Technology being a great leveler, the world has become flat and provides equal opportunities for everyone. Whether you were born in the Bay Area or in a remote village in Africa, your opportunity to create an impact and make a difference in the world is the same.
In India, for example, the government is easily embracing technology with initiatives like the JAM (Jan Dhan-Adhaar-Mobile) trinity and providing a level playing field for all its citizens. Nearly 47% of India’s GDP is processed on this platform and my recent interaction with a local tea vendor shows how this adoption of technology is making a difference at grassroots level.
I curiously asked this young man from Kerala who runs his teahouse on his own, the reason for adopting UPI payments. He explained how it saves him time by giving change to customers after each transaction and that now he no longer has to go to the bank to deposit money.
On the other hand, the bank to which his UPI transactions are linked now knows that this young man generates INR 30,000/- per working day. As a result, their risk profiling AI software is now able to analyze this data and recommend a loan for her business expansion with better loan repayment certainty. This was not possible 3 years ago. That’s the beauty of what’s happening around us!
Over the past few years, India has witnessed significant economic expansion, with the adoption of new technologies such as AI, robotics, IoT, blockchain, cybersecurity, and big data. In this article, I would like to discuss a few tech trends that are gaining popularity and will continue to do so in 2023.
Internet 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 the Internet where the Internet will be more interactive and immersive and will be driven by user-generated content and interaction. For example, to imagine the next level of AI in Web 3.0, AI would be used for natural language processing, to recognize your emotions and facial expressions to make content relevant. This means that when you frown while watching an Instagram reel, it automatically switches to the next genre when you swipe up. This space would therefore be ideal for companies to present relevant content to their users.
The way we consume games and financial instruments, “DeFi” (Decentralized Finance) will also change a lot of time. Several Web 3.0 applications are gaining popularity and are worth mentioning. For example, the “Brave” browser which allows blocking all advertisements and evading trackers while rewarding good content via “BAT” (basic attention token), it could change the way people look at digital ads. Also, the widespread use of “NFT” (non-fungible token) will help content creators’ music, video and photo content gain better recognition and revenue for their work by ensuring traceable ownership and minimizing middlemen.
Cyber security: The travel and tourism industry is embracing emerging technologies to redefine products, services and consumer experiences, but this makes their cyber ecosystems more vulnerable to security risks as these technologies handle a massive volume of financial and data transactions. invaluable customers. Travel agencies are therefore a prime target for cybercrime. Ransomware and phishing attacks are two of the biggest concerns in this industry. Due to the current reliance on data, organizations are also exposed to human error by their own staff. To ensure data security, organizations must invest in cybersecurity as well as a variety of hardware and software solutions. It is clear that a step change is needed, and a more comprehensive, business-focused and risk-based approach to building cybersecurity capabilities will become the norm in the years to come.
Metavers: Metaverse travel has the potential to radically revolutionize the way people interact with the travel industry, imagine digitally visiting a hotel from the comfort of your home on the other side of the world. By creating three-dimensional replicas of real places, Metaverse Travel will create new experiences and possibilities for people to choose hotels and activities. In 2023, the metaverse will emerge as a great concept, which will be based on a single interconnected ecosystem, like the Internet. Soon, self-contained metaverse platforms with different economies and the ability to transport assets and things between worlds might become possible. There’s been a lot of conversation around governance, so things are going to get complicated because there wouldn’t be a single controller. There will be a shift in perspective, and this will inevitably lead to new modes of travel and a growing demand for virtual reality and metaverse travel services. As multiple companies continue to compete for this space, the future is sure to look very different, especially with the ability to create multiple identities in the metaverse.
Cloud: In recent years, the travel industry has seen growing interest in investing in cloud computing. However, several issues are still retarding the pace of cloud adoption. But as customer expectations rise and the travel industry’s technology environment becomes more dynamic, many travel organizations have come to realize the benefits of cloud computing. In the travel technology industry, we process a lot of personal data. With the growing computing power and capacity of the cloud, data storage becomes easier, allowing us to deliver personalized travel experiences.
Wearables and IoT: The Internet of Things (IoT) is one of the most important and powerful emerging technology topics that need to be understood and explored by individuals and businesses. In my opinion, this is just the tip of the iceberg, as we will soon see other portable devices with advanced capabilities. For example, non-intrusive wearable devices for HbA1C monitoring are very close to reality, which would benefit diabetes patients around the world to monitor and act in real time. IoT devices are also bringing transformation to many industries, including agriculture. There are now devices that can tell a farmer the exact amount of water needed per square inch of farmland. These devices make it possible to identify crops infested with pests and then treat only the affected yield separately, instead of the whole harvest. These devices are not only feature-rich, they are also the main driver of the Internet of Things.
Many of the most significant cross-industry breakthroughs expected over the coming year and beyond will likely be based on the patterns shown above. Moreover, it is gaining momentum and is likely to be the forerunner of the technology that will define the global course of human technology.
The opinions expressed above are those of the author.
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