With technology being a great leveler, the world has become flat and offers equal opportunities to all. Whether you are someone born in the Bay area or a remote village in Africa, your opportunity to create an impact and to make a difference in the world is the same.
In India, for instance, the government is adopting technology readily with initiatives like JAM (Jan Dhan-Adhaar-Mobile) trinity and offering a level playing field to all its citizens. Close to 47% of India’s GDP gets transacted on this platform and my recent interaction with a local tea seller showcases how this tech adoption is making a difference at the grassroots.
I curiously asked this young man from Kerala who operates his tea shop single-handedly, the reason to adopt UPI payments. He explained how it saves his time in giving change to customers after each transaction and that now he doesn’t need to go to the bank to deposit cash.
On the other hand, the bank to which his UPI transactions are linked now knows that this young man is generating INR 30,000/- per working day. Therefore, their risk profiling AI software is now able to analyze this data and recommend him a loan for his business expansion with better certainty of loan repayment. This was not possible 3 years ago. This is the beauty of what is happening around us!
In the past few years, India has undergone significant economic expansion, with the adoption of new technology such as AI, Robotics, IoT, Blockchain, Cybersecurity, and Big data. In this article, I would like to discuss few technology trends that are gaining significant mindshare and will continue to do so in 2023.
Web 3.0: Web 1.0 was “Read-Only”, Web 2.0 is “Read-Write”, and you can imagine Web 3.0 as “Read-Write and Execute”. This is the next level of internet where the internet will be more interactive and immersive and will be led by user generated content and interaction. For example, to imagine next level of AI in Web 3.0 – AI would be used for natural language processing, to recognize your emotions and facial expressions to render relevant content. This means, when you frown while watching an Instagram reel, it automatically moves to the next genre when you swipe up. This space would therefore be great for enterprises to present relevant content to their users. Read More
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This authored article by Sriram Gopalswamy was published in The Times Of India