The process of progressing further has taken a steep ascent as there is numerous technology at our disposal. These technologies have helped us make countless contributions. Moreover, these advancements are the foundation for several more innovations yet to be discovered by the industry.
The statistics also support the future accession of emerging technologies. The rate of growth of 104% can be seen by the year 2023, according to Statista. IoT and Blockchain Technology are the two leading advanced technologies that will help these advancements.
Although there is another technology that tech-enthusiasts are trying to incorporate with these two. We can say collectively they will be known as ‘The Big Three.’ In early October, Facebook changed its company logo and gave itself a new fresh face with the name ‘Meta.’ They also aim to develop further the Metaverse, which has given a ray of light to the subject.
Crucial Aspects of Metaverse, IoT, and Blockchain
Here we will discuss the crucial aspects of Metaverse and consider the significant importance of Blockchain and IoT for developing Metaverse in great detail. Moreover, we will discover Blockchain Technology’s and IoT’s benefits in developing Metaverse as a secure, stable, and reliable platform. A platform for industries looking to introduce practical characteristics into their business practices.
Understanding Blockchain and IoT Technology
1. Blockchain Technology
Imagine you need to share your digital asset on an online platform. But you are afraid it might be stolen while you send the assets. Nobody wants to be tormented by the repercussions, as people always aim for benefits. Blockchain Technology plays a vital role in securing those assets for you. It will monitor and provide security through a simple attribute called a distributed ledger.
The benefit of blockchain technology can be observed in its method of storing and transferring data in blocks chained to the previous digitized information. Initially, Blockchain was a concept established to secure crypto trading, but soon, Blockchain development companies started to recognize the potential of scaling the technology to a greater extent.
- Experts believe Blockchain Technology is making tremendous progress in manufacturing industries with a rate of 73% stated by findstack.
- Statista says spending on Blockchain Related solutions will reach 19 billion USD by 2024.
- It is observed that Blockchain technology was able to enable 20% of IoT technologies in 2020.
The practical advantages of Blockchain Technology are that it can provide transparency and agility and works as a cost-effective solution for transferring data with rapid speed and security. In addition, the owner can track the information as it works on an immutable ledger and proves the ownership as the copyright or trademark of the digital property cannot be altered.
Benefits of Blockchain Technology:
- As the technology provides a feature for keeping the information unaltered, the reliability factor between two or more parties will be maintained.
- Data accuracy is another advantage of the technology as all the validated transactions are recorded and monitored with high standard security.
- The information can be shared more efficiently and eliminates the part where the administration needs to reconcile the records.
So conclusively, blockchain technology provides security, stability, and reliability to the information shared in mass volume between several functioning groups.
2. Internet of Things (IoT)
Now let’s move one step further to sharing relevant information about technical aspects of the future. IoT has enabled the practice of utilizing and transferring information in a contemporary manner. Since the involvement of IoT in numerous technology industries, we have seen the distribution of information in many capacities.
IoT has simplified connecting every general and sensory device efficiently to make everyday tasks convenient. However, the true potential of IoT is yet to be realized. Also, a blockchain can adequately make IoT superior in multiple ways.
- Introducing IoT has improved efficiency and productivity significantly, says 83% of organizations globally.
- By 2030 the number of active devices functioning on IoT will surpass the stated number, i.e., 24.5 billion.
- According to Statista, the accumulated worldwide spending on IoT will reach 1.1 trillion USD by the end of next year.
The term IoT is coined based on the technology’s practical application. It aims to connect every device, machine, human, and ‘Things’ essential in automating any process efficiently, eliminating inaccuracy, and saving time.
So far, it has been observed that IoT has been utilized by Tech-Giants and manufacturing companies to boost their productivity. There are many pivotal devices involved to make the system and procedure faster. Devices like actuators and sensors are the primary ones. These devices have allowed experts to elevate the concept for further development.
Benefits of the Internet of Things (IoT):
- The technology allows devices and machines to share information efficiently, increasing the net productivity of the whole process.
- It will be able to decrease the cost of operation and maintenance. At the same time, enabling mobility and providing flexibility for the dedicated processes.
- The most notable benefit of IoT is that it can elevate user experience and offer a spectrum of personalized services.
My purpose for explaining the importance of Blockchain and IoT for future technology points us toward the possible answer of how these two technologies can be the greatest benefactor in growth. But first, we must understand what is and why its banks on the development of these two technologies.
The Evolution of Digital Human to Metahuman
Digital Human is a design concept that leverages the tools and features of the game development engine to produce high-fidelity characters with attributes similar to real-life human beings. Every pixel of the characters is hyper realistically personalized according to one’s prerequisites. The prominent game development company that has taken an interest in the concept and has provided appropriate tools to scale the technology is Unreal Engine 5.
The designing and creation of digital humans are supposed to bring groundbreaking changes to the entertainment and media industries initially. However, sooner or later, technology will make remarkable revolutions in multiple IT segments.
They bank on basic digital human features such as being AI-powered and Machine learning. Through these two technologies, they can analyze every situation and possibly fabricate responses and solutions accordingly.
Digital humans are going to be an essential part of the Metaverse.
The concept will offer an amazingly immersive experience and add a factor of realism. Considering the opportunity, Unreal engine focused the attention of tech enthusiasts on their latest Digital Human developer tool, Meta Human Creator.
They are not planning just to increase the user experience but to elevate the idea to the degree that it can be used practically as intellectual property and digital assets. I mean, that is what we can consider them, right?
As digital assets and now you might have an idea why we started to understand Blockchain and IoT first, two of the most curricular technologies that will help increase the application effectively. Both the technology will allow it to reach its full potential as one deals with securing the digital asset and the other one helps to maintain the flow of information seemingly without sufficient accuracy.
- There are around 50,000+ users that have adapted the ideas of Web 3.0 virtual worlds, and experts have said they are increasing exponentially.
- So far, the market for Digital humans has reached a size of 527.58 billion USD, says PRnewswire.
- The revenue CAGR of Digital Human avatar for AI technology is stated at 46.4%, as mentioned by EmergenResearch.
The Possible Scope of Metaverse
Blockchain and IoT can act as catalysts in developing the possible scope of the Metaverse. To understand that possibility, we needed to know how the technology works, and we did. We also looked at a few of its benefits and how it can impact the process of operating via information.
The essential roadmap of introducing Digital Human in Metaverse is through making the transfer of data and information security as well as fast pace. These will affect both the owner and the client in multiple ways.
From the educational sector
Major industries have recognized the advantages of Digital Humans, like entertainment, IT, and industries that reap the benefits of digitalized technology. For example, the educational sector is trying to implement AI bots much brighter and more efficiently than a human expert. They utilize the digital Avatar to eliminate the sense of isolation more than 50% of students would experience while studying from home.
Entertainment industries are creating life-like characters for games, movies, and events
These digital characters bank on AR/VR technology to fully captivate their audience. Likewise, health care industries lacking staff to engage with their patients daily can effectively use their digital copies to communicate in a riveting manner.
Other industries are starting to recognize the importance of human connection and the ability to communicate with each other in a more lively way. This can be possible by making the technology more advanced and accessible with the help of Blockchain and IoT.
Benefits of IoT and Blockchain for Digital Human
Closely connecting the tiny dots, you will eventually find that the technical benefits of Blockchain and IoT will increase the chances of Digital Human being a technology. Indeed clients will have to leverage the skills and experience of Developments Companies to make it work.
- Smart contracts will enhance the user experience for transferring data securely and validating the ownership of the digital asset, which in the Metaverse is quite essential as we engage with digital assets on a complete basis.
- Managing digital assets with the help of Blockchain can increase the trust factor between two governing bodies. Moreover, it will make storing and transferring information on the cloud a typical process.
- Digitalizing the real-world asset will need distributed ledgers and secure currency to offer rapid deals without altering the source and destination of the assets. For example, a spring unit containing the Avatar of a natural person will be available on the internet without worrying about significant setbacks.
- IoT Technology will increase the range of personalization. The primary obstacle is necessary information available to enthusiasts in the area of specific amounts of technology. Imagine being able to create a life-like copy that has all the characteristics of the person you want it to be intimate with. IoT can make it possible for Digital Human.
Challenges and Possible Solutions
Let’s look at some of the challenges impacting the growth of digital human and the Metaverse.
The first and foremost challenge is providing the right tools and equipment to the creators. Also, at the same time, looking at how efficiently Metahuman by Unreal engine is advancing. It will cut off a lot of unnecessary time-consuming work for the creators.
Making the technology a learner as it needs to adapt every emotion, characteristic, technical aspect, and decision-making power of the actual human, the digital asset is intimating. Machine learning will make this possible, and IoT is a gateway to enable machine learning to perform those potentially crucial functions.
It is securing the information that the digital asset poses. Blockchain provides an innovative and secure data network that the owner can monitor effectively. It will also give a response feature that will indicate the changes done by another unwanted source.
The era of utilizing digital technology to its most beneficial potential is close. Blockchain, IoT, Metaverse, Metahuman as well as Machine Learning will make it possible. Indeed the process is time-consuming, but the benefits are the most crucial aspect. Moreover, they will affect the welfare of the general public.
Digital Humans can learn, grow and interact with human beings conventionally. They are helping us to become smarter and more orthodox and elevating the use of knowledge to an unprecedented extent.
IoT and Blockchain are the two leading technologies of the modern era.
But whose features and factors will eliminate the risks and possible threats leading to major disasters? Underlining the possibilities and grave importance of every interconnected technology is a crucial practice we should be aware of. It helps us improve with each passing day and make an impactful technological revolution.
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This UrIoTNews article is syndicated fromReadWrite