When the internet was invented, nobody thought that it would grow in the size that we see today. Many technologies that had humble beginnings have proved immensely useful for the world and its people. The internet has led to many applications, though initially, it came as the World Wide Web to connect all computers of the world to share information, pictures, etc.
While innovating and exploring new things, we come across new technologies and applications which can bring efficiency, speed, accuracy, and many more benefits.
The Emerging Technologies
Artificial Intelligence (AI) is the most talked-about among emerging technologies. It has been in existence for decades but is termed emerging as many new dimensions of its usage have come out recently. Industry 4.0 will primarily be driven by automation, and artificial Intelligence shall be making a significant contribution to it. Intelligence is defined as mental ability reasoning, problem-solving, learning, and unlearning. In its general nature, intelligence integrates cognitive functions attention, memory, perception, language, planning. The human brain carries natural intelligence, which, of course, differs from person to person.
When a machine, device, or system is made capable of adopting some human intelligence, it is said to be making use of AI. Thus AI is a combination of technology and intelligence under which computer systems made of machines and software can perform tasks that typically require human intelligence. AI may be applied to a broad range of domains and applications. The core idea is to build machines and algorithms capable of performing computational tasks that would otherwise require human-like brain functions.
Considering the scope of AI application, concerns are being raised if it will replace humans, thereby leading to job losses. Opinions are divided on this. It is pretty sure that in many jobs, AI will be applied, and some functions will definitely be taken over, but it’ll be creating new jobs as well. It is the same misplaced fear that gripped industries and businesses with the advent of computerization. Also, AI can never be as creative as humans.
Recognizing the current interest in AI and its future prospects, the Central Board of Secondary Education has decided to incorporate this in its curriculum. NITI Ayog has formulated a national strategy for the adoption of artificial intelligence.
Big Data Analytics:
Today we daily encounter unprecedented volumes of data. Also, the data which we’re exposed to is relatively more organized. In its primary form, data can be just one or one set of numbers, however deep down, it may have meaningful implications and usage for businesses.
In data science, every transaction creates data or a set of data. For example, if you made an online purchase, the set of data includes what you purchased, at what price and time, is it a new purchase or a repeat one; if latter, after how much gap it was purchased, etc. By analyzing such data from individuals and groups of customers, businesses may plan their production or marketing strategies. Data Analytics has grown into a vast subject now and covers various forms of analytics, such as prescriptive, predictive, etc.
Analytics has extensive uses in human resource planning, sales, marketing management, banking and finance, education, etc.
Indian firms, like their global counterparts, have realized that a proper analytics strategy has a direct link to business performance. As per recent estimates, India is currently among the top 10 big data analytics markets globally. With its vast population, India can significantly benefit from big data analytics through better civic governance, social security, and financial inclusion. Such analytics can be a catalyst for the economy and country at large.
Some of you might have heard about blockchain regarding cryptocurrency like bitcoin. Technological experts see blockchain as a decentralized, secure, cost-effective, and efficient way to make and track transactions electronically.
Blockchain can enable ease of collaboration for enterprises and ease of living for citizens by bringing transparency across government and private sector interfaces. It is very often combined with technologies such as AI or the Internet of Things. Unlike other technologies, which can deliver completely new services to citizens and other stakeholders alike, blockchain has the potential to revamp existing processes to unlock new sources of efficiency and value.
Blockchains lead to a system that seamlessly adheres to the rule and fulfills the promise of not allowing transactions that did not comply with the agreed conditions. Today, people transact with multiple entities every day, both offline or online, and in various forms.
Transactions could be done in small purchases from a roadside vendor or a deal between two huge organizations. Immaterial of the size or nature, however, a common underlying feature of transactions is that they require the parties involved to trust each other or adhere to a system that enables this trust to be executed. These ‘trust systems’ can take a variety of forms, depending on the nature of transactions being conducted, to create checks and balances to ensure that parties involved fulfill their responsibilities and recourse in the case of disagreements is available.
Blockchain is one of the most in-demand hard skills for 2020. In 2019 the worldwide spending on blockchain stood at $2.7 billion. Blockchain has become a line of business for top global companies in the finance and technology domains like Amazon, JP Morgan, IBM, ORACLE, and Microsoft. Blockchain can perform thousands of transactions per second with precision and accuracy. This is a relatively new technology but is catching up fast.
Internet of Things (IoT):
Connecting devices to the internet are getting common day by day. Such connections provide tremendous benefits. Many people watch videos (available on websites) on their TV sets for which they earlier used desktop, laptop, or mobile phones. This is just one basic example of IoT. It is full of possibilities which we’ll see in the coming days. Many of the technology experts value IoT as a concept rather than a technology.
When something is connected to the internet, that means it can either send information or receive information or can do both. This ability to send and/or receive information makes things smart. To become smart, a device doesn’t need to have super storage or a supercomputer inside it. All a device has to do is connect to super storage or to a supercomputer. Being connected creates several new opportunities. Using IoT, a mobile phone may be connected to a fridge, air conditioners, lighting system or locking system, etc.
IoT devices are becoming more affordable day by day. In business organizations, the increased adoption of IoT is due to low-cost sensors, improved infrastructure, and the advancement of communication technology. When 5G technology arrives, it is likely to give another boost to IoT. The flagship programs of the Government of India, like Smart Cities Project, Digital India Programme, and Smart Energy Project, are expected to expand the deployment of IoT. Nasscom expects that by the end of this year IoT market in the country will be around 15 billion US$.