Page 243 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
Manufacture Sector: In business, AR and VR allow for product previews and customization, improving
productivity and opening new marketing opportunities.
Health Sector: AR provides additional real-time information to surgeons during operations, such as heartbeat,
blood pressure monitoring, and virtual X-rays, improving patient care.
Vision Pro: Vision Pro is an AR headset that blends real and digital worlds, with the capability to switch between
AR and VR, offering versatile usage across sectors.
Metaverse:
Metaverse Definition: The metaverse is an emerging 3D digital space that uses virtual reality, augmented reality,
and other advanced internet technologies to provide lifelike personal and business experiences online. The
metaverse represents a convergence of digital technologies, including Cryptocurrency, Artificial Intelligence
(AI), Augmented Reality (AR), and Virtual Reality (VR).
Interconnected Experience: The metaverse will offer a more interconnected experience than the current
internet, leading to a mature landscape of virtual spaces with transferable identities and assets.
Blockchain Integration: The metaverse will feature interoperable or interchangeable identities and assets
enabled by blockchain technology, such as Non-Fungible Tokens (NFTs).
Advanced Features: The metaverse will include highly automated systems, immersive interfaces,
hyperconnected networks, and digital reflections, enhancing the online experience.
Some considerations for future –
Digital Economy: In the Metaverse, considerations extend beyond cryptocurrencies to include the creation of
digital monetary systems and the application of economic principles to digital assets like land.
Governance: Balancing openness and user contribution with strategic direction and innovation will be a
challenge in the governance models of the Metaverse.
Identity: Identity in the Metaverse will vary based on the platform used, and practical challenges such as Know
Your Customer (KYC) regulations will need to be addressed.
Synchronicity: The Metaverse will require the ability to support multiplayer, simultaneous, and real-time
transactions and actions, dependent on the infrastructure of digital economies, networking, and computing
power.
Case scenarios to illustrate the potential application of the metaverse in the financial domain:
Virtual Banking and Transactions:
Virtual Presence: Forward-thinking financial institutions like XYZ Bank establish a presence in the Metaverse
to offer virtual banking services.
Virtual Accounts: Users can create virtual bank accounts and access personalized financial dashboards within
the Metaverse.
Virtual Transactions: Customers can perform transactions using virtual currencies, transfer funds, make virtual
purchases, and engage in virtual commerce within the Metaverse.
Customer Experience: XYZ Bank leverages the Metaverse to provide a convenient and interactive banking
experience, attracting customers who value digital innovation.
Digital Asset Management:
Launch: Digital Asset Management company introduces a virtual asset trading platform in the metaverse,
facilitating the buying, selling, and trading of NFTs and other digital assets. The platform enables investors to
diversify their portfolios through a variety of virtual assets.
Participation: Users can engage in virtual auctions to acquire new assets. The platform provides virtual galleries
where users can exhibit their virtual art collections.
Transactions: Crypto Investments Ltd. utilizes the metaverse's decentralized and secure infrastructure for
efficient and transparent transactions.
Virtual Financial Education and Training:
Objective: The Financial Learning Academy aims to enhance financial literacy through the metaverse.

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