Time has come to look at blockchain, metaverse and AI as part of single ecosystem: Dr Akhil Damodaran, Dean School of management, IILM University

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    It's time to look at blockchain, metaverse and AI as part of a single ecosystem: Dr. Akhil Damodaran, Dean of the Faculty of Management, IILM University

    Hailed as a distributed ledger, the rise of blockchain has reverberated across industries, providing an immutable record-keeping system without third-party intervention.

    Over the past 15 years, we have witnessed tectonic shifts in the ever-evolving world of technology, from the height of internet dominance led by Google, Facebook, and Twitter to the surging wave of digitalization in the early 2010s. However, this journey faced significant disruption with the emergence of the coronavirus disease (COVID-19) pandemic, prompting introspection about the industry's preparedness for a global health crisis. This introspection, in turn, has spurred massive investment in emerging technologies.

    The rise of blockchain, also known as distributed ledger, has reverberated throughout the industry, providing an immutable record-keeping system without third-party intervention. Its innovative applications in supply chain management and banking have marked a major step forward.

    The pandemic has not only reshaped the dynamics of our work, but has also propelled the rise of the metaverse, especially during the transformational period of 2021-22. This virtual realm has emerged as a powerful force, fundamentally changing the way we perceive our work. But when ChatGPT revolutionized information retrieval, the focus of the technology landscape shifted. This innovation has sparked a collective call for a total reassessment of our technological trajectory.

    In this contemplation, I think a better future appears to be a strategic fusion of blockchain, metaverse, and AI, a harmonious fusion that envisions a symbiotic entity. Picture blockchain as the management layer, the metaverse as an immersive virtual realm, and AI as the cognitive force that shapes the human experience. This Trinity is beyond mere understanding. Through this innovative synergy, we are committed to improving services for everyone.

    Embracing this unified vision places us at the forefront of an era of transformation, leveraging the collective power of these technologies to create a rich, interconnected digital future. By adopting this integrated approach, we not only keep abreast of technological advances, but actively contribute to shaping a future where blockchain, metaverse, and AI seamlessly converge, and our Benefits our organization and the communities we serve.

    Consider the tech giants: mobile manufacturers like WhatsApp, Twitter, Apple, Samsung, and MI, and internet service providers (ISPs) like Verizon, AT&T, Reliance Jio, and Bharti Airtel. Although they appear to operate in different fields, they are still connected to the consumer experience. This means that the Internet, communications, and applications all work together, even though they all appear to be competitors in the marketplace. Similarly, it is important to view blockchain, AI, and the Metaverse as a single pillar.

    Imagine a scenario where a rural artist presents his art as an NFT in the Metaverse. Through AI-driven search, blockchain smart contracts ensure direct payments to artists and make art available to audiences around the world. This is an example of transformative potential in action.

    At a macro level, telcos may not directly compete with Apple or operate in the same market, but they share a symbiotic relationship to improve the overall user experience. This complex interaction reflects the interdependencies observed in entities such as WhatsApp, Twitter, and ISPs.

    Just as the quality of bandwidth improves the performance of Twitter and WhatsApp, the convergence of Metaverse, AI, and blockchain promises a harmonious fusion. AI will continuously expand and generate the metaverse, while blockchain will establish itself as the secure transaction backbone for digital assets. Together, these forces are redefining the virtual economy and ushering in an era of unprecedented possibilities. In this immersive digital realm, blockchain protects the uniqueness of every image, AI creates visually appealing landscapes, and blockchain tokens facilitate seamless transactions, unlocking virtual possibilities. It brings us to an unparalleled era.

    Imagine a groundbreaking effort by governments to engage in Metaverse public-private partnerships (PPPs) to convert historical monuments into unique non-fungible tokens (NFTs). Private companies will seamlessly manage the entire ecosystem and consumers will be able to pay for virtual visits to these iconic sites. Revenues generated through blockchain technology will be distributed, with some allocated to private organizations and the rest donated to government funds. This innovative approach not only preserves historic buildings, but also generates funds for real-world maintenance.

    I think it's time to rethink the lens through which we view these technologies.

    Please also read: The way forward: Predicting the future evolution of artificial intelligence

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