Will Cities Be Able To Monetize Their Digital Twins?

 

On this special episode of MarketScale TV, live from the MarketScale Trade Show Booth, Voice of B2B Daniel Litwin talked with Paul Doherty, President, and CEO of The Digit Group, a smart city solution provider giving solutions on everything from master planning and architectural design services to real-world implementations of blockchain and IoT solutions.

“The idea behind this is that because we have the digital assets that we should be able to do something more with them, rather than just build the building.” – Paul Doherty

Both the digital twin and NFT markets are electric right now. But, the tokens potentially could have a long-term impact on the real estate market. According to Doherty, any time The Digit Group works on a project, they create digital assets, such as drawings, that represent something that exists in the real world.

“The idea behind this is that because we have the digital assets that we should be able to do something more with them, rather than just build the building,” Doherty said. “Otherwise, it’s just digital dust sitting there. And, the fact that we can actually geoposition them somewhere on the planet earth, now all of a sudden this thing has value.”

The value is in some very functional things, such as studies of traffic. These digital twins are treated differently by The Digit Group. The digital twins of the built environment are static data. But, in real life, static data is constantly colliding with dynamic data, such as the movement of people and traffic.

“By creating an environment that celebrates that and federates it that you can now start to have a singular experience, two big things happen,” Doherty said. “Number one: we need to manage that data, and the best way we found is to actually authenticate it so that people understand that I’m not walking through a wall, I gotta go around a wall, even in the digital world. I need to have it in a decentralized manner, but in a distributed ledger technology environment.”

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Latest

Olio executives discuss value-based care
Value-Based Care is Reshaping Patient Outcomes and Healthcare
December 7, 2023

As of recent times, the healthcare industry has been progressively shifting towards value-based care, a model that emphasizes patient outcomes over the quantity of services delivered. This transition represents a significant shift that promises to enhance patient experiences and outcomes while controlling healthcare costs. With a growing emphasis on this approach, especially over the […]

Read More
The Potential of COW Water Reuse in Dairy Industry Shows Promise for System Management and Plant Maintenance
December 7, 2023

For the latest episode of ChemAqua’s Water Solutions podcast, the focus was on an innovative approach to water conservation in the dairy industry. The show examined the potential of reusing Condensate of Whey (COW) water, a byproduct of dairy processing, and highlighted some of its economic and environmental benefits. Hosted by Dani Waddell, the informative […]

Read More
Tylping on a computer at a Family Entertainment Center
Best Practices for Implementing Venue Management Software into FECs
December 6, 2023

The implementation of venue management software is a pivotal step for businesses in the entertainment and leisure industry. Kalyn New from Roller Software shared her expertise on this subject in a soundbite from the International Association of Amusement Parks and Attractions Expo (IAAPA). Her insights focus on two main aspects: scalability and integration. New underscores […]

Read More