Sustainable Development of Industry 5.0 and Its Application of Metaverse Practices

Sustainable Development of Industry 5.0 and Its Application of Metaverse Practices

Copyright: © 2024 |Pages: 16
DOI: 10.4018/979-8-3693-5868-9.ch008
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Abstract

The advent of Industry 5.0 presents new challenges for the design of human communities that have the capacity to be both ecologically and economically sustainable. Industry 5.0 is characterized by its focus on human-centric business, as opposed to Industry 4.0, which prioritizes manufacturing and technology. Machine learning technologies have several applications and play a crucial role in both Industry 4.0 and 5.0. This chapter argues that for Industry 5.0 to really prioritize human needs, it is imperative that humans possess the ability to create, advance, and oversee reliable and morally sound artificial intelligence systems. To tackle this issue, the authors have established an AI ethical framework that aims to offer guidance on the ethical usage of AI in daily activities. The current study is based on the authors' previous research and is being further refined as part of continuing research to validate the proposed framework.
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Introduction

Over the course of human history, technical progress has not only changed the ways in which different things are made, but also the entire organization of societies. Throughout the history of technology, there have been four notable phases of industrialization, referred to as “Industrial 1.0 to Industry 4.0” by the scientific community. Despite the ongoing implementation of Industry 4.0 and the increasing adoption of this trend by many firms, discussions regarding Industry 5.0 started several decades ago. Industry 5.0 can be classified in several ways, but it should not be seen as a completely new industrial revolution. Instead, it should be understood as a transitional phase that may precede a potential sixth industrial revolution (Di Nardo & Yu, 2021).

Industry 5.0 represents a shift from the technologically-focused approach of Industry 4.0 to a more human-centred perspective. In this new paradigm, firms are leveraging innovation to achieve objectives that go beyond just commercial efficiency. In this new industrial environment, humans may collaborate with robots and machine learning (ML) technology to enhance their productivity and creativity. While certain studies (Wang L et al., 2021 & Nahavandi, 2021) emphasize the theoretical benefits of Industry 5.0, others (Hekim & Ozdemir, 2021), (Sezen et al., 2021) argue that it entails the establishment of complex and highly interconnected electronic systems, potentially neglecting the administrative challenges arising from human-computer collaboration.

Consequently, it is necessary to tackle certain ethical concerns. In order to address potential ethical issues, it is essential to build appropriate governance and implementation regulations that can tailor the development and deployment of AI technology. Most contemporary scholars (Topcuoglu et al., 2021) (Codini et al., 2020) (Show et al., 2021) have examined the interconnectedness between the features of Industries 5.0 and both the economy and society. These distinctive qualities are not only intended to increase productivity but also to improve the overall quality of life. The participants engaged in a discussion about the possible frameworks and regulations that should be integrated into the realm of technology progress. The aim was to mitigate business risks and promote innovative solutions to address current social issues faced by firms.

Mavrodieva and Shaw (2020) establish a correlation between Industry 5.0 and the notion of a “Super Smart Society,” highlighting the distinct requirements and abilities of each individual. The concept involves integrating the tangible world with the internet to efficiently collect more precise and personalized data for improved value creation and problem-solving. This concept is evident in the latest announcement by Microsoft and Facebook on the Metaverse (Krogstise et al., 2022) (Sharma, 2023), which is a system that has the potential to link online assets with real-world economic activities. In other words, the metaverse has the capacity to become a crucial element of Industry 5.0, facilitating the fusion of the real world with computer to provide firms with increased flexibility in their operations.

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