The transformative power of foundational technology

Every era comes with a vision of new technology. Today, hawkers on the street selling goods make the most of QR code. They are using QR code because of its significant impact on business—and not so much because they understand the workings of the technology. Scanning the QR code takes care of the entire transaction with customers. When technology feels like magic, adoption rates tick up rapidly. Then and now, it is the realization that these technologies are touching the lives of people—makes them transformative.

The technologies that take off the ground become core to people’s lives because they can make the future simpler. The Internet, 5G, artificial intelligence, metaverse, Web 3.0 are solid examples of such technology. They are incredibly interconnected—and have practical advantages. 

The reason for their interconnectedness is two fold: One is that they evolve from each other. The Internet has paved the way for digital transformation like Web 3.0 and critical innovations like cybersecurity which is needed to secure networks or data. The second reason is that people are thriving on each of these technologies for end-to-end business outcomes. 

The advent of mobile technology has changed the scene in India. It has the power to connect every human being across the country—and beyond. In an advanced state, mobile internet helps people tap into knowledge, markets, services, and community—driving inclusion. It has enabled greater access to jobs, established ecommerce businesses, last mile delivery, understanding consumer behavior, pushing digital payments, and the like.

India ranks third in the world among the most attractive investment destinations for technology transactions. This means the country is spearheading efforts to build sophisticated technology. Its talent pool and the ability to experiment with technology are a major booster for the country’s technological advancement. 

Make change happen 

Several disruptive technologies cut across the mobile platform. One is artificial intelligence (AI) pushing the envelope for businesses—such as e-commerce and last-mile delivery. Application of AI in the farming sector is long overdue and changes are happening. Online grocery companies are eliminating middle men and sourcing directly from farmers. Over time, one can expect the companies to model seasonal demand, analyze weather patterns to be able to source more efficiently and also to improve the perishable supply chain. Such disruptions would propel India’s growth even further.

AI is being harnessed by a lot of tech companies in India. Food and grocery delivery companies are solving consumer problems by employing predictive analytics using AI to identify risks and opportunities. They predict the future possibilities using historical data and decode the supply-chain across geographical areas. They can address critical questions: what would sell in a particular marketplace? Is it worth placing the goods in a particular location? How many drivers should be deployed to deliver goods to consumers? 

Drawing answers to these questions is enabling these companies to progress at an accelerated pace, all the while giving power to consumers. A senior citizen living in the peripheral areas of a city can instantly purchase medicines from the comfort of their home. As a result, last mile delivery companies tap into the information through predictive analytics to make their business successful—and consumers happy. 

Move toward an increasingly interconnected economy

What is most interesting here is that the increasingly interconnected digital economy is also shaping the lives of people who don’t understand technology yet. A decade ago, the way people would run their businesses—or even think about managing their businesses in India was complex. Today they are able to do it efficiently—and successfully. 

The question is thus not which technology, but the way in which the technology develops and guides everyone collectively. UPI is a good example to explain. New payment instruments in India like UPI/e-Rupee are changing how we are using money. Today, a farmer who is also a pattachitra painter from Odisha is able to advertise their work on WhatsApp, transact through UPI and get paid for their work without leaving their village. 

The future is wide open 

The Internet is playing a great role in the course of how AI is being used. While it allows interconnectedness to happen, 5G technology is going to revolutionize India’s digital economy on a grand scale. After all, much of India’s anticipated digital growth is reliant on 5G technology. 

At this point 5G technology is the solution to the problem of creating new experiences for end-users. With the rise of Web 3.0—blockchain, non-fungible token, and cryptocurrencies, the kind of opportunity facing companies is huge, pushing them to think hard. One way to look at the outcome is that immersive apps will be created for transactions, digital currency trading, purchase of goods and much more. 

Another opportunity area ripe for utilizing foundational technologies is in the system of land records. In India, the Khatha system is being reimagined and can be secured with blockchain. Imagine a day when a farmer can sell a piece of his land, get paid and also register the transaction in his local bank branch. At the same time, the buyer feels safe that the transaction is accurately tracked and records could be attributed to him from anywhere in India. Which then opens up new frontiers for India’s digital ecosystem. 

So it is interesting to note that India is in the midst of various technologies and innovations. Looking through the technological developments, and noting their impact on the economy, offers a broad sense of where the country is heading toward.