Importance of technology in shaping business environment

Technology has been the cornerstone of business for generations and is the key component for the global economy to continue to grow. As technology grows, so does the economy.

In the early 2000s, with the early adoption of the internet it’s hard to believe that business’s once operated without the internet as now almost every business in one way or another has become heavily dependent on this technology.

Now, we move into a new age of technology which is commonly known as Web 3. This technology is heavily dependent on the blockchain, as we move to a virtual reality, where your digital presence is seen to some as more important than your real life presence.

A common example of this is many will prioritise how they look on Instagram over how they appear going to their local supermarket. There has been a lot of hype about the metaverse and virtual reality which takes this to the next level, the future where people will be spending more of there time in virtual worlds. This new aged technology will shape how the world will do business with each other as there will be no need to jump on a plane and have a meeting across the other side of the world any more, we will be able to achieve a similar feeling in just a click of a button.

UAE at the forefront of innovation

It’s safe to say the UAE is at the forefront of innovation and technology and have welcomed Web 3 with open arms. Recently, we saw his highness latest step into the metaverse by opening the VARA HQ in the heart of the metaverse. As an entrepreneur, I couldn’t think of a better place where I would want to start the journey into Web 3 than right here in the UAE.

Internet penetration in the UAE is 99 per cent. About 9.26 million people use mobile devices to access the internet, which is around 93 per cent of the population.

On an average, people in the UAE between the age group of 16 to 64 spend 7.5 hours every day using the internet. Daily internet users in the age of 16 to 64 spend about three hours on social media sites. There are 9.89 million active social media users in the UAE.

In conclusion, you can only begin to imagine how these figures will play a crucial part in the digital conversion we are living in.

The writer is a founder of virtual platform MeetsMeta. Views expressed are his own and do not reflect the newspaper’s policy.