On May 21st, we hosted a panel discussion in collaboration with the Hong Kong Internet of Things Alliance (IoTA) on how IoT technologies are applied in real estate sectors. Below is a collection of the discussion highlights. A full recording of the webinar can be found here, and the panel starts around 23:00.
What is a Digital Twin
“It takes time and change of mindset for the adoption of digital twin technologies. It has important implications in smart city build out and construction safety that are more than a dollar sign. – Ir. Zack Lu
Digital Twin is a virtual representation of a reality in real world in real time. The insights that the “twin” allows people to do is crucial – e.g. the dynamics of physical changes overtime and the simulated possibilities – and it should be more than a marketing gimmick or re-labelling of IoT data hubs.
ESG is about the Future
“Financial report tells you about the past of a company, but ESG report tells you what the company going do.”——Arthur Lam
One might wonder the benefits of doing ESG apart from a compulsory disclosure for financial reporting? ESG tells stakeholders how resilient your company going to be, how will it treat the employers and the stakeholders, how governance will be carried out, etc. ESG gives an excellent framework that guides the company to be resilient and future-proof, it’s not just about the effect on the environment, but the sustainability of the corporation itself.
PropTech should be designed for people, rather than just the buildings and equipment. All shall be purpose-driven and the purpose that’s going drive the ESG of the company is the future.
The Hype vs. the Reality of PropTech
“The risk for PropTech is not as high as compare to all other industries that we have seen.” ——Dr. Calvin Kam
There is always a concern about VCs heat up PropTech market too much as it becoming an increasingly popular buzzword, making people dare not to trust even the genuine technology. The same hype, the same reality, the same VC, and the same over-attention are even more so in consumer electronics, Apps, social media, games, and also many other funds. Since there is still much room for PropTech to grow, attention from major VC and global giants to woke the construction industry, property and real estate market up would be largely welcomed.
Data Transparency as Angel or Devil
“Like any technology planning, we need to set up objectives, understand the value of doing something and the risk of not doing something”—— Dr Calvin Kam
“Whether 5G can enhance the data security depends on the architecture and final solutions required.” —— Yan-Shun Li
According to Dr Kam, businesses need to be serious toward data security rather than just regarding themselves have the privilege to know something and excited about it. The right access is the key, it is crucial to ask whether you have the right devices and settings before filling the dream of digital trend and IoT. An important by-product of blockchain is greater data transparency. “When the entire world is crazing about carbon-neutrality, information collected by blockchain helps to verify the data veracity.” said Arthur.
Be more open-minded for technology adoption, advocate for better policy support and corporate governance, focus more on long-term big pictures, the next generation, and the sustainability of future world, and stay positive!
Guest Speaker List: