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

The rise of blockchain, celebrated as a decentralized ledger, echoed across industries, providing an immutable record-keeping system free from third-party intervention.

In the ever-evolving tech landscape spanning the last 15 years, we’ve witnessed a seismic transition—from the pinnacle of internet dominance led by Google, Facebook, and Twitter to the surging wave of digitalization in the early 2010s. Yet, this journey faced a pivotal disruption with the advent of the COVID-19 pandemic, prompting an introspection into the industry’s readiness for global health crises. This introspection, in turn, catalyzed monumental investments in emerging technologies.

The rise of blockchain, celebrated as a decentralized ledger, echoed across industries, providing an immutable record-keeping system free from third-party intervention. Its transformative applications in supply chain management and banking marked a significant stride forward.

The pandemic not only reshaped our work dynamics but also propelled the ascent of the metaverse, particularly in the transformative years of 2021–22. This virtual realm emerged as a potent force, fundamentally altering our perceptions of work. However, the technological landscape’s spotlight shifted when ChatGPT revolutionized information retrieval. This innovation triggered a collective call for a holistic re-evaluation of our technological trajectory.

In this contemplation, I think the better future seems to be a strategic amalgamation of blockchain, metaverse, and AI—a harmonious convergence envisioning a symbiotic entity. Picture blockchain as the governing layer, the metaverse as the immersive virtual realm, and AI as the cognitive force sculpting human experiences. This trinity transcends mere understanding; it pledges to elevate services for all immersed in this innovative synergy.

By embracing this unified vision, we position ourselves at the forefront of a transformative era, leveraging the collective power of these technologies to create an enriched and interconnected digital future. By adopting this integrated approach, we not only stay abreast of technological advancements but actively contribute to shaping a future where blockchain, metaverse, and AI seamlessly coalesce, benefiting our organization and the communities we serve.

Consider the tech behemoths—WhatsApp, Twitter, and mobile manufacturers such as Apple, Samsung, and MI, alongside Internet Service Providers (ISPs) like Verizon, AT&T, Reliance Jio, and Bharti Airtel. Though seemingly operating in different sectors, it is still connected to the consumer experience. So the internet, telecom, and applications all work together, despite the fact that in the market they all look like competitors. The same way, it’s important to look at blockchain, AI, and the metaverse as pillars of a single

Imagine a scenario where a rural artist showcases their art as NFTs in the metaverse. Through AI-driven searches, global audiences can appreciate the art, with blockchain’s smart contracts ensuring direct payments to the artist—an illustration of the transformative potential at play.

At the macro level, telecom companies may not directly compete or work in the same market as Apple but share a symbiotic relationship to enhance the overall user experience. This intricate interplay echoes the interdependence observed in entities like WhatsApp, Twitter, and ISPs.

Just as bandwidth quality enhances the performance of Twitter and WhatsApp, the convergence of the metaverse, AI, and blockchain promises a harmonious fusion. AI will continually augment and generate the metaverse, while blockchain establishes itself as the secure transactional backbone for digital assets. Together, these forces are poised to redefine the virtual economy, ushering in an era of unprecedented possibilities. In this immersive digital realm, blockchain safeguards the uniqueness of every image, AI crafts visually captivating landscapes, and blockchain tokens facilitate seamless transactions, ushering us into an unparalleled era of virtual potentialities.

Imagine a groundbreaking initiative where governments engage in a metaverse public-private partnership (PPP), transforming historical monuments into unique non-fungible tokens (NFTs). A private entity would seamlessly manage the entire ecosystem, allowing consumers to pay for virtual visits to these iconic sites. Through blockchain technology, revenue generated would be distributed, with a portion allocated to the private entity and the remainder contributing to government funds. This innovative approach not only preserves historical landmarks but also generates funds for their real-world maintenance.

I think the time has come to rethink the lens through which we see these technologies.

Also readThe Road Ahead: Predictions for the Future Evolution of Artificial Intelligence

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