Experts discuss true worth and effect of Web 3.0 economy at GITEX GLOBAL 2022

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International pioneers of the Web 3.0 economy are in Dubai, bringing a host of never-seen-before experiences and technology innovations to propel the next digital revolution at the world’s largest tech event, GITEX GLOBAL 2022.

The global digital ecosystem will be held at the Dubai World Trade Centre (DWTC) from October 10 to 14, with more than 5,000 firms from 90 countries and over 1,000 thought-provoking speakers in 26 halls and two million square feet of exhibit space.

H.E. Omar Bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, delivered the opening keynote speech at the Sheikh Rashid Hall Main Stage. He highlighted that the UAE and Dubai believe in the power of globalisation and creating an ecosystem that allows people to thrive.

H.E Al Olama highlighted how GITEX GLOBAL has continued to grow despite the global technology sector undergoing turmoil and uncertainty. He concluded his speech by reiterating that conversations taking place at GITEX GLOBAL will create ‘sparks’ that will change the world.

New Paradigms of AI

Dr Tian Qi, Chief AI Scientist, Huawei Cloud, spoke on the main stage of GITEX on Day 1 on the new paradigms of AI for the first time in the Middle East. Dr Qi concentrated on the enormous potential that AI can have for the scientific community, pointing out that it can speed up calculation time by a factor of at least 10,000, help anticipate weather patterns more accurately, and aid in the discovery of novel drugs.

Unlocking the potential of the metaverse

Interview between Sébastien Borget, Co-Founder & COO of The Sandbox, and Mike Butcher, Editor at Large at TechCrunch showed issues of virtual asset ownership. Borget pointed out that the future of the metaverse had to involve users owning their digital assets with the freedom to decide how these assets are used or sold. He also added that Web 3.0 and blockchain are a chance to take back ownership of assets. One of Sandbox’s objectives was to demonstrate its potential, so it collaborated with companies like Atari to help them own their own spaces, launch their own gamified experiences, and release content with the community, all while co-creating and creatively growing their brands.

Building trust in virtual assets

Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, said in a speech at the GITEX main stage that Mastercard’s investment in CipherTrace delivers transparency rather than anonymity, which strengthens better consumer trust. In addition, Mastercard, a major sponsor of Fintech Surge 2022, a component of GITEX GLOBAL that runs until October 13th, is assisting small and medium-sized businesses in obtaining cyber security insurance, he continued.

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