The Digital Twin Consortium has added its newest member. Verses Technologies (NEO: VERS) this morning revealed it has become a member of the international organization. The organization aims to create partnerships between users working with digital twins across the tech sector, as well as in government, academia, and industry.
Digital twins, as the name suggests, refers to a virtual representation of an object over the course of its lifecycle. Data on the object is said to be updated in real-time, and enables digital simulation to guide decision-making to improve performance. One report suggests that the market for such tech is expected to grow to US$73.5 billion by 2027.
“Digital twins play a key role in the contextual computing era. They connect data from real-world people, places and things and allow organizations to monitor, simulate, predict and direct activities to collectively enable a smarter, more sustainable and safer world,” commented Verses CEO Gabriel Rene.
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The Digital Twin Consortium was formed as a result of data suggesting that firms could be missing out on up to 65% of possible value on their digital twin investments. The Consortium looks to develop best practices for the industry, as well as improve adoption and the performance of digital twins. Major brands, such as HSBC, Kaiser Permanente, Microsoft and Google have joined the consortium in an effort to push the tech further, with the Consortium looking to implement the tech in industries such as aerospace and defense, healthcare and life sciences, manufacturing, agriculture, natural resources, transportation, and more, via collaborations with other members of the consortium, such as the latest member, Verses.
“We are excited about the mission of the Digital Twin Consortium and look forward to collaborating with other leading members and demonstrating how VERSES can advance the capabilities and benefits of digital twins across various industries,” said Rene.
Verses Technologies last traded at $0.95 on the Neo.
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