May Mahboob, Co-founder and CEO at TechWaze XR, works with XR and AI for advanced solutions. She passionately aims for DeFi in Metaverse and trusts blockchain to curb various global crises.
To Next Web had an illuminating conversation with May Mahboob, Co-founder & CEO at TechWaze XR and a president at Meta Bank Defi. She shared her thoughts on XR, web 3, and creating the world’s first decentralized financial district in the Metaverse. Read till the end to know all about her insights!
About TechWaze XR and May Mahboob.
May shared that TechWaze is an XR services partner and one of the leading developers of enhanced reality and artificial intelligence solutions. They provide XR & AI-based solutions for enterprises across all the industry sectors. In addition, TechWaze XR delivers innovative, mixed reality solutions that help to transform the workplace.
She added, “I am also a co-founder & president at Meta Bank Defi, which is going to be the world’s first decentralized financial district in the Metaverse. The aim is to address banking needs for all countries across the globe, especially underdeveloped ones, and bring everyone into the digital era of banking in a truly decentralized manner.”
Projects for which you have provided XR and AI solutions?
May is continuously working with many non-profits organizations to bring everyone together in a decentralized manner.
She shared, “One of the things that we focus on, especially in the education sector, is how to utilize the technology to expand the reach of every individual around the world. For example, there is a process called Super Learning that we follow here, through which the US army and marines used to learn any language in six months in a zero-gravity setting. In this process, we can create specific content in a zero-gravity setting where individuals can learn 10-25 times faster with virtual reality content. So in 6 to 8 weeks, the individual could fluently learn any new language.”
The main focus of May is to utilize this technology more for the transformation of digital currency and finance into the Metaverse. In addition, she is using the same concept to expand her reach globally. One of her primary goals is to harness financial efficiency using blockchain technology and implement it into the Metaverse. The idea is to take education and healthcare privileges from the countries like the USA and provide them to underprivileged people who cannot afford healthcare or education.
For example, in the financial district, any qualified engineer or doctor from any part of the world can help or train anyone. In return, they earn cryptocurrency or tokens. Therefore, people can get the treatment for free from a US doctor, or a child can achieve free education from a qualified US teacher.
She added, “With the help of implemented language translation, we are adding different languages in our financial district so that we can break the communication barrier. With which a well-qualified doctor or teacher can teach someone in their respective language and the individual need not have to worry about paying for the education.”
How is blockchain-enabled web 3 is better than web 2?
May believes that adopting blockchain technology, where the whole process becomes transparent, can help us solve many world issues.
She shared, “With Web 3, blockchain services have expanded beyond the traditional services. With the use of blockchain technology, we can scale at remote locations where the technology is still not available.”
She thinks that the scalability of the technology is beyond what we can ever imagine. With immersive content where everything is transparent on the blockchain, we can solve many of the world’s issues. Governments worldwide are also slowly adopting blockchain technology, and people are becoming more aware of it, which is really an impressive start.
“Adopting blockchain technology will end many issues; especially, it will end corruption. With blockchain technology, the whole process will become transparent so that you can see all of your transactions and the trade of money, even with traditional banking. So the main focus is to provide banking services where these services are still not reached. The other benefit that blockchain provides is that you can even use your avatar to work in the Metaverse. Not only this, you will be able to bank in the Metaverse. With cryptocurrency and digital currency, you have so many benefits in hand, and with blockchain technology, the reach-in itself is so much higher.”
Can blockchain technology and crypto help against global poverty?
May shared, “Absolutely, these technologies may provide much help. Now the people also understand the benefits these technologies are providing, and that’s really helpful to fight against global poverty. Society is becoming more and more vocal, too; if they find anything wrong in the community, they raise their voice against it. With these broad views of our society, and with the technology in hand, we can significantly reduce global poverty.”
May’s primary aim to work on this technology is to end global poverty by educating individuals while earning through it. For example, imagine someone who cannot afford an education. To help those individuals, they have a learn-to-earn system. They can even work in the Metaverse for any finance-focused company and learn while earning.
What are the scope and use cases of XR?
May believes that XR is not being used according to its potential and hasn’t been implemented very much as it should be.
She shared, “XR technology was initially being implemented by Microsoft HoloLens, which is a mix of XR and AR technology. Mixed reality is the bridge between virtual reality and augmented reality. So as far as its used cases, it’s only been used in the military and space industry. Additionally, Snapchat also uses AR in its filters.”
May thinks that we will see more use cases for mixed reality in the future. She aims to bridge the virtual and real-world gap using XR. Thus, we may see a lot more use cases as we progress.
She added, “We are focusing more on the sectors like education, energy, and healthcare. We are integrating an XR technology into the blockchain solution to see all of the analytics and more real-time data with the help of headsets.”
What are the challenges in developing the ultimate AR/VR experience?
May believes that people hesitate to accept new technology. She adds that this is the biggest challenge with the progression of AR and VR. For the sake of the digital world’s seamless evolution, people have to be more accepting of tech innovations.
“The biggest challenge is to convince individuals to move towards new technology. Because people are afraid of excepting new changes, whether it is for their benefit, therefore creating those used cases has been challenging, especially for small businesses, startups, and similarly mid-level companies. We have to wait for the big brands like Meta, Google, or Microsoft to come out and jump on the bandwagon. The people need to be more excepting of the new technologies.”
Role of AI in shaping the future of the Metaverse?
May believes that our lives will become more and more simplified with the implementation of AI technology.
She shared, “As we learn and evolve with AI technology, we become more imaginative and innovative, and the data that we extract with its implementation is more accurate. In addition, with AI integration, human errors can be readily eliminated, which is much needed in many sectors like healthcare, in which you need to be accurate.”
May believes that we can make our lives easier and more relaxed with the implementation of machine learning, AI, and immersive technologies.
What are May’s plans for the future of web 3?
May’s goal is to expand globally to every market. She wants to bridge the language barrier gap and unite everybody in a new world where everybody is equal, understands the same language, and uses the same currency. The whole process should be according to the ease of learning and doing business. She actively advocates for universal participation leaving behind the issues like prejudice and discrimination.
“We are creating a world where everyone is equal regardless of gender, race, ethnicity, sexual orientation, language, immigration status, and more. A world where everyone coexists as equals. You can earn, live, help, educate, grow, build a new and better world”.
There’s no doubt that the future of humankind needs a robust financial system to drive transactions and assist people with financial services. The decentralized financial district that May is working on will provide the world with a genuinely effective financial system that could be effective in the traditional day-to-day finances and, hopefully, in the Metaverse as well.
Co-Founder & President at Meta Bank Defi: Unconventional, Decentralised, Photorealistic, Financial District In The Metaverse.
Co-Founder & CEO at Techwaze XR: XR & AI-based solutions for enterprises across all the industry sectors!
Everyone can make an impact no matter the size towards a better & equal world. IF NOT YOU, THEN WHO?
May Mahboob is a growth-minded CEO with a solid track record of successfully transforming global brick and mortar companies into innovative market leaders while maximizing investor returns. Highly passionate and an advocate in using technology to end global poverty, inequality, and segregation. She made it her life goal to utilize her knowledge and passion for helping those without a voice by bringing first-world resources to developing countries via innovative web 3, metaverse, and blockchain technology.
The article comprises the author’s views only and is reviewed by the author.
Khatija is a Senior Editor at To The Verge. Her interest in tech started when she came across AI, IoT, and XR. Always keen to learn the latest tech peripherals, Khatija loves to interact with tech industry experts and dig for information relating to emerging technologies. When not nerding over technology, she can be found on the couch binging mystery or sci-fi movies.