Emerging Technologies
The sixth session of the Empower project included a discussion on Emerging Technologies.
Emerging technology is a term generally used to describe a new technology or continuing development of an existing technology. It refers to technologies that are currently developing, or that are expected to be available within the next five to ten years, and is usually reserved for technologies that are creating, or are expected to create, significant social or economic effects.
Some of the emerging technologies are:
5G Networks
5G has been designed to improve the network capacity and speed significantly. With an increase in video conferencing, remote working and digital collaborations, reliable connectivity and better bandwidth are crucial. 5G will influence the deployment of emerging technologies, like the Internet of Things (IoT), autonomous vehicles, robotics & drones.
According to reports the global 5G services market is estimated to reach $41.48 Billion by 2020 and expanded an annual growth of 43.9% from 2021–2027.
Extended Reality
Extended reality (XR) refers to all environments that combine real and virtual elements with various levels of interactivity with and between these elements. It includes augmented and virtual reality. Extended Reality enables marketers to give their consumers a ‘try before you buy’ experience. It allows consumers to be transported to a place, immerses them in that world and motivates them to explore it. It will help us in giving an idea about the working environment and will create a great number of scenarios, including ones that are risky or difficult to set up in reality, by offering a high degree of immersion and interactivity. Over the years this technology will revolutionise healthcare, education, lifestyle etc.
Artificial Intelligence
AI has proven to be one of today’s most transformative tech evolutions. The influence of AI technology can be seen across sectors such as transportation, education, manufacturing, online shopping, communication, sports, media, healthcare, finance, aerospace, and so much more.
Many researches are currently going on around the world in the field of AI. Some researchers are looking to AI to develop a “smarter” autopilot that does more than fly preplanned flight paths. The autopilot can learn how to adapt to changing conditions, such as bad weather or engine failure, by studying pilot actions and sorting through flight data. AI is fast becoming a very critical part of the healthcare industry as well. A vast amount of patient healthcare data has been collected in recent years that can help doctors and nurses make better patient care decisions.
AI is upgrading industry processes and making machines smart. It is expected to be one of the most turbulent technologies impacting industry and business.
Blockchain
A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. It is represented in the form of a tree called Merkel Tree.
By design, a blockchain is resistant to modification of its data. This is because once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks.
Structure of Blockchain
History
The blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The identity of Satoshi Nakamoto remains unknown to date. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications and blockchains that are readable by the public and are widely used by cryptocurrencies.
Bitcoin & ETHER
Bitcoin is one of the cryptocurrency which uses blockchain. There are other cryptocurrency too like ether which is set up on blockchain, called Etherium. Ether is the second famous crypto currency after bitcoin.
Ether and bitcoin are similar in many ways: each is a digital currency traded via online exchanges and stored in various types of cryptocurrency wallets. Both of these tokens are decentralised, meaning that they are not issued or regulated by a central bank or other authority.
Uses of Blockchain
Blockchain technology can be integrated into multiple areas. The primary use of blockchains today is as a distributed ledger for cryptocurrencies, most notably bitcoin. There are a few operational products maturing from proof of concept by late 2016.Businesses have been thus far reluctant to place blockchain at the core of the business structure.
Blockchain in India
The Indian central bank had in 2018 banned crypto transactions after a string of frauds in the months following PM Narendra Modi’s sudden decision to ban 80% of the nation’s currency. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite in March 2020.
