IIT Madras Takes Initiative to Craft Policies for Booming Metaverse Industry

Metaverse Imagined by Artist
Preeti Bali / 12:16 pm / May 2, 2024

The metaverse, a rapidly growing digital realm projected to reach a staggering $74.4 billion valuation by 2024, has captured the attention of the Indian Institute of Technology Madras (IIT-M). In response to this burgeoning technology, IIT-M’s research and development arm, the eXperiential Technology Innovation Centre (XTIC), has embarked on a crucial project – the “Metaverse India Policy and Standards” (MIPS) initiative.

Building a Secure and Advanced Metaverse

The XTIC has assembled a dedicated committee to meticulously examine potential applications and vulnerabilities within the current metaverse ecosystem. Their primary focus is on addressing both technical and ethical concerns to ensure a safe and sophisticated environment for industrial adoption of this technology.

Collaboration for Effective Policy Creation

Rrahul Sethi, a prominent figure in India’s tech industry, is a key member of this committee. He emphasizes that the MIPS initiative is not intended to establish policies and standards in isolation. Instead, it aims to foster collaboration with industry leaders, conduct open discussions, and produce reports that will serve as valuable resources for the government when formulating centralized Web3 policies.

Understanding the Metaverse

The metaverse is envisioned as a fully functional virtual world built upon the foundation of blockchain networks. This technology promises a hyper-realistic virtual space where individuals can engage in work, social interaction, gaming, and even virtual shopping, all from the convenience of their homes.

The Industrial Metaverse: A Potential Game Changer

A recent report by the World Economic Forum (WEF) revealed that a staggering 92% of manufacturing companies in the US are actively exploring ways to incorporate the metaverse into their existing operations. Experts predict that the “industrial metaverse” will evolve into a $100 billion global market by 2030. This revolutionary technology is poised to usher in the next phase of industrial revolution by merging digital twins (a core component of the industrial metaverse) with cutting-edge advancements in spatial computing, Artificial Intelligence (AI), Web3, and blockchain technology.

IIT-M Leads the Way in Policy Development

With IIT-M taking the initiative to establish guidelines for the Web3 sector, the committee will undertake a comprehensive analysis of the metaverse’s potential impact across various sectors, including education, healthcare, gaming, and enterprise. Their central objective is to devise strategies that maximize the benefits of this technology.

A Multifaceted Approach

The committee prioritizes addressing ethical considerations, data privacy concerns, and security issues associated with the metaverse. To achieve this, they will actively collaborate with stakeholders from industry, academia, and government to gain a well-rounded perspective and valuable insights.

“These are paramount goals we’re actively working towards, and we’re continuously exploring additional avenues,” Sethi remarked. “The reports generated by this initiative will undoubtedly be instrumental in shaping future government standards.”

Following the Global Trend

It’s noteworthy that China established a similar body in January to oversee the exploration and implementation of the metaverse within their borders. IIT-M’s initiative demonstrates India’s proactive approach in preparing for the widespread adoption of this groundbreaking technology.

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