In October 2021, Mark Zuckerberg announced that Facebook would change its name to Meta.
Meta is an adjective that means an object is referring to itself. But at the same time, it also stands for something called the metaverse.
This announcement was met with curiosity, skepticism, and the obvious question: “What exactly is the metaverse?” It sounds like the metaverse is pretty much like virtual reality.
So how is the metaverse different from virtual reality, and do you need a Facebook-made VR headset to access it?
If you’ve read through the articles about the metaverse, the similarities between it and virtual reality are hard to deny. However, there are some important differences.
Here are 6 key differences between virtual reality and metaverse.
The most notable difference between virtual reality and the metaverse is that while VR is now well understood, the actual metaverse is still very vague.
According to Mark Zuckerberg, the metaverse is “an embodiment of the Internet, where instead of just viewing the content, you can stay in it”. A recent announcement from Microsoft described the metaverse as “a digital world where digital twins of people, places, and things exist”.
These descriptions are rather vague when compared to our understanding of virtual reality. It is also possible that even the technology companies themselves do not have a complete definition of the concept.
According to Facebook, the decision to rebrand is a necessary part of building the metaverse. The company wanted a name that better represented what the company was doing. But it’s certainly not the only good reason to do so. The image of Facebook is also not very good in the eyes of users.
It has also been suggested that the metaverse is nothing more than a buzzword to describe technological innovations in the existing Internet.
Another potential question about the metaverse is who can actually define it.
As the owner of the Oculus Rift, Facebook played an important role in the development of virtual reality. But at the same time, the firm is just one player in a huge industry.
The same is true of the metaverse. Facebook may have changed its name to Meta, but it’s not the only company entering the field. For example, Microsoft recently announced Microsoft Mesh, a version of its mixed reality platform with similarities to the metaverse and many different definitions. Furthermore, a recent statement from Facebook alludes to the fact that the company considers itself part of the metaverse. This means that, like VR, the metaverse will not be confined to a single company.
Metaverse is a shared virtual space that users can access through the Internet. Again, this is what VR headsets have clearly allowed you to do. The virtual space in the metaverse sounds similar to the space that already exists in virtual reality shows.
Users are expected to be identified by personal avatars and interact with each other in virtual locations. In addition, they will be able to purchase or build virtual items and environments, such as NFTs.
The fundamental difference is that although virtual worlds are currently limited in size, the metaverse sounds like it will provide access to the entire Internet.
Metaverse will not require you to wear a VR headset. But it is believed that much of this service will be accessible to headset users.
This means that the line between surfing the Internet and using virtual reality can be blurred. VR headsets can begin to be used for tasks normally performed with smartphones. If the metaverse becomes as widespread as Facebook hopes, VR is more or less likely to become a niche product.
However, the metaverse will not be limited to virtual reality. Instead, it will be accessible by both an augmented reality device and whatever device you already use to connect to the Internet.
This opens the door to many different features that are not possible with virtual reality. For example, augmented reality will allow aspects of the metaverse to be projected into the real world.
Virtual spaces will also be designed so that they can be accessed anywhere without the need for a headset.
6. Metaverse has much greater potential than VR
Virtual reality is currently used for education, therapy and sports. But it is still said to be best suited as a form of entertainment.
The Metaverse, at least in scale, sounds like a new and improved version of the Internet. It is expected to change the way people work, access social media and even surf the web, meaning that while many people have completely abandoned virtual reality, the same is unlikely to happen with the metaverse. .
Virtual reality hasn’t had quite the impact on the world as some expected. There is a limit to how long people want to wear headphones.
Metaverse won’t have this problem, accessible to both those with and without access to a VR headset. Some expect it to have a much larger impact.
At the same time, it is very difficult for the metaverse to completely replace the Internet. VR headsets offer an interesting alternative to computer monitors. Metaverse will provide an interesting alternative to the Internet. But neither is designed to act as a replacement for something else.
DareNFT and Trustkeys Global are two among many potential projects invested by Vitex Fund.
DareNFT will be working in close partnership with TrustKeys Global, a multitasking platform, a blockchain-based social network to boost the development of blockchain technology and the mainstream adoption of NFTs.
#DareNFT #DarePlay #TrustKeysGlobal #Metaverse #NFT
Business value is such a familiar terminology in the investment field. However, determining the exact value of a company is not an easy feat. This article will give a brief overview of business valuation methods.
This is one among the traditional valuation methods that help to reflect the actual value of a business at a specific point in time.
As the name suggests, this type of approach considers the business’s total net asset value, minus the value of its total liabilities, according to your balance sheet.
Pros and cons
The net asset value valuation approach is typically used when valuators are faced with a company that has produced negative earnings or with companies with significant value in their fixed assets. Often, this approach is used to determine the lowest possible value that a company would be worth without considering the business’s ability to generate profits.
The noticeable pro of this method is that it’s very straightforward. The conclusion to value is merely Assets minus Liabilities. The assets and liabilities are available on the financial statements, so performing the calculation will be relatively quick and does not require complex skills and resources.
The discounted cash flow method is a fairly effective and widely used method. However, this method has a rather complicated approach, requiring a lot of specialized knowledge as well as input data.
This is a business valuation method by making predictions about the future cash flows that the company can generate then discounting it to the present time. Given that the value of the business is equivalent to the total present value of the cash flows that the business can generate in the future. Here is the equation for finding the DCF:
DCF = CF1/(1+r)^1+ CF2/(1+r)^2+ …+ CFn/(1+r)^n
Let us break this down:
This approach can assess both the present value and the expected future value of the company, especially for businesses with potential for future growth, startups or businesses that do not have many fixed assets such as technology companies.
This is an approach to determine the value of a business in terms of market realities based on the P/E ratio.
The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its earnings per share. The essence of this method is to compare the company’s P/E ratio with its competitors in the market to find the most suitable correlation value for the business.
P/E = Stock Price Per Share/Earnings Per Share
P/E = Market Capitalization/Total Net Earnings
When there is data on rival enterprises in the market listed on the stock exchange or UPCom for comparison.
Financial indicators of enterprises listed on the stock exchange or traded on UPCom are standardized. Therefore, it is relatively easy to get data and calculate.
This is the valuation approach from a market perspective on the basis of comparison with direct competitors in their field, so the value of the business can reflect the actual market situation at the calculation timing.
Since the comparison is based on actual market prices, valuators tend to overlook the growth potential as well as the potential risks of the business. As a result, this method may not fully reflect the true value of a business, especially those with potentially large future profits.
Market prices are determined by supply and demand. In some cases, due to psychological impact from investors, the market value may fluctuate very high or low compared to the actual value of the business. If prices are used at these times for valuation, the result may not be accurate.
As described above, this approach uses data of rival businesses that have been listed as a basis for comparison and pricing. It will be difficult for startups or unlisted companies to apply.
Determining business value is the activity that requires a lot of knowledge, experience as well as vision. Here are some important notes when conducting a valuation:
Accurate valuation requires an expert in numbers and possessing a sound understanding of the industry and the market in which the company operates. Therefore, there should be careful consideration and specific criteria to choose the right valuator.
Traditional valuation methods often refer to current numbers like sales, profits, or EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). However, a thorough valuation also needs the prediction of the picture of the business for at least the incoming 5 years to see the full potential of development as well as possible risks. Market is always moving, so the assessment should not just stop at a static state.
The terminology “valuation” makes most people think of quantitative methods with a lot of metrics to deal with. This is true but not enough.
Qualitative factors such as human and company culture may not be quantified by data, but significantly contribute to the development of the business. That is also the reason why investment funds, especially venture capital funds, consider humans as one among the key factors to consider investing.
The foregoing is a brief overview of common business valuation methods. In fact, determining the value of a company is rather complicated and requires time to learn and evaluate. Valuation is not simply calculating the numbers, it is an art that requires an investment of knowledge and effort!
In recent years, business valuation has been attracting the interest of many investors due to the warming of the stock market. However, not everyone fully understands the purpose or process of determining the value of a business. The following article of Vitex Capital is an overview of the definition, why and how of business valuations.
Business valuation can be described as the process or result of determining the economic value of a company. Valuation is different from pricing. Valuation is intrinsic; it’s based on the actual performance of the business. Pricing results from supply and demand; it incorporates market influences such as overall direction of prices, other investors, and new information such as rumors and news.
Every year, businesses will determine their long-term, medium-term and short-term development strategies to address problems in different time frames. Business leaders certainly need to have a sound understanding about the value and position so that they can bring out the most appropriate strategies for development. This is the primary purpose of business valuation.
To be able to reach the final decision about the sale, purchase, or merger of a business, calculating the accurate value of the business is fundamental to negotiations. Valuations are used to benchmark buy-ins and buy-outs for partners and shareholders. By determining the value, the seller will propose a number that is attractive enough to potential investors, but not too detrimental to themselves. The buyer also have to carefully consider the intrinsic value and potential of the company before coming to the official decision.
In the case of not having enough capital, companies often resort to debt instruments or call for investments as financial leverage. However, in order to succeed in taking out a loan or calling for investment (especially official channels such as banks), proving the ability to repay the debt is a prerequisite. Lenders and investors need to give careful consideration to the real value and growth potential before arriving at the conclusion whether to lend or invest in the company.
In the case the business owner wants to attract new and existing shareholders, or issue shares to the public, business valuation is of crucial importance. Through such activities, business owners as well as investors can determine the value of corporate shares, so that being able to reach the right decision related to buying and selling shares.
Investors when pouring money into a business will often determine their exit strategy, or business owners will have plans to sell the company in the long term. Through valuations, investors or business owners will have a development strategy to quickly increase profits and value of the company to facilitate the exit plan.
Legal events like dispute, divorce, inheritance, etc. involved in the split or decentralization of the company will require business valuation. For these events, lawyers and relevant parties will conduct business valuation and handle in accordance with the law.
Valuation of businesses helps to provide the overview of the market situation, thereby devising appropriate strategies to support the management and development of the enterprise ecosystem.
Determining the business value helps executives form a basis to consider and make strategic decisions to navigate their developmental pathway.
Business valuation helps partners such as suppliers, customers, shareholders, investors, etc. have sufficient ground to make business and investment agreements in the most effective way.
There is a myriad of factors that have a strong influence on how successful the business is. Therefore, in order to accurately calculate the business valuation, it appears necessary to identify factors that may have a considerable impact on the performance of a company, including internal and external factors as follows:
Assets are tangible factors that support the production process and determine the quality of products and services of an enterprise. In addition, assets are also resources that businesses can sell for particular purposes. Therefore, this is regarded as a decisive aspect to show the capacity and potential of the business.
The meaning of “location” includes both area and topography of the business. These aforementioned factors will create favorable conditions for attracting customers and transporting goods. Besides, location also dramatically influences the operating costs of the business. The most optimal location will differ considerably in the business’s field. Accordingly, the determination of location will exercise such an enormous influence on the determination of business value.
Reputation or brand is an intangible element of tremendous value to businesses. Building a good image with customers and partners will significantly contribute to creating a huge potential revenue source. Today, a brand is something that can be transacted with great deal. For this reason, the business valuation process really needs to take this factor into consideration.
This factor can be said to be of paramount importance, especially for businesses that provide products and services requiring high level of technology. This capacity is shown through factors such as technical level of workers, modern equipment and machinery, intellectual property rights, etc. In the context of a competitive and rapidly changing market, possessing high-tech capabilities help businesses adapt quickly and compete effectively.
A business being able to stably develop incredibly depends on human factors, especially the group of key executives. Possessing good human capabilities help businesses boost the potential value of the business.
Factors such as economy, politics, culture – society, science – technology may either create favorable conditions or hinder the process and development potential of businesses. In certain circumstances, the fluctuations of these macro factors can indirectly cause the business to go bankrupt.
Specific environment refers to industry factors, which have a direct impact and which the enterprise can control to some extent. Specific factors include relationships with customers, suppliers, competitors, government departments & agencies, etc.
Valuations are usually carried out by a team of experts and by a standard process. Here are the basic steps of a business valuation procedure:
Step 1: Outline a plan and prepare the necessary conditions
The more accurate the business valuation is, the more effective the subsequent decisions will be and vice versa. Hence, relevant parties need to prepare carefully for the valuation activity. To make an effective plan, businesses need to answer the following questions:
Step 2: Collect and synthesize information on financial statements
The value of any businesses is the present value of expected future profits. To identify these factors, business data in the past is such a valuable source of information.
In addition, appraisers need the balance sheet and income statement of the business for at least the last 5 years to make accurate analysis and predictions.
Furthermore, businesses also need to pay attention to past reporting adjustments (eg: revenue adjustments for tax avoidance/tax planning). The above said adjustments may help businesses reduce taxes in the past, but they cannot reflect the full performance of the business, so it will be detrimental to the valuation.
Step 3: Choose an appropriate business valuation method
There are many different ways to determine business value, and the choice of method will depend on the valuation criteria and capabilities of each company. Some of the common business valuation methods are as follows:
Step 4: Make conclusions and evaluate the business
This is the most important step in the business valuation process. After measuring the value and coming to specific results, we will aggregate the results into a data table for comparison. It is inevitable that there will be a difference in value among methods, but the art of valuation is the understanding of the criteria and prioritizing to arrive at the final value.
Valuing a business is an activity that requires a lot of skills, experience as well as business thinking. We hope that this article will help readers gain useful information, as well as understand the method of determining business value.
Most businesses have understood that they need to go through a digital transformation if they want to stay competitive. However, many companies don’t know how to get their digital activities up and running successfully.
In this post, Vitex Capital will now take you through the five most common mistakes we see with digital transformations to give you an idea of what to avoid.
The first and most important thing for digital leaders to realize is that digital transformation is a process, not a destination. Digital practices will allow the organization to streamline processes and deliver results if done right. However, they won’t change the core processes of the organization or fix loopholes beyond their scope.
Digital transformation is a long-term process, including digitization and digitalization. As a result, digital leaders have to distinguish between these definitions clearly. To create the long-term goals of digital transformation, companies need to understand how the digital transformation process works.
A major digital transformation mistake assumes that it is a one-time initiative, which will last forever. The goal of digital transformation should be to create an organization that is adaptable and eager to adopt relevant digital solutions as they become available. Leaders should foster an environment that encourages experimentation and curiosity, allowing them to stay one step ahead of the next disruptor.
As we have been mentioning, digital transformation is a process. It will take time, effort, and multiple risks before it gets to the results stage. It would be an ignorant digital transformation mistake to expect results from the day the process has started. Digital transformation is done keeping the larger picture in consideration instead of short-term wins and gains.
Digital leaders should be careful to choose digital partners and not digital vendors, as their choice will determine the success of their digital transformation process. Digital partners should not be chosen by just taking cost or past relationships into account. Instead, a full analysis of various factors should be undertaken to choose the right digital partners.
The blockchain is now an exciting new alternative to traditional currency, centralized banking, and transaction methods that are changing the way we handle financial transactions and alternative uses that will change the world. In short, blockchain is a distributed ledger that maintains a continuously-growing list of every transaction across every network distributed over tens of thousands of computers. This makes it almost impossible to hack, changing the way banking is done.
In this blog, let Vitex Capital talk about some of the best Blockchain applications and blockchain advantages which were earlier known as Crypto Currencies and Bitcoin.
The term “smart contract” was originally developed in 1993, although it has only recently gained popularity as a result of the Ethereum Project’s introduction in 2013. “The Project is a decentralized platform that executes smart contracts: apps that run exactly as programmed without the risk of delay, censorship, fraud, or third-party interference,” according to the website.
According to Chris DeRose of American Banker, smart contracts are “self-automated computer programs that can carry out the conditions of any contract.” “It is a financial security kept in escrow by a network and routed to beneficiaries based on future events and computer code,” according to the definition. As a result, businesses will be able to use ‘smart contracts’ to bypass regulations and “lower the costs for a subset of our most common financial transactions.”
Smart contracts are now appropriate to be used in a wide range of areas. From commercial activities to specialized sectors such as health, election monitoring, logistics chain involvement, etc., it includes a lot of benefits, including automation, accuracy, high security, and cost savings.
In the real world, money transfer has gained utmost popularity with its unique feature of cross-border payments, exchange for cryptocurrencies, real-time ledger system, and all of this by lowering the third-party fees. We can see a lot of such blockchain use cases.
TPBank is the first Vietnamese bank to use blockchain for international money transfers successfully. Customers of TPBank will no longer have to wait several hours to make a money transfer from Japan to a TPBank account because these transactions will now take only a few minutes, thanks to RippleNet, which applies blockchain technology to international money transfers. RippleNet is a support platform that uses Distributed Ledger Technology (DLT) based on the contemporary Blockchain and API platform to assist transactions to be completed faster. By joining RippleNet, all parties are kept up to date on the status and information of each transaction.
Since the blockchain’s origins in cryptocurrencies, it’s only reasonable to apply it to employee compensation. “If your company regularly sends salary to international workers, then introducing Bitcoin into the payroll process might be a huge cost saver,” says Geoff Weiss on Entrepreneur.
Bitwage, which claims to be the world’s first Bitcoin-based payroll service, will “circumvent the costly fees associated with transferring money internationally, as well as the time it takes for such funds to move from bank to bank, payments made via Bitcoin can save both money and time for employers and employees alike.” Bitwage’s founder and COO, Jonathan Chester says that by using a public ledger of all transactions in chronological order “you can actually see exactly where the money is throughout the process.”
Then there is paying remote employees and contractors. Again, this form of payment is a very large part of my personal business and something many big companies (and banks) are betting on this year.
There are many advantages to using blockchain. Here are the most significant ones
With so many security provisions in place, blockchain is among the most secure technologies available to us. As a result, tampering with it is nearly impossible.
From healthcare to transport, you can use blockchain in any industry. All you need is a working knowledge of blockchain and the industry you want to implement it in.
Most of the operations in a blockchain are done by software implementations. Such automation makes blockchain networks highly efficient.
Every change made in the blockchain is visible to all the users that have access to the same. This keeps things transparent and enhances the versatility of this technology.
Organizations all across the globe are implementing or trying to implement blockchain in one way or another. It is a globally recognized and adopted technology, and it’s gaining popularity.
Every interested party in a blockchain transaction is certified and verified. This removes the need for double records and makes the transaction process much more reliable.
The Smart Factory model, which includes typical Industrial Revolution 4.0 applications (IoT, AI, big data, cloud computing, etc. ), is an excellent way to improve production and business management. It is obvious that the Smart Factory is a significant movement advance and a breakthrough in comparison to the previous three revolutions. People will be able to control and operate all production activities and digitize all activities with the help of this solution.
In this post, Vitex Capital will explain the smart factory model and the incredible benefits it provides to humans.
According to Deloitte Insights, the Smart Factory solution, also known as factory 4.0, is a significant step forward when a traditional automated production system is connected and processed with continuous production and business data, allowing the system to learn and adapt to changing market needs. As a result, operations will be more efficient, flexible, and able to forecast and self-regulate while also reducing downtime.
The real power of a Smart Factory lies in its ability to evolve and change throughout the organizational change process, whether it is influenced by market demand, expanding into new markets, developing new products and services, forecasting and meeting the needs of the operation, maintenance, incorporating new technologies and processes, or changes in the production process in near real-time. The connection is the most significant feature of a smart factory. Basic manufacturing processes and materials must be connected in order to create the data needed to make timely decisions in smart factories.
Factory 4.0 solution is a proactive system that can respond to the market’s demanding and continuously changing demands. People may manage machinery, production equipment, monitor and digitize activities to establish an efficient system, reduce machine downtime, and increase the capacity to forecast and self-calibrate thanks to intelligent production systems. In addition, engineers may rely on the system’s analyses and forecasts to develop a switch strategy, quickly respond when issues arise, and ensure the safety of production activities.
Throughout its use, Smart Factory can adapt, upgrade, and grow quickly. Smart production systems enable businesses to actively improve their production processes in response to market demands, even expanding into new markets. As previously said, Smart Factory also has the capacity to forecast in order to assist organizations in making timely and suitable changes to new technologies and processes.
Intelligently connecting all machines, assets, and human resources is a critical component of factory 4.0’s excellence. This improves operational efficiency and productivity by optimizing the data processing process. In addition, humans can make better use of their time and communicate with machines by utilizing wireless device connectivity.
A Smart Factory not only provides superior, synchronous, and reliable features to the manufacturer, but it also improves efficiency by increasing productivity and asset operations efficiency. Therefore, increasing flexibility and optimal operations, automating many operations, creating a safer working environment, improving quality, and quickly preventing risks, and saving and optimizing costs.
So, why are smart factories the future of the industry? Our Rikkeisoft IoT experts illustrate three key initiatives for big business to transform their sites into smart factories.
First, The Smart Factory enables companies to achieve their carbon neutrality goals. Customers, and society as a whole, now expect big businesses to set goals that align with climate science. It’s something that cannot be ignored and could even be detrimental to the business if companies don’t consider their carbon footprint. For example, many of our customers have already made carbon-neutral commitments, and it’s important for them to work with a partner with similar values and goals. It’s also clear that the opportunities are there. The global economic benefit of a low-carbon future is estimated to be USD26 trillion by 2030.
Second, connectivity is a key enabler for a low-carbon future and a low-carbon economy. We’ve already seen the benefits of digitalization this year—fewer commutes to the office and more flexible work. In fact, digital technology can cut business flights by 50 percent. It has a huge impact. On a bigger scale, capabilities like IoT and machine learning means we can optimize existing physical infrastructure, and therefore reduce the need for more or bigger infrastructure in the future.
Finally, sites like a 5G smart factory can be part of a wider effort to close the digital divide and take an active role in creating future jobs. Today, there’s a significant shortage of STEM professionals (Science, Technology, Engineering, and Mathematics) and a lack of people with the right skills to fill the jobs that’ll be needed as part of the digital transformation of industries.
In conclusion, the smart factory benefits manufacturers by creating a safer, efficient, and more reliable operation. Companies will need to adopt digital technologies in order to meet consumers’ rising expectations of faster delivery times, free shipping, options to customize products, more transparency, and lower costs. Furthermore, the demands on the manufacturing industry will continue due to the trend for more on-demand production and the ever-present drive to reduce costs. The smart factory is a direct way for manufacturers to excel in a competitive and dynamic marketplace as they’ll use digital innovation to improve supply chain efficiencies.
It has been over a year since the outbreak of the pandemic in 2019 that shakes the whole world to its core. In this battlefield against the viral infection named Covid-19, all countries were exactly on the same page as the virus knew no such things as borders and demographics. More than ever, Vietnam has been doing its utmost to hold itself together. On the bright side of things, the pandemic incident has presented this country with new opportunities to take its digital technology to the next level, specifically turning that into useful applications to aid the government as well as its population in keeping well during this sanitary crisis.
In an attempt to keep the transmission rate in check in the domestic scenario, the Vietnam’s Ministry of Health put in place a compulsory health declaration system initially intended for anyone entering into the country’s territory through all means of transportation. Later on, at the heights of the pandemic, this is also applied for nation-wide movements of the public. This move is to help the Vietnamese government to keep track of passengers’ itinerary upon the arrival date for appropriate purposes, namely tracking, tracing and offering medical support if need be. One typical example for the use of VHD can be clearly seen in air travel. On booking a flight ticket or doing online check-in before the departure time, one of the first few things passengers are reminded is to fill out the form in the link https://tokhaiyte.vn. By the time they arrive at the airport in Vietnam or for inbound flights – the next destination, they should be able to provide the completed version in case of inspection. Another way to do this is downloading the VHD application on your mobile and you’re all set to stay safe.
NCOVI comes into the picture as another tracking and tracing application for those that have recently returned from Covid-19 affected areas. Developed by Vietnam Posts and Telecommunications Group (VNPT), NCOVI provides users with a platform to update, monitor one’s own health conditions in parallel with that of their close relatives. Furthermore, users are brought up-to-date with the Covid-19 related happenings in Vietnam as well as in the world. More importantly, there are head-ups about newly recorded cases in domestic or nearby areas so that one could be more alert about their whereabouts and health safety. Finally, the feedback section can hardly go amiss on such an essential application like NCOVI as people feel more encouraged to reach out, report or get involved in this ongoing battle against the invisible coronavirus.
In an effort to put a brake on the Covid-19’s transmission amongst their inhibitants, some major cities such as Hanoi, Danang and Quang Ninh, have succeeded in bringing into effect their own versions of Mobile Epidemiology App. It is worth noting that in the first place the Danang’s version caters for travel and tourism. It normally includes an eclectic range of information concerning local amenities, emergency contact points and the rest. In view of the recurrence of Covid-19, new features, in support of the containment of the virus, are integrated into the respective smart city app. For the time being, anyone in need of a tracking tool to know where they should be safe if they happen to visit these areas can easily access Hanoi SmartCity, Danang SmartCity and Danang SmartCity through the App Store and Android in their smartphones. Overall, in the above-mentioned apps, the information specifically tailored for these cities ranges from centralized quarantine facilities, a specific time frame applied for each of these venues, the maximum number of admissions, current in-house numbers and availability. It is apparent that with the help of such amazing apps, the population can be more proactive in protecting themselves and their loved ones.
As the list goes on, there are other promising technologies which could be applied to contain the spread of the virus such as the use of AI in detecting the Covid-19 symptoms. It can be seen in the Rikkei Smart Camera System by Rikkeisoft – potentially a next step forward in the detection of people with Covid symptoms with great accuracy even when they have face coverings on. This is possible thanks to facial recognition technology, from which further analyses on social behaviours and physical movements of any suspected case can be drawn to proceed with the track and trace method. Its uses can be extended into tracking unauthorized leaves and entries into protected venues, how frequently someone visits a certain location along with identifying unusual activities such as climbing walls, falling down, gathering, carrying weapons etc. Therefore, it is safe to say that the Rikkei Smart Camera System promises to gain traction in no time and can be widely applied in all settings.
All in all, in returns for all the hard work that the government as well as its citizens have been pouring into keeping Covid-19 under control, till this date, the current situation in Vietnam has been promisingly looking up. In the days to come, it lies with each and every individual to keep up the good work of continuous updates in one of the above apps and stick to the health safety guidelines in their daily routine.
Over the past few years, IoT has become one of the most important technologies of the 21st century, and it has a lot of potentials. Now that we can connect everyday objects—kitchen appliances, cars, thermostats, baby monitors—to the internet via embedded devices, seamless communication is possible between people, processes, and things. The potential of IoT will unlock the future opportunities of every industrial area and, furthermore, changing the world. This blog will illustrate the potential of IoT and how IoT creates a smart world.
With the advancement of IoT technology, nations worldwide are implementing and constructing smart cities, which can be seen in developed cities such as Korea’s Busan, Singapore, and China’s Shenzhen. The government has used IoT to construct smart cities, according to the study IoT-Enabled Smart Cities: Evolution and Outlook of MDPI 2021, specifically as follows:
The Busan smart city, the second-most populous city in South Korea, the Busan smart city initiated its second phase project to establish an open smart city platform based on global IoT/M2M standards. The second phase of the smart city project was started in 2016 with government funds to achieve interoperability between Service, Platform, Network, Device, and Security ecosystems. The smart city introduced seven experimental applications in 2017: Smart street lights, Smart crosswalks, Smart parking, Building energy management, Lost child prevention, etc.
The Smart Nation and Digital Governance Group (SNDGG), which directly reports to the Prime Minister’s Office, oversees the planning and execution of smart city projects . The government operates various smart city R&D projects through many subordinate organizations. Of particular note are the AI-focused ones, including the AI Singapore Project, which is being conducted in collaboration with the National University of Singapore (NUS). The Singaporean government has established six smart city visions such as Smart Urban Mobility, Smart Nation Sensor Platform, National Digital Identity, etc.
The smart city in Shenzhen, China, aims to strengthen the existing manufacturing industry while connecting it to the advantages offered by the digital industry. The smart city plan established by the city in 2018 includes public services (healthcare, education, community, and weather), city management services (safety, transportation, operation, and water quality), and economic development services (industry, digital economy, and industrial complexes) with Water quality management, Smart industrial complexes, and public safety.
As IoT becomes more widespread in the marketplace, the future of IoT has the potential to be limitless (quote) As a result, many fields benefit from IoT, such as manufacturing, automotive, retails, education, healthcare, transportation, logistics, etc. To be more specific, The automotive industry stands to realize significant advantages from the use of IoT applications. Sensors can identify approaching equipment failure in cars currently on the road and inform the driver with facts and advice, in addition to the benefits of using IoT on manufacturing lines. Automotive manufacturers and suppliers may learn more about how to keep automobiles operating, and car owners informed thanks to aggregated data acquired by IoT-based applications. Furthermore, in the Healthcare field, there are some IoT applications such as Glucose monitoring and Heart-rate monitoring, which allow users to better manage their health and respond to their requirements. In the future, the potential of IoT is predicted to fix the outdated data access, focus on 5G and the super data-center trend and solve the risk of security.
In conclusion, the IoT-enabled new world is quickly changing. Now is the time to get ready. IoT promises to decrease waste, expense, and annoyance while boosting efficiency, thanks to these fantastic prospects. But maybe the most interesting aspect is that IoT allows us to live in a cleaner environment while also allowing us to work more effectively and with greater quality. However, additional study and creative thinking are required to overcome the security and power consumption issues brought by unrivaled IoT connections and, at the same time, dubious IoT security.