Artificial Reality Archives

“Digital Assets: Sending seismic waves in the financial services industry”

In the past decade, the world digitized at an unprecedented pace. The financial markets, like everything else, witnessed an exponential rise in digitization. As a result, the emergence of digital assets has perhaps been the most critical and debated. The last few years have provided an additional moment to the digital assets revolution taking the financial services industry (FSI) by storm. While most people in the financial services industries (FSI) are convinced about the utility and effectiveness of digital assets, a small percentage of people remain skeptical. In this article, we will discuss how digital assets are all set to change the FSI. We will also explore possible answers to some of the questions raised by the skeptics.

Advantages of digital assets

Digital assets are being touted to replace physical currency in the near future. The volatility in the financial markets in the past two decades led to the shift toward the digitization of the FSI. Let’s delve into the top advantages of the usage of digital assets:

Digital assets offer various advantages over traditional currencies and financial tools as they are easy to manage and track, and digital assets can be easily distributed and redistributed.
These assets enable the banks to perform transactions outside the boundaries of the conventional banking system, nationally and internationally.
They are opening new payment channels and helping financial institutions to diversify their investment portfolios.
The easy and fast scalability of digital assets makes them ideal for absorbing market shocks. Moreover, these assets provide a competitive advantage in the market and help achieve greater compliance, transparency, and efficiency in the processes.

Organizations can build new revenue streams, meet customer expectations, and reduce risks with digital assets.

Consequently, companies can gain enhanced trust from the customers and the authorities.

The Shared Optimism- Financial Services Industry Leaders Overview

Regardless of sharing several advantages, digital assets cannot bring change on their own. Without trust and active support from the people, the future of digital assets is impossible to imagine. Luckily, there is a breeze of positivity flowing in the FSI regarding digital assets. Global studies have indicated that more than 80% of the executives in the FSI are convinced that digital assets are mainstream and will replace physical currency in the near future.

A majority of Financial Services Industry (FSI) executives believe that digital assets will replace the fiat currency in the next 5 to ten years. Digital assets provide a competitive advantage to businesses in the market. Most FSI professionals believe that their competitors are already working on obtaining and refining digital assets, and their organizations will lose significant competitive advantage if they don’t take proper action on this front.

Potential Challenges Related To Digital Assets

“The caution is in the Air”

Despite all the positivity indicated by the market studies, not everybody is fully convinced that digital assets are the future of financial markets. Although the utility and effectiveness of these assets are not questionable, most skeptics are raising concerns regarding their safety of these assets. While others cite the regulatory barriers in front of the mass acceptance of digital assets. It might be noteworthy that in some countries, the regulations on digital assets are too stringent that they hamper their growth and adoption.

On the other hand, in some countries, the regulations are absent. The absence of regulations makes digital assets vulnerable to malpractices and criminal activities. Since digital assets are designed to work seamlessly across international boundaries, malicious activity from one country could have implications in another country.

Digital assets are built on the blockchain platform that makes them practically hack and tamper-proof. To alter a record in the blockchain, the hacker needs to have control of the majority of the network. This would require a considerable amount of computing power and time, which makes it practically impossible. The decentralized nature of the digital assets on blockchain adds a layer of safety to the framework.

Here are the key barriers to the digital economy acceptance:-

I. Cybersecurity

ii. Regulatory Barriers

iii. Privacy

iv. Financial infrastructure

v. Lack of value propositions

vi. Secondary markets and more.

Yet, many FSI leaders are optimistic about a positive future for financial services.

However, regulatory dynamics are still uncertain and remain one of the biggest

hurdles. Once curbed, it can lead to a secure and transparent digital economy in

the future. Governments across the world are brainstorming on preparing a regulatory framework for them. Investments are being made to prepare technical infrastructure for the custody of digital assets and cybersecurity.

Potential Solutions

Digital assets share a dynamic nature. They vary in terms of design and execution.

Therefore it involves risk.

FSI leaders recognize that blockchain innovation would play a pivotal role in securing

digital transactions. Apart from that, AML, security registrations, antifraud, and

taxation are crucial areas where security is needed.

Following is the list of potential solutions to ensure digital assets are secured:-

I. Digital Asset Management

ii. Data Backup

iii. Two-Factor Authentication

iv. Data Encryption

v. Spread awareness amongst organizations

vi. Financial literacy on changing trends.

Future Scope of Digital Assets

Digital assets built on blockchain are the future of the financial market, and the future is now. Capital markets are realigning around digital assets, and new business models are emerging around them. The advantages of digital assets outweigh the concerns raised by a few. Most of the professionals in the FSI are ready to embrace digital assets, and it is high time that businesses, markets, banking systems, and government entities prepare themselves to align with the upcoming change. Digital assets are ready to change the financial markets and economies like never before only the fittest will survive. So, are you and your organization ready for this new stage of evolution? If not, you better start preparing because the transition is inevitable.

Stay tuned to https://www.rapidinnovation.io/ for more technical dives!

“DALL-E: The Creative Catalyst”

A picture has the power to communicate in a way that words cannot. From business branding to community engagement and promotions, visuals play a pivotal role in driving the fate of your brand. They are a crucial part of communication and product advertising.

Graphical content plays a vital role in driving your business communication as it not only provides a brand voice but also creates the first impression through visuals.

Today, AI art generators are being used to help businesses and individuals craft distinctive designs in a few seconds based on text prompts. These art generators produce creative images, bringing your exact image needs to your command.

As we are at the cusp of the Web3 revolution, the demand for better imagery has equally grown. This has led to a positive development in the Generative AI space.

DALL-E is leading the way. It is a revolutionary graphic generation tool that produces original, realistic, or cartoon art (in seconds) from your text commands. All you have to do is, input your prompts, and your image will be “magically” ready in a few seconds. It’s truly remarkable.

Tools like DALL-E will transform the image creation process because they can produce high-quality realistic pictures and are simple to use.

The AI-generated images provide an interactive platform for enterprises to create high-quality bulk images in one go. In this article, we will explore crucial aspects of DALL-E to leverage for your business growth in 2023.

What is DALL-E?

“From texts to images.”

OpenAI’s ChatGPT and DALL-E are grabbing everyone’s attention as they generate your desired content in the form of creative texts or images (respectively), as you command. It’s yet another way that technology is leveling the playing field for large and small businesses.

DALL-E has been created by employing intricate techniques of Deep Learning, which involve large amounts of Data based on which it trains AI to perform a particular task. Let’s get back to basics.

So, what is DALL-E? It is a graphic tool built on a 12-billion parameters version of GPT-3 to generate images using text prompts. It creates a varied range of vivid images closely aligning with your command.

The tool has a unique capability of building anthropomorphized variations of animals, humans, objects, and more. Let’s explore with examples.

How to use DALL-E?

OpenAI has created a super simple interface to create realistic graphics using DALL-E. Here is a stepwise process for the same:

Go to OpenAI DALL-E2- Click Here and click Try Now. You can also visit the basic version of DALL-E by using this link Click Here. Here is what the screen would look like.

Add your prompt as precisely as you can. This step defines how well the outcome will be. So elaborate as much as you can.

Click on Generate.

Wait for a few seconds. Your image is ready!

Simple! Right? As much as it is easy to use, it is equally important to pay attention to the prompt. Your text can make or break the results.

Here is why the right prompt is crucial to use DALL-E:-

Example 1

Prompt 1- Let’s have a look at some of the out-of-the-world, quirky designs. Consider a prompt, “ Mysterious lady in a forest.”

Prompt 2- Now consider this prompt. “Mysterious lady in a forest, f22, 1:1, 8k, Photo Realistic, Hyper realistic, HD, Octane Rendering, Unreal Engine, — s5000 –uplight –q 3 –stop 80–w 0.5 –ar 1:3”

Example 2

Let’s think something out of the box this time. Dog in space? Reminded of Laika? Let’s hold the imagination of the first dog in space right and see the results.

Prompt 1- “A Dog in space.” And we got these results. We felt that it was more animated. While we were expecting a more AI-generated and quirky outcome. And so, we decided to enhance the prompt.

Prompt 2- “A dog in space, Cosmic atmosphere, –version 3 –s 1250 –uplight –ar 4:3 –no text”

These pictures were generated in less than 5 seconds.

Example 3- This example is a bit complex case. It also shows one of the limitations of DALL-E with multiple details (discussed later in the blog. Stick around till the end. We have a lot more for you).

Prompt 1. “Uncle Ricky wore a red coat, white hat, black shoes, and blue eyes.”

Prompt2. “Uncle Ricky wore a red coat, white hat, black shoes, and blue eyes, f22, 1:1, 8k, cyberpunk lights, android, HD, Octane Rendering, Unreal Engine, — s5000 –uplight –q 3 –stop 80–w 0.5 –ar 1:3”

Example 4

See the difference yourself.

Prompt 1- “Horse Running in the paddy field, astronaut riding on it, peace, cosmic sky.”

Prompt 2-” Horse Running in the paddy field, astronaut riding on it, peace, cosmic sky, 4:3 –no text, –version 3 –s 42000 –up light”

Why is DALL-E important for your business?

Branding and imagery are the two fundamental pillars of every marketing strategy. However, creating impactful graphics and visuals can be a time-consuming and costly process. It requires the expertise of graphic designers, photographers, and other creative professionals.

Not only are the resources costly but these professionals also take time to produce high-quality results. While paid stock photography can be faster and more cost-effective, it’s also less precise to your business’s needs.

The process of creating graphics and imagery often involves a cycle of feedback and revisions, which can significantly prolong the time it takes to produce high-quality results. This is also something DALL-E can assist with. By adjusting the prompts you can quickly try new ideas or make subtle changes. Then send your most finalized version to a graphic designer for final edits and photoshopping.

Leveraging DALL-E can significantly reduce the cost and time of creating high-quality images and graphics for your marketing needs.

AI, in all possible ways, stands out in generating a bulk of high-quality content when compared to human effort.

Why choose DALL-E 2 over DALL-E 1?

Just like we witnessed different versions of ChatGPT, OpenAI has developed two versions of DALL-E as well. It includes the DALL-E 1 and DALL-E 2. Now we will explore the difference between the two versions below:-

DALL-E 2 produces better image clarity when compared to the first version. Version 2 employs diffusion techniques that include weaving random dots to create a pattern that would resemble your command. Therefore, DALL-E 2 produces better-resolution images with diverse options in lesser time. Also, Version 2 produces more image iterations by providing a feature called “variations.”

According to OpenAI– professionals prefer DALL-E 2 over DALL-E 1:

71.7% preferred it for caption matching
88% preferred it for photorealism.

All you should know about the “Outpainting” feature of DALL-E

Outpainting is yet another unique feature that was recently introduced by OpenAI. As reported by their official website, “This option helps users extend their creativity by continuing an image beyond its original borders—adding visual elements in the same style, or taking a story in new directions—simply by using a natural language description.” For instance, consider the following input. It’s a half image with only the women’s face on her shoulder. With the outpainting feature, you see that the image’s output contains the full frame with vivid details of the background.

Image source

Uses of DALL-E

“It’s time to get an illustrative edge.”

DALL-E is a crucial tool that caters to your bulk/creative needs at a time. It can enhance the brand’s face value for both small businesses and large enterprises. It is like a visual buddy of existing designers to ideate and evolve. Here are important use cases of DALL-E:

Create engaging Social Media Posts with interactive realistic or animated.
Interactive designs for blog posts.
Create logos.
Exclusive tool for solopreneurs to build designs for their websites.
A perfect partner for individual designers to break the mental block for different design ideas.
Royalty-free images with realistic and unique designs.
High-definition designs.

Challenges Related to The Implementation of DALL-E

As you may know, this tool creates images based on your prompts. This implies that you provide proper instructions to get the desired images. Otherwise, the outcomes may fail your expectations.

Therefore, simultaneously controlling collective projects is a bit of a challenge. Remember the uncle Ricky example mentioned above. This prompt might get confused with the color association as red, white, black, or blue. Can’t wait to see the results? Check yourself. There is a color mismatch.

Prompt-

Undeniably, DALL-E 2 provides a sense of controllability, but the multiple details like the above can pose a new challenge. At the same time, it depends on the text command as well.

Additionally, there is a limit to the number of times you can try the tool for free. After a particular trial period, you’d be expected to purchase the tool. DALL-E has onboarded 1 million plus users in a short period. The significant value it creates is worth the investment.

Future Scope of AI-Generated Images

Automation is a ubiquitous process today. To accomplish even the minutest of tasks, we rely on smart solutions for efficiency and accuracy. Similarly, AI-generated image tools are just the beginning of the revolution we will witness. Since tools like DALL-E can produce a high-definition image when given the right prompts, it is expected to pave the way for future designs.

At the same time, it is equally important to note that no matter how beautiful images may be, ultimately, it boils down to your prompt. Thus, this is the starting point of human-AI integration to produce high-quality results.