Will Cities Be Able To Monetize Their Digital Twins?
Paul Doherty, President and CEO of The Digit Group, discusses how cities might monetize their digital twins on a special MarketScale TV episode. He explains that digital assets, like architectural drawings, can be geopositioned to add value and function, especially in understanding dynamic elements like traffic. Doherty emphasizes the need for managing and authenticating data using decentralized and distributed ledger technologies.
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Key takeaways
Digital twins and NFT markets have potential long-term impacts on the real estate sector.
Digital assets can be geopositioned to provide real-world value beyond their static existence.
Managing data through authentication and distributed ledgers is essential in digital twin environments.
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On this special episode of MarketScale TV, live from the MarketScale Trade Show Booth, Voice of B2B Daniel Litwin talked with Paul Doherty, President, and CEO of The Digit Group, a smart city solution provider giving solutions on everything from master planning and architectural design services to real-world implementations of blockchain and IoT solutions.
“The idea behind this is that because we have the digital assets that we should be able to do something more with them, rather than just build the building.” – Paul Doherty
Both the digital twin and NFT markets are electric right now. But, the tokens potentially could have a long-term impact on the real estate market. According to Doherty, any time The Digit Group works on a project, they create digital assets, such as drawings, that represent something that exists in the real world.
“The idea behind this is that because we have the digital assets that we should be able to do something more with them, rather than just build the building,” Doherty said. “Otherwise, it’s just digital dust sitting there. And, the fact that we can actually geoposition them somewhere on the planet earth, now all of a sudden this thing has value.”
The value is in some very functional things, such as studies of traffic. These digital twins are treated differently by The Digit Group. The digital twins of the built environment are static data. But, in real life, static data is constantly colliding with dynamic data, such as the movement of people and traffic.
“By creating an environment that celebrates that and federates it that you can now start to have a singular experience, two big things happen,” Doherty said. “Number one: we need to manage that data, and the best way we found is to actually authenticate it so that people understand that I’m not walking through a wall, I gotta go around a wall, even in the digital world. I need to have it in a decentralized manner, but in a distributed ledger technology environment.”
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About the author
As published by Forbes as “Changing the World”, seen on Bloomberg TV and reported by CNBC as one of America's Business Titans, Paul is a Registered Architect and one of the global Industry's most sought after thought leaders, strategists and integrators of process, technology & business. Paul is the Founder & CEO of The Digit Group, Inc. (TDG), a leading Smart Cities design, build, operate and solutions company, headquartered in Memphis, Tennessee. TDG's Smart Cities are being showcased as an example of leading design during the Venice Biennale Architettura 2021. He is an author, educator, analyst and consultant to Fortune 500 organizations, government agencies, prominent institutions and the most prestigious AEC firms in the world. Paul has spent the past 30+ years in the industry after graduating cum laude from the New York Institute of Technology and graduating from the Career Discovery program at Harvard University’s GSD.
