According to management consulting firm McKinsey & Co., the #metaverse promises to bring innovation to industries including education and e-commerce, with the potential to produce up to $5 trillion in economic effect by 2030. Early adopters must weigh the benefits against the privacy risks posed by their abundance of data points.
In terms of #data #privacy, new problems emerge. Anyone ”entering” a metaverse, for instance, should be aware of the types of personal data handled and how they are processed. Making sure organizations have authorization to collect data at various stages during a user’s experience is a hurdle for those who create extended reality devices or apps. The safeguarding of sensitive payment data is becoming increasingly important because significant sums could be made in the future in this industry. Financial services company Bloomberg Intelligence forecasts that the market will be worth roughly 800 billion US dollars by 2024. #Privacypros and #activists argue that information regarding a person’s bodily characteristics and movements should be given higher protections because it is sensitive data. How can this be reconciled into a metaverse that is both user friendly and protective of privacy?
The answer would be in the stars of the metaverse. However, as things are, as attorneys and analysts we can not only closely monitor the quick developments but also assist in shaping them.
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