The Metaverse, more recognized by its name than its tangible presence, is already paving the way for transformative opportunities in the economy.
This week, let’s explore the impact of the Metaverse, a platform where people interact with objects and concepts in a virtual world, on supply chains.
The Metaverse is set to revolutionize four key processes: 1) business, 2) communication, 3) relationship, and 4) information processes. By altering these aspects simultaneously or sequentially, it will enhance the global movement of billions of products and services.
By 2030, it is anticipated that there will be 30 billion smart entities, including 8 billion humans. These entities, surpassing the current scope of the Internet of Things, will create “multiverse” universes, each mirrored in a virtual dimension. The challenge lies in managing such intricate interactions and traffic.
In the Metaverse era, these 30 billion universes must communicate with their virtual counterparts, a task too complex for human management alone.
In this new age of procurement, suppliers will also be virtualized. The virtual universe will provide billions of supply options, with product models (avatars) used in the design phase, potentially influencing CNC machines, vending machines, 3D printers, or even dark factories. Traditional buyers must adapt to this new reality.
Consider an entrepreneur who identifies a market need and develops a business idea. Traditionally, they would be familiar with the requirements of capital, raw materials, machinery, labor, and other resources.
However, in the Metaverse, they’ll have access to billions of suitable components and virtualized capital, including the integration of banks and monetary systems like cryptocurrencies.
For those looking to leverage the Metaverse in their supply chain, it’s crucial to understand that this new realm extends beyond just augmented reality glasses. The virtual universe presents a new global market, offering real-time, thought-speed access to virtually reflected needs.
While we transmit bits through the Metaverse, the physical atoms remain static. The supply chain will trade with the physical atoms of commodities, supported by classical logistics, to bridge the gap between the virtual and the physical worlds.
This balanced approach integrates the Metaverse’s innovative capabilities with the realities of physical supply chains.
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