Industrials

<p style="text-align: justify;">For decades, digital simulations have paved the way for innovation and value creation across domains. These simulations rely on the fundamental technology of digital twins - a virtual (nearly accurate) representation of the physical world.&nbsp;</p><p style="text-align: justify;">By looking at this definition and relating it to the news circling, we can start to see how digital twins can be taken to the next level using the technologies of Web 3.0. In this article, we explore the possibilities of how web 3 can boost the inherent strength of the Digital Twins technology.</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Simulation with Ownership</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">The advent of Web 3.0 and NFTs (Non-Fungible Token) has led to a point in digital rights management where digital assets can be stored, verified, traded, and operated immutably. Any fungible entity, in economic terms, refers to its capability for interchangeability with another asset or suitable for the same value.&nbsp;</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">NFTs serve as a unique token variant without any interchangeability with other tokens. NFT features unique traits that imply restrictions for replacing or exchanging it with an identical token. In the context of Digital Twins, creators can work in two distinct ways:<br /></span></p><ul><li style="list-style-type: none;"><ul><li style="text-align: justify;"><span style="font-size: 12pt;">Create a single model and distribute it with accurate specifications and metadata like a Semi-Fungible Token (ERC-1155 standard) on the Ethereum/Polygon blockchain. This is particularly valid for manufacturing-led industries that provide foundational designs for others to work on.</span></li><li style="text-align: justify;"><span style="font-size: 12pt;">Independently create digital twins and make them available to individuals and organizations as NFT (ERC-721 standard) for various purposes.<br /></span></li></ul></li></ul><p style="text-align: justify;"><span style="font-size: 12pt;">Digital twin NFT/SFTs can gain even further ground when coupled with the Metaverse&rsquo;s incredible capacity. This retains rightful ownership of the twins and provides greater interoperability with the right specifications. This significantly reduces the chances of inaccurate twinning or poor simulations.</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Twinning in the Metaverse</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">The power of the Metaverse can bring realism into the Digital twin technology and virtual experiences beyond our imagination. In the workplace, a meeting in a metaverse can be extremely rewarding if participants of the meeting can interact with a digital twin of the company's instruments, equipment, and information system.&nbsp;</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Furthermore, technical training in the Metaverse can be of significant value if trainees can operate digital twins of complex systems.&nbsp;</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Metaverse can bring such ideas into reality and help build a digital twin system that is more interwoven with reality. Metaverse can also empower Digital Twins to support remote maintenance workshops of machines that need to be serviced and potentially connected with or mapped onto an actual workshop.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">The holistic integration of different types of digital twins can be combined with other products by collecting data at every stage of a product lifecycle using other web 3 technologies like AI/ML or IoT. Skilled developers can corroborate physical, online, and operational data to create a digital twin as an NFT in the Metaverse.&nbsp;</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Applying AI algorithms with integrated physics-based virtual model and real-time analytics can generate highly relevant and valuable insights regarding an asset. The continuous data influx will help get the best out of an asset and, in turn, make the digital twin act as a live model of the physical equipment in the Metaverse.</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Industrial Use Cases of Digital Twins and Web 3.0</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">Web 3 can enhance the digital twin infrastructure across markets and geographies. It will help determine, predict, and enhance any asset's current and future state and its digital counterpart. There are several sectors where the application of digital twins in web 3 can be beneficial; let's look at some of those sectors.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;"><strong>Manufacturing and Automobile:&nbsp;</strong><br />Web 3 is poised to change the current face of digital twins in the manufacturing and automobile sector and significantly impact how the products are designed, manufactured, marketed, and maintained.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;"><strong>Retail:&nbsp;</strong><br />Web 3.0-driven digital twins can help with better in-store planning, security implementation, and energy management in an optimized manner.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;"><strong>Smart Cities:&nbsp;</strong><br />Smart city planning and implementation with digital twins with web 3 can help enhance economic development, effective resource management, and ecological footprint reduction while boosting citizens' quality of life.</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Learning Cities</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">Smart cities are learning cities. They work with sensors from the Internet of Things (IoT), video cameras, social media, and other information sources to gather information about the needs of their citizens.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">This information is the ongoing feedback that city governments need to make more informed decisions about which services to offer or improve.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Smart cities of the future will provide even smarter interactive services. They will use more and more digital tools to collect essential data and adapt systems and services to actual needs.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Environmental data such as air quality, energy consumption and supply, available parking spaces, pedestrian and bicycle traffic, road vehicles, and accidents provide information about usage and reveal changing requirements.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Used properly, this information improves service levels and enhances the quality of life for all. Traffic can be redirected in the blink of an eye. Based on actual needs and up-to-date data, decisions about where to invest in infrastructure budgets can be made.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Right now, the actual impact of these technologies in cities is limited. But smart cities will get even smarter by incorporating more data sources and creating digital twins to simulate the effect of change.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Data on everyday activities like available appointments for citizens, open parking spaces, kindergarten spots, school district performance, hospital bed occupancy, garbage collection, etc., can be fed into the models.&nbsp;</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">The possibilities are endless, and the more data that's included, the better the city can adapt to the needs of its residents.</span></p><p><span style="font-size: 12pt;"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/Shaktipic1.jpg" width="497" height="346" /></span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Digital Twins</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">The digital twin is a virtual image of buildings, streets, entire city quarters, and their environment. A multitude of data from various sources makes a virtual twin a valuable planning tool that can provide up-to-date information and forecasts.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">At the moment, digital twins of cities are just virtual representations of a city used to simulate the impact of a subset of changes and events.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">In the Metaverse, they could also be used to build 1:1 digital representation to allow a life-like 3D experience of moving through your city.</span></p><p><span style="font-size: 12pt;"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/Shaktipic2.jpg" width="555" height="289" /></span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Smart Citizens</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">Building smart cities doesn't end with implementing new technologies. Citizens need to know how to use technologies and be comfortable with them.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Tallinn, the model for smart cities worldwide, shows that smart cities need tech-savvy citizens and government officials.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Estonia has made extraordinary efforts to ensure everyone is ready for the digital age. They've introduced seven years of IT lessons in school and are training their government officials in IT and "Design Thinking"!</span></p><p><span style="font-size: 12pt;"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/Shaktipic3.png" width="526" height="295" /></span></p><p style="text-align: justify;"><span style="font-size: 12pt;">Other applications also exist in healthcare, industrial systems, and potentially most industries that deal with physical assets that require intricate planning and analysis.</span></p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Web 3.0</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">Web 3.0 is built on the thought of a seamless convergence of the virtual and real world. Integrating the digital twin is one of the routes to materializing that idea.&nbsp;</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">As enterprises increasingly adopt digital twins and web 3 to build products, they can scale it to entire ecosystems with evolving time. A physical space can be quickly modeled into an accurate and immersive replica using digital twins, simulation technology, and web 3.0 technologies like Blockchain, AI/ML, IoT, and NFTs.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;">The convergence of digital twins and web 3.0 is not just natural but also a necessary paradigm shift for companies building for the future.</span></p><p style="text-align: justify;"><span style="font-size: 12pt;"><strong>Link:</strong> <a href="Link:%20https://www.shaktileekha.com/">https://www.shaktileekha.com/</a></span></p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;"><span style="font-size: 10pt;"><em>This article was contributed by our expert <a href="https://www.linkedin.com/in/shaktileekha/">Shakti Kumar Leekha</a></em></span></p><p style="text-align: justify;">&nbsp;</p><h3 style="text-align: justify;"><span style="font-size: 12pt;"><span style="font-size: 18pt;">Frequently Asked Questions Answered by Shakti Kumar Leekha</span></span></h3><h2 style="text-align: justify;"><span style="font-size: 12pt;">1. How do you create a Digital Twin City? &nbsp;</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">Creating a Digital Twin City is a complex process in which many stakeholders combine their inputs and knowledge, usually managed by a Consulting company in web3 or otherwise, to ensure a digital replica of the city is created. Stakeholders include city administration, local municipalities, consultants, designers, and management professionals. The approach is straightforward - take everything in the city and create a digital replica that mimics real-life scenarios.</span></p><h2 style="text-align: justify;"><span style="font-size: 12pt;">2. How is Digital Twin technology implemented?</span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">Digital Twins are 3D models of real-life objects/assets/infrastructure bound and coded by constraints of the physical space in which the object is placed. Once the environment is structured, and objects are designed, the foundation for the digital twin is ready. It is then supplemented with an interaction layer that allows users to interact with the twin, execute functions, view/analyze the output and do much more within the support purview of the twin.</span></p><h2 style="text-align: justify;"><span style="font-size: 12pt;">3. What problems do digital twins solve?</span></h2><p style="text-align: justify;">Digital twins allow users to interact with objects similar to how they would in the real world. These objects could be complex machinery like rocket engines, intricately designed infrastructure, and possibly even human organs. In all these cases, the cost of failure could be very high monetarily and otherwise. Training is difficult due to failure costs, same with new experiments.&nbsp;</p><p style="text-align: justify;">On the other hand, testing an asset before delivery or running performance simulations can pose significant challenges. All these problems are addressed by a digital twin where the risk and cost of failure are negligible. Innovations can foster at a larger scale.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">4. What are the possible implications of the digital twin in the business industry, particularly to the product and the customer?</span></h2><p style="text-align: justify;">Digital twins have a widespread impact on the business world, especially on CapEx-intensive products (like defense) or areas where the cost of failure is high (like healthcare and biotech). As digital twins add to the pace of innovation and empower the workforce, they also aid in sustainable product management and maintenance.&nbsp;</p><p style="text-align: justify;">Additionally, they can help deliver higher customer service as executives can interact with live models of the products while assisting. This will improve product quality, customer service, word of mouth, and long-term revenues. However, it is vital to note that a digital twin's quality and impact rely on its implementation's quality.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">5. How will the metaverse affect cities?</span></h2><p style="text-align: justify;">A metaverse is a virtual world (or a collection of worlds) with similar functions to a small town - economy, people, infrastructure, etc., just in digital form. A metaverse can provide the context for multiple digital twins to exist and operate in unison, mimicking macro-impacts on the cities or environments they are part of.&nbsp;</p><p style="text-align: justify;">Apart from the digital twins, metaverse can also help effectively map cities, boost tourism, and provide immersive experiences and support/assistance to its residents. How well it does so again depend on the context and quality of its design and implementation.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">6. Are NFTs part of web3?</span></h2><p style="text-align: justify;">Non-Fungible Tokens (NFTs) are based on blockchain, the foundation of all web3. Therefore, NFT is an exciting, upcoming segment of the vast web3 space with corporate and individual-level implications.</p><p style="text-align: justify;">&nbsp;</p>