ICACT20230050 Slide.17
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Youtube video link
https://youtu.be/lHV6_kxkYaE
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ICACT20230050 Slide.16
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Thanks for your attention! Now! The floor is open for Q&A. Welcome any comment or question.
Hi everybody, my name is md ariful islam mozumder. For icact 2023, i have cooperated with three partners from daahc inje university.
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ICACT20230050 Slide.15
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CONCLUSION
Globally the finance industry is the most important part of personal financial issues and for central or global business.
Each financial organization wants to make its transactions secure.
The new global technological big innovation, metaverse can secure every financial transaction for all financial institutions.
In this paper, we discuss its applications and possible challenges based on the finance industry.
Finally, we showed an approach for metaverse finance and how can it make secure all the transactions.
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ICACT20230050 Slide.14
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CHALLENGES of METAVERSE FINANCE (cont.)
D. Crypto assets restrictions: Understanding how to integrate transactional features that entail the purchase of NFTs and the exchange of virtual currency into the metaverse is crucial for the banking and financial sectors.
E. Shifting Ecosystem: Since the introduction of the metaverse has made it possible for customers to have a genuinely immersive experience, it has been challenging to develop a digital banking experience that is comparable to visiting a branch in person.
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ICACT20230050 Slide.13
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CHALLENGES of METAVERSE FINANCE (cont.)
A. Increasing Competition: It is a matter of time to create transactions of assets with a virtual presence, for financial companies must create several successful competitions on the metaverse.
B. Building the payment infrastructure for the metaverse: To build the virtual financial sector, one of the big things for the metaverse is payment methods. Many countries are not allowing digital or blockchain payment systems for their internal trustable issue.
C. Developing new protection products for the metaverse: Virtual reality, identity theft has two aspects: Fastly - Identity theft (A person shows themselves as another avatar and uses their credits to buy goods) and secondly- the misappropriation of a virtual identity.
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ICACT20230050 Slide.12
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CHALLENGES of METAVERSE FINANCE
* The challenges facing the global finance and banking sector as it moves toward digital transformation and the integration of the real world of finance and the metaverse. In figure 3 we summarize possible metaverse challenges in the finance industry.
Figure 4. Possible Challenges in the Financial Metaverse.
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ICACT20230050 Slide.11
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METAVERSE APPROCH for FINANCE (cont.)
In Artificial Intelligence algorithms, decentralized blockchain technologies, and metaverse tools combinedly contribute to making fraud-fewer safe transactions for the finance sector.
We can see in the figure, the blockchain decentralization ledger system checks transactions by type of token with each block structure and at the end with some authentications (proof of transactions).
Tokens are digital assets on blockchain technology, a decentralization ledger system making secure these digital token transactions.
On the other hand, Artificial Intelligence algorithms detect fraud identities, also fraud transactions, identify authentic nodes, and analyze transactions.
To secure the financial issues present in artificial intelligence by exploring new explainable artificial intelligence (XAI) methods for the finance industry.
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ICACT20230050 Slide.10
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In the figure we showed an approach, to how the metaverse can do safe financial transactions in the financial industry
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ICACT20230050 Slide.09
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METAVERSE APPLICATIONS for FINANCE INDUSTRY (cont.)
D. Hands-on training: While training via video conference can be quite one-way, VR makes learning a much more practical, hands-on experience.
E. Offer Virtual Services for increasing business: Metaverse can arrange a virtual launch program by informing potential buyers, generating interest in a new product, increasing company awareness, building audience loyalty, and making quick initial sales.
F. Fraud Detection: Using these metaverse tools financial industry can reduce fraud transactions and fraud users, metaverse tools are- minimizing silos, multi-layered, browser and device fingerprinting, digital footprint analysis, IP scanning, and multi-factor authentication.
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ICACT20230050 Slide.08
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METAVERSE APPLICATIONS for FINANCE INDUSTRY (cont.)
A. Financial Market Analysis: Improvements in Integration with VR and AR platforms are undeniably driving the metaverse market growth in finance, despite limitations like privacy and security issues regarding the metaverse that may limit industry progress.
B. Product Design: Companies, using metaverse AR technology to make their products 3D mode demos, manufacturers are making more attractive products and are increasing the financial transactions of companies. As an example, BMW uses AR technology for its pre-product modelling.
C. Product Selling: Metaverse displays products by using VR on its own platform and customers buy things from metaverse by using secure blockchain methods for financial payment methods.
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ICACT20230050 Slide.07
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METAVERSE APPLICATIONS for FINANCE INDUSTRY (cont.)
* In this section, we are going to explain finance applications with the metaverse.
* Figure 2 summarizes the applications of the metaverse in the financial industry.
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ICACT20230050 Slide.06
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METAVERSE TECHNIQUE (cont.)
* Smart Contracts: The metaverse can leverage smart contract technology to automate financial transactions and agreements, providing increased efficiency and security in financial dealings.
* Cryptocurrency integration: Cryptocurrencies can be used as a means of payment in the metaverse, enabling seamless and secure transactions between users.
* These techniques have the potential to disrupt traditional financial services by offering new and innovative solutions to financial challenges.
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ICACT20230050 Slide.05
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METAVERSE TECHNIQUE
The metaverse offers a range of technical possibilities for the finance industry, including:
Decentralized finance (DeFi): The metaverse provides an environment for DeFi applications to flourish, enabling peer-to-peer transactions and creating new opportunities for financial services.
Non-Fungible Tokens (NFTs): NFTs, unique digital assets that can represent anything from virtual real estate to collectibles, can be traded and used as investments in the metaverse.
Virtual stock trading: The metaverse provides an immersive environment for virtual stock trading, enabling users to trade stocks in a simulated market and potentially offering a new avenue for investment.
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ICACT20230050 Slide.04
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EVOLUTION OF METAVERSE FINANCE
For the improvement of technologies, the financial sector turned traditional to digital finance.
After the concepts of blockchain decentralization and digital currency, the decentralized finance system started.
Metaverse is the combination of previous technological trends with many of its own technologies making finance easier and more and more trustable.
In the figure, we can see the evolution of finance in recent years.
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ICACT20230050 Slide.03
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INTRODUCTION (cont.)
Fin-Techs are focusing on the metaverse: Allowing banking customers to virtually meet and communicate with bank staff, as well as transact, invest, and purchase banking products.
The purpose of this study is to explore contextual marketing in banking on the metaverse path and to give conceptual knowledge about the subject of metaverse Finance.
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ICACT20230050 Slide.02
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INTRODUCTION
In the finance industry, the metaverse is seen as a new frontier for financial services, with the potential to revolutionize traditional banking and investment activities.
This is due to the ability of the metaverse to offer immersive experiences, secure transactions, and access to new types of digital assets.
Some examples of financial applications in the metaverse include virtual stock trading, virtual real estate investments, and NFT-based financial products.
The finance industry is exploring the potential of the metaverse to expand its services and reach new audiences, while also navigating the challenges posed by the regulatory and technical complexities of this new frontier.
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ICACT20230050 Slide.01
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INDEX
Introduction
Evolution of Metaverse Finance
Metaverse Technique
Metaverse Applications for the Finance Industry
Metaverse Approach for Finance
Challenges of Metaverse Finance
Conclusion
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ICACT20230050 Slide.00
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Presentation on The metaverse applications for the finance industry, its challenges, and an approach for the metaverse finance industry
Md Ariful Islam Mozumder, Tagne Poupi Theodore A., Ali Athar, Hee-Cheol Kim
Department of Computer Engineering/Institute of Digital Anti-Aging Healthcare/u-HARC,
Inje University, South Korea
Presented By: Md Ariful Islam Mozumder
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