Artificial Intelligence (AI) refers to any machine or system that exhibits human-like behaviour. In the simplest type of AI, computers are taught to “imitate” human behaviour utilising a wealth of data from prior instances of the same behaviour.

AI in India: An overview
For the last 60 years since its inception, AI has been constantly evolving and developing. Over the last few years, India’s central and state governments, as well as private and public businesses, have invested in a variety of AI projects. It is already transforming the operational, functional, and strategic landscapes across a wide range of industries, and its applications and functions are constantly evolving. Moreover, a growing number of corporate apps and business processes across all functions are being infused with AI.

The increasing use of AI
In the previous five years, India has seen a considerable increase in AI-related innovation, with over 4,000 AI patents being filed, six times more than for the period between 2011 and 2015. In spite of the fact that India had not filed any AI-related patents before 2002, it was ranked eighth by AI patent families globally. AI has been increasingly used in many fields in the country, including banking and financial services, healthcare, marketing, retail, agriculture, manufacturing, and so on.

Making the best use of AI
To conclude, the information provided above is only a small fraction of the potential impact artificial intelligence (AI) could have on the development of business and operating models across sectors and all economies, with the potential to have a profound impact on the lives of every individual on the planet.

Introduction

The 21st century has witnessed unparalleled technological advancement, especially in the field of information technology. Blockchain, artificial intelligence, machine learning, and other technologies that rely on it are being influenced by this technological evolution. The “fad” is catching up with blockchain, which provides transparency and immutability, in terms of the currencies that are emerging from it. Furthermore, the fact that the Indian government is actively utilising blockchain for land title registry, vehicle lifecycle management, farm insurance, and electronic health record management speaks volumes about the awareness, willingness, and pace at which blockchain is intended to be ingrained into the social and economic fabric of the nation.

Scope of blockchain in the private sector

From the perspective of the private sector, several businesses are investigating blockchain to increase efficiency and are attempting to internally review their procedures and workflows to improve their service delivery systems. Around 56% of Indian companies are adopting blockchain technology and incorporating it into their core operations. As a result, a Centre of Excellence (CoE) in Blockchain Technology has been formed by the National Informatics Centre. It functions as a coordinated, interoperable blockchain ecosystem across the country. This enables the government to test projects before releasing them for use by the general population.

Future of blockchain in India

Since blockchain technology involves software developers, financial specialists, and legal knowledge, which creates job opportunities, India has a lot to gain from it. Healthcare, government, cyber security, cars, media, travel, logistics & hospitality, education, law, and energy are a few industries where blockchain can be seen in action. The development of blockchain technology can also offer the government a chance to foster openness and accountability while facilitating easy interactions with the public. Due to its immutability, transparency, and decentralised approach, this technology will also contribute more value and increase trust within its ecosystem.

Technology parks have become the next big frontier in the IT industry for the right reasons. The IT parks have served as the foundation for countless digital businesses throughout the world. Beyond the companies and tenants, they also benefit society and the economy at large. Owing to this increase in prominence and adoption, let us look at how these parks have been able to affect the socio-economic aspect of a country or a region:

• The amalgamation of life and technology

An IT Park is a place where technology is free to flourish, to put it simply. People can precisely and effortlessly incorporate technology into their everyday life, from routine tasks like leisure and relaxation to complex ones like commercial operations and business management. As a result, more people may be able to appreciate technology better and embrace it more widely.

•  Boost the economy

The majority of technology parks offer plenty of room for corporate expansion. To strengthen their local and national economies, governments all over the world frequently invest in technology parks.

•  The creation of employment opportunities

One of the main socioeconomic challenges that every nation has is the development of new jobs. IT parks make it possible for businesses to be established, which raises the overall level of employment. People with technological experience can join and assist various enterprises with their expertise.

With plenty of business hatchlings growing every year, technology parks are more than just commercial neighbourhoods. SMEs (small and medium-sized enterprises) can benefit from their resources much more than they could ever hope for or afford alone.

Benefits of IT Parks
While digital entrepreneurs may be knowledgeable about their product or service, they frequently lack critical business acumen. Entrepreneurs that receive incubation help have access to funding, labs, tools, mentoring, and marketing. By fostering new enterprises with the drive and agility to advance sectors, technology parks also serve as an incubator that provides a crucial link between extending current markets and knowledge. Besides these, technology parks also provide superior communication and technology services, a skilled talent pool and human resources, tax incentives, duty-free imports and so on. To save entrepreneurs the hassle of setting up suitable infrastructure, Software Technology Parks offer plug-and-play, ready-to-move-in office spaces as well as related services such as conference rooms, back offices, and support services.

Tech Parks are a boon
By providing many such advantages to small and medium enterprises and entrepreneurs, technology parks indeed prove to be a perfect cradle for such companies to nurture, thereby boosting both the economy and the morale of the workforce.