CIO Checklist for Metaverse, NFTs and Web3 Adoption, and ROI
Cliff Justice of KPMG on Disruptive Enterprise Use Cases of Web3, Metaverse and NFTs
According to the KPMG global tech report 2022, an average of 67% of companies are expected to adopt new emerging platforms over the next two years, including the metaverse, non-fungible tokens (NFTs) and Web3.
While these technologies hold disruptive potential, many of them are still relatively untried and untested in the enterprise domain. This has left CIOs looking for answers around the adoption roadmap, identifying the right use cases, and justifying investments. And, more importantly, the risks involved.
Cliff Justice, partner and U.S. leader for enterprise innovation, KPMG U.S., explains how the backbone of most of these emerging platforms are underpinned by AI technologies such as large language models and chat-based capabilities that are becoming increasingly indistinguishable from human interactions. This increases the risk potential around areas like adversarial data poisoning and compromising privacy by tracking, tracing and correlating activity data.
"Enterprises will need to adjust their cyber policies to consider these more immersive and engaging technologies where everything, including physical movements, is tracked and traced," Justice says. "The security of these types of technologies is going to take on a much more prominent and mission-critical role to ensure the safety of the internet."
In this interview with Information Security Media Group, Justice discusses:
- Current and future disruptive enterprise use cases of cryptocurrency, metaverse and Web3, and how to best incorporate them into the innovation agenda;
- How CIOs should approach their journey of adopting these technologies - from scaling up beyond experimentation to deriving return on investment (ROI);
- Risks involved with the ecosystem expansion as more enterprises jump onto the adoption bandwagon, and how to address them.
Justice is leading a team that develops and incubates the next generation of businesses, technologies and solutions for KPMG and its clients. His team also makes minority investments in a network of innovative startups.
