FIFA announced earlier this year that it would collaborate with blockchain innovator Algorand. An official Blockchain Platform will be created for the world cup. There will be platform for the development of digital assets strategy.

Crypto currency exchange platform, is the official sponsor of the FIFA Cup 2022. Crypto.com will benefit from publicity as they are their banners and billboards will be put up in the stadium. FIFA also has fan tokens in its bag where these web3 digital assets will allow the fans to interact with and influence the decision of football clubs. Fan token holders get the benefits of rewards as well as the chance for winning prizes like cool merchandise. Football fans are the most loyal and emotional fans. They are ready to spend a large amount of money for their teams when it comes to showing support.

Conclusion

Through this article we understood that the world of Web 3 has created several possibilities for almost all industries. FIFA has helped take the cutting-edge technological solutions to a global scale by releasing Web 3 crafted games. The scope of the sports industry is bright in the world of web 3.0. With technologies like Blockchain and the Metaverse, the sports sector can not just create NFTs and stream but also conduct matches in virtual reality.

The era of futuristic sports have just begun and what the Qatar World Cup has lighted the lamp. Indeed the next hosts have a technical challenge to keep up with.

The post The FIFA Fantasy In The World Of Web 3.0 appeared first on Datafloq.

I was speaking to a group of entrepreneurs and investors who were interested in using technology to build the future. One of them asked me how I thought organisations should think about longtermism.

I replied that I thought it was important to focus on three things: future generations, externalities, and intergenerational inequality.

The person who asked the question seemed surprised by my answer. She said: “Oh, you mean climate change?”

That's when it hit me: so many people assume that we need to focus on short-term thinking because we have no choice – because we have no choice but to focus on immediate goals like making money today, hitting the quarterly KPIs, keeping our jobs, or paying our mortgages.

But what if we chose instead to think differently? What if we chose longtermism?

What is Longtermism?: Its Relevance in the Digital Sphere

Longtermism is a new approach to investment and financial practice. It is a mindset that looks at investing in long-term strategies, assets, and businesses over short-term transactions. Longtermism builds companies through investments in R&D, innovation, and brand value, not just by speculating on short-term gains from current assets to satisfy shareholders.

The term “longtermism” might be a bit vague. But that's because it can cover a lot of ground. The phrase has been applied to a host of different things, including economic strategy, political stress, and corporate planning, amongst other factors. However, it focuses on one crucial element: sustainability.

Longtermism is the belief that businesses should consistently put the interests of long-term value creation above those of short-term realisation and management. The Harvard Business Review has been running articles about the benefits of long-term equity thinking for many years now. Yet, if you read some of these articles online, most people cite that it is a management responsibility – something only CEOs and CFOs can do. But I believe different perspectives can make all the difference, especially when trying to understand the relevance of longtermism for technology organisations.

Longtermism is something that is often discussed in academic circles, in the fields of science, philosophy, politics, psychology, journalism, and economics at the world's most prestigious universities such as Cambridge, Harvard, Princeton, and Oxford, to name just a few. But there are few practical examples of companies applying long-term thinking as in the most recent case of the outdoor clothing company Patagonia, founded by Yvon Chouinard when he decided to donate the company's total value of $3 billion to combat climate change and help prevent its long-term consequences.

Few companies keep their view of the market, and subsequently their firms, at timescales of even decades into the future, with some notable exceptions, preferring instead to focus shorter term. We are talking about companies like Ben & Jerry's; their innovative use of the company to help make the world a better place is driven by their social mission. They seek to advance human rights and dignity, support social and economic justice for historically marginalised communities, protect natural systems-and all at every level of their business. They work toward these goals through partnerships, such as those with non-government organisations (NGO's) and other experts on the causes listed above. They have been vocal and active supporters of LGBTQ+ rights, racial justice-and many other causes.

The world-famous Swedish furniture company, Ikea, has taken significant steps toward becoming more environmentally friendly. H22 is an example of this. The H22 project will take place in the Swedish city of Helsingborg and explore new living, community, and retail ideas created through collaboration between IKEA, citizens from Helsingborg-and other global partners.

There are obvious reasons for this focus on the short-term (you can, after all, be fired for losing money over a prolonged period), but it can lead to missed opportunities or wasted resources and have a detrimental effect on the long-term.

1. Longtermism vs. short-termism

Longtermism is an ideology, a set of beliefs, and values about how humans should orient their activities and efforts as groups and as individuals over extended periods of time. Short-termism, on the other hand, is when businesses focus on factors that generate profit in the immediate future at the expense of factors that may pay off over longer periods of time. The predominance of short-termism has brought about an epochal change in the world economy in recent decades and could result in further unpredictable disruption.

Short-termism is the common way of thinking in today's society, especially among politicians and businessmen. According to Icelandic philologist rni Magnsson, longtermism was a cultural norm in medieval European societies. In opposition to short-term vision rose the idea that “longevity and posterity are of higher priority than immediate gain”.

2. It means considering the long-term consequences of our actions

It can be seen in the politics of states and international relations, in corporations where long-term perspectives are possible and even encouraged (e.g pension plans, investment strategies, treasury functions), and in research projects, though unfortunately, also most governments operate have a short-term approach, driven by the next election. On the contrary, those countries that do not have to think about democratic elections tend to have a longer-term approach, think the UAE or China. Of course, this is no call for more non-democratic governments, but it shows the challenges that democracies bring that we need to consider.

Longtermism signals a conscious consideration of time horizons and is therefore distinct from a merely short-term focus on meeting quarterly, annual or election-cycle commitments – although the two may coexist where short-term performance pressures are greatest.

3. It is about thinking ahead and addressing potential issues that may arise

What do Richard Branson, Warren Buffet, Charles Handy, Andy Stern, Jeff Bezos, and Elon Musk have in common? Yes, they are all extremely successful entrepreneurs. But it is their different ways of viewing the world that make them a force for change. They think long-term. Their business practices have embedded a process of thinking about the long-term future, and they have structured their company accordingly. It is about putting people before profits and seeing the bigger picture. It is about being innovative through collaboration and taking into account future generations.

This can be done through various strategies, such as setting up mechanisms to monitor progress over time or even putting in place legal requirements for those who make decisions at all levels to consider how they impact people's lives far into the future (i.e., when we are no longer around).

Longtermism is becoming an increasingly important concept in the business world. For instance, the B Corp certification is a standard of excellence in terms of social and environmental impact. It was developed to distinguish companies that are committed to values-led growth from those that just want higher profits. Amongst the goals of this certification is to help grow the global economy so that it works for all people, communities, and the planet.

As a society, we have always tended to address issues based on the most pressing concerns of the day. However, this can have dire consequences for future generations, who are potentially left with empty coffers and barren earth.

The same goes for technology. The good news is that technology is not static. Each day sees new inventions and new innovations, which raises a question: how can we be sure that the next technological developments will be more beneficial than the present ones? From a shareholder perspective, we would need to constantly update a product and convince them that their one or two-year-old product is ready for replacement, but would that also be the best option from a long-term societal perspective? Or should we focus our efforts on creating a technology that does not just change for the sake of change, but that this change is oriented to long-term benefits?

The answer lies in ensuring that the people who are developing these technologies have a vision of how they can be used for good purposes. If we had to rely on corporate interests alone, then things would not be looking so promising.

One way to ensure that future developments are more beneficial than current ones is by taking into account the ethical implications of a given innovation before it becomes widely used.

Fortunately, many dedicated individuals are working on projects that aim to improve our lives in different ways. This means that we have a choice about what kind of world we want to live in, and it is up to us to make it happen!

How Digital Technologies Are Rapidly Transforming the World

Digital technologies have the power to fundamentally change our world for the better. And in many ways, they already are. From improving the speed and reach of communications to enabling human rights defenders to use technology to speak truth to power, digital technologies are transforming learning, creating equal opportunities, and empowering citizens around the globe. However, serious concerns also need to be addressed as we move forward. It's vital that we seek positive solutions while avoiding potential pitfalls.

The World Economic Forum (WEF) has just released its latest report on global trends in technology, which looks at how digital technologies are transforming the world.

The report released early this month, called Earning Digital Trust: Decision-Making for Trustworthy Technologies, finds that the digital revolution has already had a significant impact on jobs and skills, but these changes are likely to accelerate over the next decade.

As well as being a major source of disruption to employment patterns and skill requirements, digital technologies will also generate new business models and new opportunities for workers. However, there is a risk that this could exacerbate existing inequalities when technology is implemented with a short-term mindset. Unless governments and employers take steps to share the benefits of technological change more widely and with future generations in mind, the effects of our digital revolution could be negative from a societal and long-term perspective.

The report makes several recommendations for action, including:

1. Governments should invest in lifelong learning by promoting access to free online education, encouraging lifelong learning through tax incentives, and making it easier for people to upskill or reskill throughout their lives.
2. Companies need to focus on developing high-quality jobs – not just low-skilled ones – by investing in training their employees.
3. Governments and businesses should work together on skills development programmes that give workers access to new technologies as they emerge.
4. Governments should ensure that everyone has access to technological systems to ensure progress and development within our societies.

The digital technologies revolution is far from over. In fact, the changes we see today are overshadowed by the potential technology holds for the future to continue innovating and transforming the way we all live and work. Even those who feel they have not yet been “digitally disrupted” in some way will someday be forced to catch up with a new wave of innovation that changes everything all over again. We have, in short, a lot to look forward to.

Digital Technology Can Make Vast Areas of Our Lives Much Better

New technologies are emerging all the time with the aim of making our lives easier. However, as each new technology is released, it is important to stop and consider its impact and advantages in comparison to the present ones.

Not many of us can remember a time before digital technologies touched our lives. Digital technologies are constantly evolving, enabling people and businesses around the world to create more with less effort and within a fraction of the time. This has given individuals the power to shape their own experiences online and offline. Making a call on your mobile phone, booking a flight or wiring a book – all once inconceivable without digital tools at our disposal.

This transformation means that we need to embrace change while protecting what we value as a society: privacy, security, safety, data protection, trust in technology systems, fairness in how they function, access for all, innovation that benefits everyone, and collaboration between governments and industry partners.

Digital technologies have the potential to dramatically improve people's lives and the state of our planet. They can help us solve some of humanity's biggest challenges, from hunger to climate change, poverty to inequality. But they also bring risks and challenges that must be addressed if we are to ensure a thriving digital society – one in which no one is left behind.

The world has never been more connected: 6.6 billion people own a smartphone, according to data from April 2022, representing 83.32% of the world's population. The internet has become an integral part of daily life for many people around the world, and this trend shows no signs of slowing down. Today, more than half of the global population uses the internet regularly, and almost 1 billion people are online for at least an hour each day, on their smartphones alone.

The next generation of digital technologies – artificial intelligence (AI), machine learning, robotics, blockchain, the internet of things (IoT), 5G networks, quantum computing, and cloud computing – will profoundly impact how we live and work. The pace of change is accelerating as these technologies converge. This will reshape industries and businesses across the economy and create new ones. Some sectors will be transformed entirely, while others may be disrupted in ways that are not yet clear.

But this is only the beginning of their journey into our daily lives as they become embedded in more and more aspects of our lives-in education, healthcare, transportation, manufacturing, agriculture and many other areas of human endeavour.

We also require long-term thinking when dealing with technology. In previous posts, I discussed how we should think about the effects of artificial intelligence (AI) and robots on our society. This thinking may be especially important when it comes to AI because the AI advancements we build today, will still be in place decades from now. Think only about how many banks still use Cobol applications – a computing programming language developed by IBM in 1959.

We need long-term thinking because the AI we build today will be around for a long time – much longer than any human being alive today, similar to how Cobol is still in use at most banks. We need to start thinking about what kind of world we want to leave behind for our grandchildren and great-grandchildren – especially when it comes to new technologies like AI and robotics.

In addition, let's not forget that the AI we will use in the future is being trained today. And it is being trained by us, using the data we create now. How will the AI we develop today, deal with the data it will receive a decade from now?

The most obvious example of this is self-driving cars. These systems are being trained using millions of hours of data from human drivers, but this is not necessarily the best way to train them. If we want to make self-driving cars safer and more efficient, we need to give them better data.

That means giving them access to more information about the world around them – not just videos from cameras and sound recordings from microphones but also sensor readings like temperature, pressure, and location data that can help an AI system build up a better picture of everything happening around it.

AI is a technology that learns from previous experiences and adapts accordingly. We are creating more and more data every day, and this will eventually lead to better AI models that can learn faster and better than humans ever could.

This is why we should think about the consequences of our actions now – even if they do not seem like they have immediate consequences at first sight or if they might only affect us in the short term.

The Challenges Ahead

While the potential of a digitally connected world is enormous, we must also recognise that there are serious risks and challenges to overcome. The most pressing issue we face is a lack of digital skills among the poor and disadvantaged. While most people have access to at least one form of technology, including mobile phones and basic computers, millions still do not have access to high-speed internet or cannot afford it. This means that many people across the globe remain largely disconnected from each other, leaving them vulnerable to manipulation by those who control information flows-or even from their own governments.

Digital skills are increasingly becoming a part of education. However, digital literacy is not just about how to use technology, but also about how to adapt to a rapidly changing world. Education systems around the world are trying to adapt, but there's no quick fix. Digital literacy needs a long-term approach that starts with giving teachers the right tools and skills so they can teach it effectively in a continuous process that needs to be constantly updated.

The Digital Divide

The second major challenge facing us as we transition toward a more digitised society is what some call “the digital divide”-that is, inequality based on access to technology and connectivity between rich and poor countries around the world. If current trends continue unabated, then it seems likely that this gap will grow rather than shrink over time; indeed, many economists believe we are headed towards unprecedented levels of inequality in our lifetimes. These numbers highlight an incredibly important issue: there are benefits being enjoyed today at a level never seen before, but these benefits are not being equally enjoyed by everyone.

The digital divide is a challenge that can be overcome. There are many ways to address it, and many actors who are trying to do so, but we cannot expect results overnight. To bridge this divide, we need a long-term approach and strategic vision. This includes:

1. Increasing access to digital services for all citizens, especially for those in remote areas.
2. Making sure that everyone has the skills they need to participate effectively in the digital world.
3. Ensuring that all people have equal opportunities to participate in society and benefit from the technology's benefits.

Other challenges that need to be considered to achieve a truly digital future include:

Data privacy and security

Let's start with an analogy: when you are planning a trip, you usually do not look at the map and think, “I'm going to walk the whole way.” Instead, you plan ahead and pick different routes, depending on what your goal is.

The same applies to data privacy and security. With so much data being collected about individuals, it is essential that these are handled securely and responsibly. There are already concerns about how this data is being used, and what the implications could be if it fell into the wrong hands. One of the biggest concerns with using digital services is the fact that they can be hacked or compromised, putting your personal information at risk. The more you use digital tools, the more vulnerable you are to identity theft, fraud and other crimes like identity theft.

In addition, quantum computing makes it possible to decrypt data created and encrypted in the past. If we had thought about this problem before, many of our current problems might not have happened.

Quantum computing is a new technology, and it is still in its infancy stage, but it will have an impact on our lives in the near future.

The future of data privacy and security will depend on the correct approach from now on, and we need to start thinking about that now. We should take into account all possible scenarios regarding this topic and try to predict what will happen in 5 years, 10 years, or even 20 years from now. After all, the data created today, will likely still exist in the 2040s.

Cybercrime

Cybercrime has been on the rise in recent years, with some experts predicting that it will soon overtake physical crime as the most common form of offence committed. There is also concern that government officials could use their access to sensitive data to commit crimes such as identity theft or blackmail.

To give you some idea of the seriousness of this problem, earlier this month, the Australian insurance company Medibank, was the victim of a major data theft by hackers demanding $10 million to recover this data. By refusing to pay the sum, they have lost access to all the information from almost 10 million customers, which is at risk of being used for malicious purposes. on the dark web.

As we have seen in previous cases where hackers demanded funds for data stolen, the effects were limited to the company that was targeted by these criminals. In most cases, companies paid their ransom to get their data back, which meant that they gave up some of their profits until they recovered from the attack.

In this case, Medibank has decided to fight back against these criminals by sticking to its available legal remedies. It is a brave decision, and I believe it will pay off in the long run.

Medibank has acted from a very courageous and ethical position, by refusing to succumb to the demands of a group of cybercriminals and refusing to pay the ransomware. As a consequence, (very) private customer data has now been leaked. If more organizations would take this position more often and from the beginning of this type of situation, we could prevent many more incidents in the medium and long term by contributing to the fight against this type of crime, simply because it becomes less lucrative for cybercriminals.

The impact on jobs

In the last years, there has been a lot of debate about how technology is changing our lives, but also about whether it is causing job losses. For example, Uber and Lyft have disrupted taxi companies, now replacing drivers with autonomous cars. But this is just one example; there are many more like this.

While it is true that automation has led to job losses in certain industries (i.e., manufacturing), other industries have seen an increase in recruitment due to automation allowing them to expand their operations or offer new products or services (i.e., banking). However, there is still concern that many jobs will eventually disappear due to automation, leading to greater levels of unemployment than ever before.

The question I want to ask is: what should we do about it? Should we try to stop the progress of technology, or should we embrace it?

The first thing we have to do is to improve our education system because if you do not have a good education system, then you will not be competitive in the future. We need to invest more in science and technology and ensure that young people get the skills needed for tomorrow's jobs.

We also need to invest more money into research and development because if you do not invest in research and development, then it becomes very difficult for companies to develop new products and new technologies.

And finally, we need to invest more financial resources into infrastructure because if you want to be competitive in the manufacturing or services industry, then you need good roads, airports, IT infrastructure etc., so there are many things that can be done in order to prepare ourselves for the future.

This is forcing us to rethink our lives and careers. What does it mean for the future when robots can do our jobs better than us? How will we earn money? What will our lives be like when everything from food to transportation is automated? How will we live our lives?

We need to start thinking about how we can prepare for this new world of work before it changes everything we know about employment and what it means to be human.

Importance of Longtermism in Digital Transformation for Organisations

Our way of thinking needs to evolve, and we need to consider the impact our actions have on future generations. We need to stop thinking about how much money we can make in the short-term, and start thinking about how we can invest in our communities and make them better places to live. We must be aware that what we do today will affect others tomorrow, so we should act responsibly at all times.

Longtermism can be applied by any organisation, no matter what industry it operates in or what products or services it provides. It is about a way of thinking which recognises that we are not isolated individuals but part of a complex social system and that we have a responsibility to consider the impact of our actions on others – especially those who will follow in our footsteps.

This way of thinking is important because it helps us put things into perspective: it makes us look beyond our own immediate needs and wants, and consider what's best for everyone – not just today, but tomorrow too.

Longtermism can also be applied to all kinds of things – from business decisions to personal choices – but it is particularly relevant when it comes back to technology: after all, technology is an enabler for many aspects of modern life (from healthcare to transport). And yet there are times when it seems like technology is getting ahead of us: where the pace of change is so rapid that it's difficult for anyone to keep up; where people do not know how their lives will change in 10 years' time, let alone 50 or 100 years!

So how do we get comfortable with longtermism? How do we learn to think about the future, to consider the long-term impact of our actions? How do we learn to think not just in terms of the next quarter or next year, but in decades and centuries?

The first step is to understand the importance of long-term thinking. We need to recognise that decisions that might seem rational today could have unintended consequences for future generations.

We also need to be aware of how our own biases can prevent us from taking a long-term view. We must challenge our assumptions and beliefs and recognise where they may limit our ability to think about the future.

For example, it is relatively easy for us to imagine what life would be like in 100 years' time, but it is very hard for us to imagine what life will be like when we are older than 100 years old. This cognitive bias means that we tend not to take into account long-term effects on future generations when making decisions today – even though those effects could be significant and irreversible.

It is evident that we are living in a world of short-termism. In the last decades, the focus on quarterly earnings has led to a culture of instant gratification, where companies seek to maximise profits and increase shareholder value by any means necessary.

The Problem with Shareholder Value Maximisation

This is not a new phenomenon. In fact, it has been around for centuries under the guise of shareholder value maximisation (SVM). While SVM has been praised as an effective way to align managers' and shareholders' interests, it has also been criticised for its inability to account for non-financial interests such as long-term growth or social responsibility.

Many of the incentives we have in our society and organisations are flawed-short-term thinking is rewarded rather than the long view. Many shareholders care more about short-term increases in shareholder prices than they do about other issues like sustainability or future generations' welfare. While everyone applauded the move of Patagonia, very few (if any) organizations followed its example.

The financial system itself rewards short-termism through compensation schemes that emphasise payouts over performance over time – like bonus payments linked to annual (or even quarterly) profits – which encourages people to take risky decisions that may be beneficial immediately but detrimental over time. The result is a system that works against sustainability and long-term thinking and hurts everyone in the long run.

Shaping and Impacting our Future

We need to start thinking about the future as something that we can shape and impact, rather than something which is out of our control. It is not that I think that technology alone can solve all of our problems – but it can be a powerful tool for doing so if used correctly.

In addition, we need to recognise that some technologies have more impact than others. Some technologies are more likely to have a positive or negative effect on society at large, especially in the long term – such as automation and AI – whereas others will only affect small groups of people. For example, there's no real reason why you would want your own personal drone delivery service unless you were extremely lazy (and even then, it might not make sense).

I believe it will take a fundamental shift in how we think about ourselves, our organisations and the world around us. We need to stop seeing ourselves as individual human beings who live for a few decades before dying and start seeing ourselves as part of something much greater – an organism that has been evolving for millennia. I try to practice this myself, which is why I started the Digital Futures Institute, to ensure a thriving digital future for businesses and society in the long run.

We need to stop thinking about our companies as a collection of individuals who work together for years before moving on, driven by shareholder value, and start thinking more like communities where people live, work and die altogether. We need to recognise that our actions have consequences not only for ourselves but also for future generations.

If this sounds like an impossible task, then it may be because you have not yet realised how far humanity has come since its early days as hunter-gatherers roaming the African continent. In fact, one could argue that we are now at a unique point in history where humanity has finally developed enough technology and knowledge to meet its needs indefinitely.

The digital sphere is critical as it provides access to information and services, gives voice to the voiceless, increases productivity in all sectors, and contributes to economic growth.

It's important that we get this right so that everyone can benefit from it equally. This means ensuring that our way of thinking evolves in such a way that we consider the impact our actions and technologies have on future generations.

Longtermism Means Thinking Ahead And Addressing Potential Issues That May Arise

Longtermism is an approach to technology development that focuses on the long-term implications of our decisions. It recognises the importance of ensuring that the voices of the poorest and most vulnerable are heard at all levels in decision-making processes. This means that startups and scale-ups developing our digital future should consider the long-term implications of whatever (digital) technology they are developing. If need be, they should adjust their technology to ensure a positive impact on future generations.

Longtermism can help create an enabling environment for inclusive growth by addressing potential issues that may arise in the future, such as:

How can we ensure that these technologies benefit all?

This is a complex question, but one approach is to ensure that there are safeguards in place. This could involve ensuring that the data collected by these systems (and any other information held by governments) is not used for any purpose other than those specified in their original mandate (and, above all, is properly encrypted). Ideally, we move to a world where digital technologies enable self-sovereign identities and full control over our own data using Web 3.

The use of technology can also be inclusive if there are mechanisms in place to allow people to participate in decision-making, such as through user groups or community consultations. In addition, it is important that individuals have access to good quality training on how to use these technologies so they can fully benefit from them.

How can we ensure that these technologies do not undermine existing systems?

There are several ways this can be done:

We need to make sure that these technologies are developed in a way that is inclusive and transparent so that everyone has an opportunity to participate in the design process. This requires us to think about how we build capacity within communities so they can meaningfully participate in these innovations. The open-source movement is a great example of this approach. It also involves creating explainable AI, to avoid algorithms becoming black boxes that nobody understands a few years from now.

We need to include those who are most likely to be affected by these technologies from the beginning – whether it's people living in poverty or people with disabilities, or future generations not even born yet – so their voices can inform decision-making processes about how these innovations should be developed and deployed.

We need more transparency around how (technology) companies collect data on their users and what they do with it. This will allow policymakers and civil society groups to hold companies accountable when they violate the privacy or other rights.

The most important thing we can do is to ensure that the voices of the poorest, most vulnerable, and future generations are heard at all levels of decision-making processes. We need to ensure that people who are not included in this conversation get a chance to participate and that those who are excluded from decision-making processes do not feel that their needs have been ignored.

How can we ensure that these technologies address global challenges?

There is no doubt that technology will have a major role to play in the future of development and poverty reduction. These technologies can help us to achieve the Sustainable Development Goals (SDGs) by 2030.

For example, technology can help us to achieve Sustainable Development Goal #1: End poverty in all its forms everywhere. If we look at the current situation, we can see that there are more than 700 million people living on less than $2 a day, according to data from the World Bank. Technology can help reduce this number by creating jobs, reducing costs, and making products available to everyone. Already, mobile phones are used in remote areas where there is not much infrastructure, and they also provide access to information which helps overcome illiteracy and save money on travel costs. Eradicating poverty costs only a fraction of the wealth of global billionaires, but it seems a hard goal to achieve.

The same thing can be done to achieve Goal #3: Good health and well-being for all at all ages. Technology is already being used in many ways to improve health outcomes worldwide, including diagnostics, telemedicine, e-health records, and vaccine storage management systems. Some technologies have also been developed specifically for humanitarian crises, such as portable ultrasound machines, which can be used for screening pregnant women for malnutrition or malaria during emergencies when there are no medical facilities available nearby.

Digital technology also creates an opportunity for future generations to have their say on key issues that affect their lives today, such as climate change or biodiversity loss. Transparent reporting about how decisions will impact these areas over time can help ensure that governments meet their commitments under international conventions like the United Nations Sustainable Development Goals (SDGs).

The Time is Now

This is the time to start thinking about our digital future. Although we have a lot of good examples of how to build a sustainable digital world, it's also clear that there is so much more work to be done. Let's make sure that in 20-30 years, our children and grandkids will be able to enjoy a thriving, healthy and open global web and metaverse.

We need you as an individual user and developer. We need your voice when it comes time for policymaking decisions on these issues, but most importantly-we need you today and tomorrow. We cannot wait until 2030 to see how things play out-there are too many risks involved with that kind of delay (e.g., climate change). So let's start and incorporate a long-term approach into your business!

Final Thoughts

The concept of longtermism is particularly important for our species, which has a relatively short lifespan. Humans are extremely adaptable and resilient, but we are not immortal (yet, some would argue). We do not have thousands of years to wait around for the Earth to recover from climate change or nuclear war.

The key feature of longtermism is that it helps us think about time in an abstract way – which is necessary for planning ahead or imagining future scenarios. It also helps us identify and pursue long-term goals (like building a sustainable society) that might not pay off until after we die.

But longtermism is not just about thinking about the future. It also requires looking back at our past – something that many people today seem loath to do.

The digital world is changing, fast. We are facing new challenges on a scale not seen before. The internet is impacting almost every business – creating opportunity and causing turmoil. Some industries and markets are flourishing in ways we could not have imagined two decades ago. While some sectors are left behind by the rapid pace of change, traditional models are being disrupted and replaced by businesses that govern without a physical footprint.

The way we consume and implement new technologies is fundamentally changing. As modern consumers, we are becoming increasingly accustomed to accessing products and services on our terms – instantaneously rather than over time. O, and individuals must learn how to do both; leveraging the power of the digital revolution while maintaining a long-term approach so they can truly thrive in the future.

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