How does Blockchain Technology work and how it is evolving in India
Blockchain is an advancement of overall Technology from centralised system to progressively distributed structure. The real necessity for Blockchain rises when buyer are dispersed and the ecosystem is to be worked with trust and affiliation. Financial related organizations, where there is a need of distributed ledger system across the value chain, is the part in which this application has been predominantly used.
We will see more utilizations of Blockchain in India as we move towards advanced economy.
As far as Blockchain is considered, all the transaction are saved in a public domain. You might have a question in mind, “how safe is it”?
As we have mentioned Blockchain work on distributed ledger system, data is stored at various locations. Any malware attack or hacking or alteration at one place will not have any effect on original data saved in the some other ledgers at other locations. Because of the unmatched data, it become quite easy to find out where the changes have been made. Owing to this, Blockchain is considered safer than all the other existing data storage technologies present today.
As we are talking about technologies here, let’s put a light on AI and the sector deploying it.
AI is the talk of the town these days, it is a buzzword in almost every industry you just name it. Indian companies are betting big on AI to revolutionise their traditional solutions and processes, innovate and build new solutions, and offer better customer services.
Several institutions including financial institutes have adopted AI and Machine learning technologies to automate data intensive process. Some of the other service-based companies in IT solutions and e-commerce also uses AI technology to analyse the untrapped needs of the customer and to do a better feedback analysis.
It is also important to point out the another technology that is being mostly talked about is IoT (Internet of Things). Let’s look at how businesses can have advantage by using IoT.
In general terms, IoT is the combination of all these technologies that we are using right now in our day to day life. It is about connecting devices and maximising the value that we get from all these devices. IoT is poised to transform the way data is consumed and generated by business, consumer and industry.
When it comes to businesses adopting IoT in their organization, it is at its initial stage in India. It will lead to industry Intelligent manufacturing, that will transform the economy from service oriented to automated manufacturing economy.
This is the key point in shifting to any new technology, and IoT has a major role in this transformation and will have enormous application in future. IoT could actually convert all industries into technology based industries.
IoT is also targeting automotive space. The future is going to be more about connecting automobiles. Imagine, two cars on the road will have interaction on the road and they could even predict when an accident might happen based on past data. This is the sort of technology that is coming to light and we believe, in 2020, the value of a car will be looked at from the perspective of software. That said, we will have to wait and see how IoT evolves.
Even in this age of technological advancement there are some people who talk technology as a evil and they worry about job displacement.
When a new technology comes in, the skill set required will change. Earlier, the transformation was from manual to automatic and now it is changing from repetitive task to analytical task – one should be able to use analytical tools to deliver outcome. But what have remained common are the jobs that require relationship, human judgement and creative thinking. It will take some time to settle down and do re-skilling.
When you look the return on investment on some of these technologies, you will realise that it is quite well proven. There are many ways to adopt technology without incurring higher cost say no ‘pay per use’ basis. Thus, an organization that adopt such technologies doesn’t look at just money but at the customer satisfaction.
The organisation leveraging digitisation may have better customer satisfaction which is turn, generates more revenue and loyal customers.
We have seen technology disruption in the last 27 years. What are the sectors still lagging behind?
We haven’t stayed behind anything, all industry have really come a long way. If we look at it from a national perspective, Bank and financial sector took the first step. Improvement is seen in manufacturing and healthcare also.
That said, sector that required more focus are tourism, handicraft, co-operative institution with mass involvement but with no large organisational support to grow.