Building trust in the metaverse
Challenges remain in encouraging adoption
The metaverse is a term that describes a shared virtual space where people can interact, learn, work and play in immersive and realistic ways. It merges various technologies, including virtual reality (VR), augmented reality (AR) artificial intelligence (AI) and blockchain.
According to the EY Trusted Metaverse Survey, 47% of executives say their organisations are already investing or will soon be active in the metaverse. Interest in the metaverse is highest in the real estate, hospitality, construction, financial services and automotive sectors, where more than 50% of senior executives say their organisation’s leadership is interested in taking advantage of the metaverse. In contrast, interest – but not necessarily opportunity – is lowest in utilities and the public sector.
If the technology continues to evolve and meet the potential suggested by many commentators, it could offer unprecedented opportunities for governments, businesses and consumers alike. However, despite initial waves of enthusiasm, most executives responding to the survey believe that the metaverse is still years away from creating genuine market disruption, and that challenges remain in encouraging adoption, as well as building and maintaining customer trust.
So, what steps can organisations take to build trust and adoption in the metaverse? How can they overcome potential issues of bias, discrimination, and explainability arising from the technology? And how can they mitigate concerns around privacy and cybersecurity? In this article, we present two straightforward actions.
Step 1: Understand and address ethical risks
A survey conducted by EY teams suggests that 62% of early metaverse movers identify its potential to provide a competitive advantage. But these senior executives also recognise that business interests must be balanced with commitments to address key security, inclusivity, accessibility, ethical and sustainability concerns.
For example, one of the main features of the metaverse is its use of AI to create and enhance virtual experiences. AI can enable personalisation, recommendation, simulation and automation in the metaverse, but it can also introduce bias, discrimination and opacity in decision-making processes. To address these issues, businesses need to adopt responsible AI practices that ensure fairness, accountability, transparency and ethics in their metaverse applications.
Over a third (37%) of executives say there is a risk that these ethical considerations could be overlooked as companies compete to build dominant positions in the metaverse. And 39% of survey respondents say there is a risk that business interests will trump user rights like accessibility, diversity and inclusion.
Senior leaders should ensure that ethicists and social scientists have a voice in the design, development and operation of their organisation’s metaverse applications and experiences. Without focused support from specialists outside the realm of technology, many companies may fall short in their efforts to create positive digital experiences that promote mainstream adoption, regardless of their technological sophistication.
Step 2: Tackle privacy concerns in virtual environments
Another key feature of the metaverse is the interconnection and interoperability of different virtual worlds and platforms. This can enable seamless and diverse virtual experiences for users, but it can also expose them to risks associated with the collection and use of large amounts of personal data.
Data is essential for creating rich and engaging virtual experiences, but it also raises privacy concerns and risks for users. For example, data breaches may reveal sensitive or intimate information about users’ identities, preferences, behaviours, or emotions, which may be exploited or misused by malicious actors or third parties. In addition, fraudsters may use the relative anonymity of virtual worlds to deceive or manipulate users into revealing their personal or financial information or transferring their virtual currency or goods. Scammers may also create fake or misleading virtual content or offers to lure users into traps or schemes.
Concerns from customers about cyber-vulnerabilities and data privacy in the metaverse ranked highest in the survey conducted by EY teams. Executives’ concerns about their own corporate cybersecurity ranked joint fourth-highest. Unless these concerns are addressed, it will be difficult for organisations to foster trust and encourage adoption of metaverse applications, which has consequences for business investment.
Many early movers already have experience of enabling great digital experiences, though. For example, they implement privacy-by-design principles and inform users about what data is collected and how it is used, and they obtain consent; they adhere to essential user rights and preferences; they comply with data protection principles by collecting only the minimum amount of data needed to provide the experience. They also implement good-practice cybersecurity to protect data from unauthorised access or disclosure.
To strengthen trust, senior leaders can adapt and extend their current governance approaches, rather than reinventing the wheel. In addition, when innovating around metaverse technologies, it’s also important for organisations to take a fresh look at relationships with regulators, industry bodies and NGOs to learn from and influence the standards for operating in the metaverse.
Unlock new opportunities for growth
The metaverse is an exciting and promising frontier for businesses and consumers, which is poised to revolutionise the way we interact with our physical and virtual worlds. Though many executives remain cautious about its potential, early adopters are forging ahead. However, to create truly immersive and engaging experiences, organisations must focus on building and maintaining customer trust. This means not only acting on safety and security but also on fostering diversity, equity, and inclusivity. By addressing these concerns, organisations can unlock new opportunities for growth, innovation, and positive societal impact.
techUK – Unleashing UK Tech and Innovation
The UK is home to emerging technologies that have the power to revolutionise entire industries. From quantum to semiconductors; from gaming to the New Space Economy, they all have the unique opportunity to help prepare for what comes next.
techUK members lead the development of these technologies. Together we are working with Government and other stakeholders to address tech innovation priorities and build an innovation ecosystem that will benefit people, society, economy and the planet - and unleash the UK as a global leader in tech and innovation.
For more information, or to get in touch, please visit our Innovation Hub and click ‘contact us’.
Tech and Innovation Summit, 6 Nov (rescheduled date)
Emerging technologies will be debated and explored at our annual Tech and Innovation Summit, taking place on 6 November. This campaign week will directly feed into the themes discussed at the Summit.
techUK’s flagship Tech and Innovation Summit returns to traverse the extraordinary and ground-breaking discoveries made possible by the application of emerging and transformative technologies.
Upcoming events:
Gaming & Esports Technologies of the Future
National Videogame Museum, Sheffield Panel discussion
A Black Lens: Exploring Representation In The Future of Extended Reality (XR)
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Sprint Campaigns
techUK's sprint campaigns explore how emerging and transformative technologies are developed, applied and commercialised across the UK's innovation ecosystem.
Activity includes workshops, roundtables, panel discussions, networking sessions, Summits, and flagship reports (setting out recommendations for Government and industry).
Each campaign runs for 4-6 months and features regular collaborations with programmes across techUK.
This campaign explored how the UK can lead on the development, application and commercialisation of space technologies and ultimately realise the benefits of the New Space Economy.
These technologies include AI, quantum, lasers, robotics & automation, advanced propulsion and materials, and semiconductors.
Activity has taken the form of roundtables, panel discussions, networking sessions, Summits, thought leadership pieces, policy recommendations, and a report.
Get in touch below to find out more about techUK's ongoing work in this area.
Event round-ups
Report
Insights
Get in touch
Rory Daniels
Rory Daniels
Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
During this time, Rory worked on the Government's response to Covid-19 (NHS Test & Trace), school funding strategy (Department for Education) and international climate and nature policy (Cabinet Office). He also tackled the social care crisis whilst on secondment to techUK's Health and Social Care programme in 2022.
Before this, Rory worked in the House of Commons and House of Lords alongside completing degrees in Political Economy and Global Politics.
Today, Rory leads techUK's emerging technologies activity across everything from immersive, web3, AI and robotics to space, gaming & metaverse.
This involves co-running techUK's flagship Innovation campaign, managing four series (including the 'Meet the Innovators' interview series), and launching 4-6-month 'sprint campaigns' on transformative technologies and sectors.
- Email:
- [email protected]
- LinkedIn:
- https://www.linkedin.com/in/rorydaniels28/
This campaign has explored how the UK can lead on the development, application and commercialisation of the technologies set to underpin the Gaming & Esports sector of the future.
These include AI, augmented / virtual / mixed / extended reality, haptics, cloud & edge computing, semiconductors, and advanced connectivity (5/6G).
Activity has taken the form of roundtables, panel discussions, networking sessions, Summits, and thought leadership pieces. A report featuring member case studies and policy recommendations is currently being produced (to be launched in September 2024).
Get in touch below to find out more about contributing to or collaborating on this campaign.
Upcoming events
Gaming & Esports Technologies of the Future
National Videogame Museum, Sheffield Panel discussionEvent round-ups
Insights
Get in touch
Rory Daniels
Rory Daniels
Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
During this time, Rory worked on the Government's response to Covid-19 (NHS Test & Trace), school funding strategy (Department for Education) and international climate and nature policy (Cabinet Office). He also tackled the social care crisis whilst on secondment to techUK's Health and Social Care programme in 2022.
Before this, Rory worked in the House of Commons and House of Lords alongside completing degrees in Political Economy and Global Politics.
Today, Rory leads techUK's emerging technologies activity across everything from immersive, web3, AI and robotics to space, gaming & metaverse.
This involves co-running techUK's flagship Innovation campaign, managing four series (including the 'Meet the Innovators' interview series), and launching 4-6-month 'sprint campaigns' on transformative technologies and sectors.
- Email:
- [email protected]
- LinkedIn:
- https://www.linkedin.com/in/rorydaniels28/
Running from July to December 2024, this campaign will explore how the UK can lead on the development, application and commercialisation of web3 and immersive technologies.
These include blockchain, smart contracts, digital assets, augmented / virtual / mixed / extended reality, spatial computing, haptics and holograms.
Activity will take the form of roundtables, workshops, panel discussions, networking sessions, tech demos, Summits, thought leadership pieces, policy recommendations, and reports.
Get in touch below to find out more about contributing to or collaborating on this campaign.
Upcoming events
Event round-ups
Guest insights
Get in touch
Rory Daniels
Rory Daniels
Rory joined techUK in June 2023 after three years in the Civil Service on its Fast Stream leadership development programme.
During this time, Rory worked on the Government's response to Covid-19 (NHS Test & Trace), school funding strategy (Department for Education) and international climate and nature policy (Cabinet Office). He also tackled the social care crisis whilst on secondment to techUK's Health and Social Care programme in 2022.
Before this, Rory worked in the House of Commons and House of Lords alongside completing degrees in Political Economy and Global Politics.
Today, Rory leads techUK's emerging technologies activity across everything from immersive, web3, AI and robotics to space, gaming & metaverse.
This involves co-running techUK's flagship Innovation campaign, managing four series (including the 'Meet the Innovators' interview series), and launching 4-6-month 'sprint campaigns' on transformative technologies and sectors.
- Email:
- [email protected]
- LinkedIn:
- https://www.linkedin.com/in/rorydaniels28/
Campaign Weeks
Our annual Campaign Weeks enable techUK members to explore how the UK can lead on the development and application of emerging and transformative technologies.
Members do this by contributing blogs or vlogs, speaking at events, and highlighting examples of best practice within the UK's tech sector.
Summits
Tech and Innovation Summit 2023
Tech and Innovation Summit 2024
Authors
Harvey Lewis
Laura Henchoz
