IIT-Madras begins drafting work on ‘Metaverse India Policy and Standards’

The metaverse market, which is expected to grow at an annual rate of 37.7 percent over the next six years. estimated To reach a valuation of $74.4 billion (approximately Rs 6,20,918 crore) by the end of 2024. Gearing up to face the force of advancements in Web3, IIT Madras has started drafting policies to oversee the metaverse sector. A research and development body set up by IIT-M, called XTIC (Experiential Technology Innovation Centre), has started working around something called ‘Metaverse India Policy and Standards (MIPS)’.

XTIC has established a dedicated committee to conduct research around anticipated use cases and flaws in the current Metaverse ecosystem. The committee will address technical and ethical shortcomings to make the industrial use of this digital technology safer and more advanced.

India’s tech veteran Rahul Sethi, who recently launched a Metaverse experience center in Noida, NCR, is part of the committee. In a conversation with Gadgets360, Sethi said that MIPS will not determine policies and standards around the metaverse on its own, but will instead collaborate with industry players, communicate and consult with the government while centrally deploying Web3-related policies. Will publish the report for reference.

“The metaverse is a rapidly evolving concept. Sethi said, experts and leaders from across India and other parts of the world will collectively join here to discuss these standards and create awareness about them.

A fully functional virtual universe, the Metaverse ecosystem is built on the blockchain network. The technology provides a hyper-realistic virtual ecosystem where people can work, socialize, play games, and window shop from the comfort of their homes.

In a recently released report, the World Economic Forum (WEF) Said 92 percent of manufacturing companies in the US are already looking for ways to add a metaverse twist to their existing business operations.

“The industrial metaverse is projected to be a $100 billion (approximately Rs. 8,29,018 crore) market globally by 2030. The Metaverse will drive the next phase of the industrial revolution through the convergence of digital twins, a core building block of the industrial. the metaverse, and four rapidly growing areas – spatial computing, artificial intelligence (AI), Web3 and blockchain,” the report said at the time.

Now that IIT-M has started the process of drafting rules to oversee the Web3 sector, the committee will analyze the potential impacts of the metaverse across sectors including education, healthcare, gaming and enterprise and come up with strategies for maximum benefits. Will propose.

Addressing ethical, privacy and security issues associated with the metaverse and collaborating with stakeholders from industry, academia and government to gather diverse perspectives and insights are part of the committee’s agenda.

“These are the key outcome targets but we are still discussing more. Government bodies will also use the report to set standards,” Sethi said.

In January, China also created a body that will set standards for the use and exploration of the metaverse there.

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