The views and opinions expressed herein are solely those of the author and do not represent the views and opinions of crypto.news editorial.
Between the Internet of Things (IoT) and the metaverse, we are rapidly entering a future where the physical world is influenced and even replicated by digital objects. While hard-backed non-fungible tokens (NFTs) are gaining ground, their direct counterpart is already around and being considered: digital twins, which provide many opportunities for innovators to learn what to expect from the future of hard-backed NFTs. .
Digital twins represent the coming together of physical objects, IoT, AI, and the metaverse, and are already an intrinsic part of the way many industries operate today. For those interested in how tokenization and physically backed NFTs will affect their lives in the future, understanding how digital twins work and how they impact our lives today can help.
What is a digital twin?
A digital twin is a virtual replica of something physical. It is a computer model used to simulate a physical object, system, building, or process using real-world data, machine learning, and software analysis. Imagine an airplane. They are complex machines with millions of parts and a myriad of component systems. Now imagine that same plane recreated on a computer, complete with all the same parts and component systems, only digital. This virtual plane is a digital twin. Physically-backed NFTs serve the same purpose from a business perspective, allowing undisputed ownership of the physical item to be traded on global digital marketplaces, as well as enabling physical item redemption capabilities for buyers.
The first digital twins were created by nasa to train astronauts and mission controllers for upcoming operations.
Previously, NASA relied on ground-based mockups of spacecraft and orbiting space stations, but now it regularly uses digital twins as part of its testing and training procedures, which is a big help, considering the fact that it’s much more secure and requires fewer resources. intensive to put a digital object in space for training purposes instead of a physical one.
Similarly, digital tools maintain the structural integrity and quality of physically backed assets within the evolving property landscape of the Internet by removing logistical barriers to trade, and processes such as the vault secure their value even as assets change hands.
Notable Examples of Digital Twins
Not surprisingly, digital twins are common in the aerospace industry. Rolls-Royce uses digital twins of its aircraft engines to determine when they need maintenance: sensors are installed on the physical engines and data from the sensors is transmitted to the digital twin on Rolls-Royce servers via satellite.
The digital twin then informs engineers about the performance of the physical engine and predicts when it will need to be repaired.
The aircraft manufacturer Boeing operates a whole manufacturing plant in Yorkshire, UK, with its own virtual twin, using ‘digital thread’ technology to connect the virtual and the physical. RFID sensors track materials entering and leaving the plant, allowing the plant’s digital twin to record how the plant is operating. Even before the plant was built, the Advanced Manufacturing Research Center (AMRC), founded by Boeing and the University of Sheffield, used computer modeling to virtually design the plant, enabling up to 50% increase in capacity. final productivity of the plant.
Perhaps the best-known example of a digital twin is one that many people use every day: Google Maps is a digital twin of the world’s transportation systems. Using data from traffic sensors and other sources, Google Maps can simulate and adjust your route based on ground conditions, its digital twin reflecting real-world conditions on roads, public transportation systems, and more.
On a slightly smaller scale, the Shanghai Urban Operations and Management Center has built a digital twin of the whole city, modeling more than 100,000 data points over 3,750 square kilometers. The city uses its digital twin to keep track of waste management, electric bike charging stations, road traffic and more; in particular, the Shanghai virtual twin included the size and number of apartments in the city, helping to plan and manage the physical city’s COVID-19 response.
How digital twins prove the case for tokenization as a service
Digital twin technology proves that a digital link to a physical object is not only practical but crucial in the fast-paced 21st century. Like digital twin technology, asset tokenization allows for the creation of a digital counterpart to a physical object, which can then be sold or fractionated on the blockchain. That digital version can be transferred with fewer obstacles and less potential for mishandling than a physical version.
Bottom line: digital twins and physically backed NFTs enable more secure and efficient management of physical things.
Digital twin technology also demonstrates that the IoT and metaverse can be trusted with mission-critical systems, replicating crucial physical processes in the digital space. Similarly, the blockchain can be trusted for more secure transactions of physical assets. Selling physical assets requires intermediaries and may be constrained by government restrictions and security concerns. Physically-backed NFTs can be sold on the blockchain, which is borderless and secure. Like the process of creating a digital twin, tokenization creates a digital copy that can be manipulated much faster and more securely than its physical counterpart.
Blockchain offers more advantages of immutability and fractionation. Due to the blockchain architecture, the inherent processes of NFT purchases are safe from fraud, theft and data corruption; this is especially true as many tokenization platforms exercise scrutiny in the form of provenance documentation and mandatory third-party authentication. Tokenization also allows for splitting or creating more than one token per object. This gives sellers the ability to offer buyers a piece of ownership of physically backed NFTs, opening up whole new markets that would otherwise be inaccessible to many.
We are fast approaching a future in which many physical objects will have digital counterparts, be it digital twins or NFTs. The metaverse, the Internet of Things and the blockchain will combine to, in many ways, replace the physical manipulation of these things with the digital, so it is crucial to understand how these technologies are already changing our world.
About the Author: Jonathan Barbone is Senior Director of Partnerships at Dibbs and is responsible for driving all facets of customer success, including developing marketing strategies and go-to-market products. Prior to joining Dibbs, Jonathan was the Global Marketing Manager and Digital Lead for Xperi Corporation, a technology company that licenses IP and technology across its core brands: TiVo, DTS Audio, IMAX Enhanced and HD Radio. Prior to Xperi, he served as an integrated marketing manager for Fender Musical Instruments Corporation in Hollywood CA, producing 360 campaigns for Fender Play that resulted in new users, increased engagement, and retention for the educational platform. Prior to Fender, Jonathan served as the global digital and social marketing manager for Activision, producing award-winning campaigns for the Call of Duty franchise. He lives in Los Angeles and is an avid golfer and cyclist.
