Unity Technologies is Making Cities Smarter With Digital Twins

Modern cities have not yet reached their true potential as there are gaps in structural demands that need to be fulfilled. Several nations globally are exploring digital twins to enhance their cities’ smart potential. Unity Technologies (NYSE: U), a software development company, recently explained in their April 21, 2023 blog that how companies are coming together to collaborate on such projects globally.

The Technology Might Enhance Urban Planning

The gaming giant joined hands with Orlando Economic Partnership (OEP), a private-public partnership company, to create Floridan city’s digital twin. OEP President, Tim Guiliani, said that it is a revolutionary idea for businesses. The initiative will help in further expansion plans of the town.

Trondheim, a city in Norway, is usually considered the technology capital of the nation. Unity helped the officials to visualize what this town will look like in 2050. Martin Vitsø, town’s geodata specialist, said that the process can help attract a large number of people for city planning.

Moreover, Unity Technologies helped Sitowise, a construction engineering company, to create a project for a virtual environment for urban planning, real-time simulation and more dubbed Aura. What’s more, the collaboration successfully developed a digital twin of Port of Oulu in Finland.

The home to Gustave Eiffel, France, is in the list of virtual wonders Unity has worked with. The company has assisted Vectual, a company specializing in visualizations, to create a digital twin of the greater Paris metropolitan area covering 1,000 km². City officials are also working with the organization to improve efficiency in architectural development.

Recently, the metaverse started losing its prominence following the announcement by Meta Platforms (NASDAQ: META) that they will focus on artificial intelligence (AI). Though the metaverse will remain the company’s primary goal in the long run. Still, there’s some blood left considering a few companies like Apple (NASDAQ: AAPL), Nvidia (NASDAQ: NVDA) and more are active in the game.

Research shows that 94% of Internet of Things (IoT) platforms will integrate some form of digital twin technology. 42% of execs from a variety of companies understand the benefits of implementing this tech. However, 47% of information technology (IT) decision makers are not aware of the technology.

Recently, CNBC spoke to some industry experts and technologists regarding the technology. Conversations led to the conclusion that digital twins will be among the techs driving the factories of the future. Rolls Royce, a car and aero-engine manufacturer, is using digital twins to gather data from the installed jet engines to improve the performance of the products based on metrics.

Senior M.D. of Accenture, an IT company, told CNBC that metaverse can be a revolutionary aspect for industrial companies. It can create a fully immersive simulation of an enterprise.

U Stock Getting Mixed Signals

The company shares are currently trading at $28.65 yesterday, a 0.07% decline since its previous close. Aroon down has reached its maximum threshold while aroon down is currently at 14.29%, indicating a potential decline in the coming days. However, Connors RSI has moved to the oversold zone, highlighting possible rebound in price.

Fib retracement shows the stock broke $29 resistance on Thursday, taking support at $25. Fib speed resistance arcs and pitchfan highlights price may reach near $35 is an uptrend follow. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.