AccentureĀ envisions the metaverse as the next generation of the internet. Rather than just one concept, it sees the metaverse as a continuum that bridges the internet of place and the internet of value. And because of COVID, the company has already deployed the technology at scale.
During the pandemic, the company onboarded 150,000 new team members virtually. Instead of purely using Zoom, a new Accenture employee received a laptop and an XR headset in the post. Their first experience was immersive at the virtual One Accenture Park. They were then involved in team collaboration during multiple meet-and-greets, large and small group meetings and town halls.
Metaverse consumer use cases
While thatās more of an enterprise use case, what has ignited excitement is the consumer applications of the metaverse.
The business case for consumer goods, especially luxury ones, seems relatively obvious in the metaverse. Morgan Stanley estimates the metaverse is a ā¬50 billion ($50bn) revenue opportunity for the luxury sector by 2030. And there has been a procession ofĀ fashion brandsĀ jumping on board. Users are represented by avatars and want to look their best, so theyāre willing to spend money on the right clothes. Thatās a good example of that continuum of the internet of place and value.
š„But with severalĀ banks setting up shopĀ in the metaverse, their presence is slightly less obvious. Melanie Cutlan, who leads Accentureās Metaverse Technology Capabilities clarified.š„
Ā āUnderpinning the metaverse has to be a universal wallet infrastructure where I could take my money, my identity, my tokens, and my credentials, and carry them with me into these digital experiences,ā said Cutlan. ā It will mean reimagining customer support and rethinking engagement models.ā
Thatās one of the areas where Hyperledger has a lot to bring to the party with its work aroundĀ identity and verifiable credentials. Not only can a bank verify a customerās identity, but the client can choose to share some of the data in their wallet with the bank, say for a mortgage application. And then thereās the customer service aspect. āPeople want to talk to people, but they donāt always want to go to a site,ā added Cutlan.
There are numerous potential metaverse enterprise applications, with HR onboarding just one example. Another thatās been deployed by Accenture is creating a supply chain control room as an immersive experience that combines digital twins of a product moving through the supply with track and trace data.Ā
Whatās different this time around?
Virtual reality was all the rage during the Second Life era more than 15 years ago. Big names like Google and Sony gave it a go but later pulled out. So whatās different this time around?
Cutlan noted that the technology has moved on. Creating 3D immersive spaces today is far simpler than back then. And XR headsets create a more collaborative immersive experience that moves consumer expectations forward.
The bank use case is an example of securing data and information better than we have in the past. Pandemic lockdowns changed the way we work. But perhaps the biggest driver is that money is changing hands at scale.Ā
Another big draw is the fun aspect.
Having been a blockchain leader at Accenture for years, Cutlan sees a very different dynamic with the metaverse. Because itās visual and experiential, the metaverse is āa little bit easier to grasp from a leadership perspective,ā said Cutlan. āI donāt know anyone who saw early days blockchain demos and said, āI need to show 20 of my friendsā.ā
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