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Forbes
19-06-2025
- Business
- Forbes
The Metaverse Was Suppose To Change How We Bank — What happened?
NANCHANG, CHINA - OCTOBER 19: A visitor experiences VR headset and hand controllers during an expo ... More of 2023 World Conference on VR Industry on October 19, 2023 in Nanchang, Jiangxi Province of China. (Photo by Zhu Haipeng/VCG via Getty Images) The metaverse was supposed to be transformative. In March 2022, Meta CEO Mark Zuckerberg called it 'the next chapter of the internet overall.' Three years ago, Satya Nadella, CEO at Microsoft, wrote on LinkedIn, 'The metaverse is here, and it's not only transforming how we see the world but how we participate in it — from the factory floor to the meeting room.' Back then, everyone was talking about it. And then, they stopped. The banking industry embraced the metaverse at the height of its hype, with some institutions even launching their own initiatives. Coastal Community Bank developed Coastal World, for example, a digital banking 3D game and marketplace, while Quontic Bank created an outpost in Decentraland. But, as it did elsewhere, the metaverse eventually lost its luster in financial services. These ecosystems still exist; they haven't been shuttered, but there haven't been any obvious updates lately. And rarely does the metaverse come up in conversations among bank executives anymore. So, what happened? Is the metaverse dead? Is there still any opportunity to be had? Overall, the technology industry took a hit in the last few years as macroeconomic conditions deteriorated and private capital contracted. This is likely at least partly to blame. But beyond that, the metaverse ran into two distinct challenges: limited utility and a lack of societal readiness. In short, there weren't any killer use cases (outside of gaming, which is quite niche) and people were not ready to, as Tesla and SpaceX CEO Elon Musk put it, strap 'a frigging screen to their face all day.' However, the metaverse opportunity may still exist — albeit in a less flashy, less monumental way. This is especially true in the context of two current 'hot' trends: artificial intelligence, including the rise of AI agents, and stablecoins. Here are a few ways that elements of the metaverse could play out as the banking industry grapples with the implications of these two technologies: Supercharged, generative AI-powered customer service is on the horizon. While the technology is not quite ready for primetime with bank customers, it's getting there. The form factor for such interactions today is a chat interface, but that may not always be the case. As agents transform into avatars, a metaverse-like environment may make more sense, especially if it takes the form of a virtual lobby or bank branch. Generative AI is already getting incorporated into learning and development initiatives at community banks. LemonadeLXP, for instance, is a learning platform that uses generative AI to help bank employees create trainings and courses. Over time, such materials could evolve into a virtual setting. According to CEO John Findlay, 'Historically, the issue with 3D experience training is cost. If AI makes 3D environments affordable, it could become an excellent tool for teaching soft skills and situation training such as customer service or sales, and leadership and conflict resolution.' Stablecoins are demonstrating potential utility in areas like online gaming, e-commerce, and cross-border payments. However, users need to be able to convert these digital assets to fiat currency and back again. Banks are well positioned to provide the on and off ramps necessary to facilitate these transactions. And that includes in virtual environments. Banks can also offer secure custody services. These are only a few examples — there are likely many more. Particularly when it comes to AI, any place where there is a chatbot today could benefit from an avatar in the future. And avatars need somewhere to live. As these virtual assistants grow more and more human-like, where they reside may grow more and more world-like. It's unlikely that the metaverse will regain its past momentum. Generally, once a buzzword dies, it stays dead. But that doesn't mean the spirit of the metaverse doesn't continue to present possibilities, for banks and for others. As society further experiments with advanced robots, digital currencies, and other new technologies, virtual ecosystems could emerge as an important mode for interaction. Most likely, though, they'll have a new name.
Sustainability Times
10-06-2025
- Science
- Sustainability Times
'China Tightens Solar Grip': Already Dominating the Market, Beijing Unveils New Tech to Cement Total Global Control
IN A NUTSHELL 🌞 China has achieved a breakthrough in solar technology with a new photothermal cocrystal named CBC. has achieved a breakthrough in solar technology with a new photothermal cocrystal named CBC. 🚀 The CBC cocrystal boasts an impressive 67% photothermal conversion efficiency , positioning it among the top performers globally. , positioning it among the top performers globally. 🔧 Beyond solar panels, CBC's applications include contactless communication systems and secure portable electronics. and secure portable electronics. 🏭 The simple synthesis of CBC allows for industrial-scale production, making it an attractive option for sustainable energy solutions. The dawn of a new era in solar energy is upon us, and at the forefront is China with a groundbreaking innovation in photothermal technology. By achieving a conversion efficiency of 67%, China has set a new benchmark in the solar industry. This breakthrough heralds a shift towards organic solar solutions that match the performance of traditional silicon-based panels. What does this mean for the future of renewable energy, and how will it shape global energy dynamics? The Photothermal Revolution: A New Organic Component At the heart of this technological leap is a photothermal radical cocrystal named CBC, developed by a team of Chinese researchers from Nanchang, Nanjing, and Soochow. This innovative material emerges from the intersection of organic chemistry and materials physics. It combines two key components: coronene, an aromatic hydrocarbon known for its absorbing properties, and Br₂NDA, a radical electron acceptor. These two elements arrange themselves into crystalline micro-needles using a simple solution method, forming a stable and highly efficient crystal for converting light into heat. This novel approach promises to upend the current solar energy landscape. The CBC cocrystal's ability to harness sunlight efficiently positions it as a formidable contender against traditional silicon panels. As the world races to find sustainable and efficient energy sources, this breakthrough could be a game-changer in reducing reliance on fossil fuels. China Unleashes Next-Gen EREVs With Jaw-Dropping 870-Mile Range and Hesai LiDAR That Could Redefine Autonomous Driving Forever Impressive Photothermal Conversion: A Leap Forward The photothermal conversion rate is a measure of how effectively a device captures solar radiation and transforms it into thermal energy. This new material achieves a groundbreaking conversion rate of 67.2%, placing it among the highest-performing materials in its class. In tests conducted under near-infrared light (808 nm), the temperature of the CBC crystal soared to 186°F in mere seconds, showcasing its remarkable efficiency. Such a high conversion rate signals a significant advancement in the efficiency of solar energy devices. The implications are vast, from enhancing the performance of solar panels to potentially revolutionizing the way we approach energy harvesting in various applications. As industries and governments worldwide strive for greener energy solutions, this advancement brings us closer to a future where solar energy is a primary power source. 'Old Rockets, New Threat': China Converts Aged Artillery Into Deadly Gliders Designed to Strike Fast-Moving Aerial Targets Applications Beyond Solar Panels: Communication and Beyond The potential applications for the CBC cocrystal extend beyond traditional solar panels. Researchers have successfully used the crystal to modulate a laser beam and transmit signals in the near-infrared spectrum. This ability to encode and decode Morse code through light variations opens new avenues for contactless communication systems. Such systems could revolutionize secure portable electronics, discrete transmission systems, and intelligent biomedical devices. By combining extensive optical absorption, rapid thermal conduction, and stable structure, CBC becomes a versatile tool—capable of acting as a sensor, receiver, and transmitter. This multifunctionality underscores the potential of CBC to impact various sectors, from consumer electronics to healthcare, by providing innovative solutions that are both efficient and adaptable. 'China's Nuclear Sites Could Be Attacked': These Future War Threats from the PLA Spark Global Fear and Urgency Scaling Up: Industrial Production Opportunities The synthesis of the CBC cocrystal is straightforward, occurring at room temperature in a simple solution. This simplicity means that scaling up production to an industrial level is feasible without incurring exorbitant costs. This characteristic makes CBC an attractive option for mass production, especially for portable solar devices, environmental sensors, and smart textiles. Given that CBC's efficiency surpasses most known organic photothermal materials, it is poised to set a new standard in lightweight, flexible solar thermogenerators. As industries explore sustainable production processes, CBC offers a pathway to more accessible and cost-effective renewable energy solutions, potentially transforming industries reliant on solar technology. China's Growing Influence in Solar Energy China has long held a dominant position in the solar panel sector, producing approximately 80% to 90% of the world's photovoltaic cells. This hegemony stems from substantial investments, state-led industrial policies, and a low-cost production capacity enabled by access to polysilicon and a competitive workforce. In 2023, China's solar panel exports reached unprecedented levels, reinforcing its market dominance. However, this dominance is not without its challenges, as it creates a dependency for other nations on Chinese solar materials, leading to international tensions over market practices like overcapacity and dumping. As China continues to innovate and lead in solar technology, what will be the global response to this growing influence in the renewable energy sector? Our author used artificial intelligence to enhance this article. Did you like it? 4.5/5 (20)
Associated Press
10-05-2025
- Associated Press
Jiangxi Through Its Cultural Relics: Witnesses of a Millennia-old Civilization
NANCHANG, JIANGXI, CHINA, May 10, 2025 / / -- The Jiangxi Provincial Department of Culture and Tourism today announced a renewed effort to promote the region's extensive cultural heritage on the international stage. Through a series of landmark initiatives, Jiangxi is highlighting its millennia-old civilization with globally significant archaeological discoveries, world-class porcelain craftsmanship, traditional medicine practices, and innovative preservation technologies. Located in eastern China, Jiangxi Province is home to a wide range of cultural assets reflecting the depth and continuity of Chinese civilization. From ancient imperial tombs and traditional Chinese medicine markets to digital restoration of rare ceramics, Jiangxi's cultural institutions are bridging the past with the future. Jingdezhen Imperial Kiln Museum Leads in AI-Based Heritage Restoration Jingdezhen, internationally recognized as the 'Porcelain Capital of the World,' has produced fine ceramics for over a thousand years. The Jingdezhen Imperial Kiln Museum, opened in 2020, is pioneering digital restoration techniques. Using AI algorithms and naked-eye 3D scanning, the museum has restored and archived over 1,000 ancient ceramic fragments—establishing the world's first digital 'gene bank' of historical porcelain. Gao'an Museum Hosts One of the Largest Collections of Yuan Dynasty Porcelain The Gao'an Museum houses 20 complete blue-and-white porcelain pieces from the Yuan Dynasty (1271–1368), one of the richest collections of its kind globally. These finely crafted artifacts illustrate the technical maturity of the time and serve as evidence of early maritime Silk Road exchanges between China and the wider world. Zhangshu Revitalizes Traditional Chinese Medicine and Cultural Tourism Known since the Han Dynasty as a center of Chinese medicine, Zhangshu continues its role as a key hub in the herbal trade. The 'Zhangbang' techniques—a national intangible cultural heritage—preserve traditional preparation methods such as slicing, frying, calcining, and pill making. In 2013, Zhangshu was designated the 'Medicine Capital of China,' and in 2017, the Jiangxi provincial government launched a revitalization strategy combining traditional Chinese medicine with cultural tourism. Today, the city hosts annual trade fairs, a TCM museum, and a branded tourist route: 'See TCM, Visit Zhangshu, Savor the Medicine Capital.' Marquis of Haihun Tomb Offers Rare Insights into Han Dynasty Aristocracy Discovered in Nanchang, the Tomb of the Marquis of Haihun has been called one of China's most important archaeological finds in recent years. Dating back over 2,000 years, the tomb contains more than 10,000 artifacts, including 480 gold pieces weighing a total of 120 kilograms. Belonging to Liu He, the briefly reigning grandson of Emperor Wu, the tomb offers valuable insight into the political and funerary customs of the Western Han aristocracy. Technology and Tourism Combine to Preserve and Share Jiangxi's Heritage Jiangxi is integrating cutting-edge digital tools into heritage presentation. The Jingdezhen Imperial Kiln Museum and the Haihunhou Tomb Museum both employ immersive technologies—including virtual reality, motion sensing, and light-based effects—to enhance visitor engagement and historical education. 'Jiangxi is committed to making its cultural relics accessible, understandable, and globally appreciated,' said a spokesperson from the Jiangxi Provincial Department of Culture and Tourism. 'Our heritage is a living story, and we are proud to share it with the world through a combination of tradition and innovation.' For media inquiries, interviews, or high-resolution images, please contact us. Mike Qin Media Strategy Global, LLC email us here Visit us on social media: Facebook Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
