In the crypto and blockchain space, the “machine economy” will emerge this year as one of the most promising opportunities for consumers, businesses, and enterprises.
The metaverse is one of the four major machine economy use cases and the one with the most potential to unlock a multi-trillion-dollar economy for users, businesses, and smart device makers.
Out of the three metaverse sectors — consumer, enterprise, and industrial — the latter has more potential.
The industrial metaverse, a hot topic during this year’s World Economic Forum (WEF) summit in Davos, is set to outgrow the rest by at least threefold due to its wider range of applications, such as advanced training, industrial simulations, medicine and surgery, among many others. It combines immersiveness, real-time data, and digital twins to create new business models and accelerate digitalization.
And while technologists try to figure out how the metaverse will impact businesses and consumers, the industrial metaverse has already transformed how we design, manufacture, and interact with physical entities across industries.
One of the industrial metaverse’s critical applications is digital twins, a virtual replica of a product or process used to predict how the physical entity will perform throughout its lifecycle.
BMW, for example, created a virtual twin of its production plant in Bavaria before building the physical facility. Boeing uses a digital twin development model to design its airplanes. The government of Singapore even created a digital representation of the Southeast Asian nation — Virtual Singapore — to support its policy decisions and test new technologies.
However, challenges remain. One of the puzzle pieces of the industrial metaverse is to connect edge devices and trusted data flow with the digital twins to create near real-time simulation and prediction for real-world situations.
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