Technology has been accelerating at unfathomable rates in recent decades compared to the documented history of more than 3000 years. The digital revolution has even the latest generation by surprise with innovations. From the internet that could send only text, to image-intensive searches, to video calling and video content dominating the social media platforms and other digital platforms, we have come a long way. It is only natural to wonder what’s next.

Metaverse has gained traction in the recent months following Facebook’s name change to Meta. But, the race for the monopoly in Metaverse started way back, at least 5-6 years ago when Facebook bought Oculus VR. Metaverse has been eyed by the world’s top tech giants for years now. Now, let’s understand what the metaverse actually is.

Metaverse, simply put, is the next level of internet connectivity we are going to experience. It is a manifestation of reality inside a virtual world. If you can’t comprehend it, try watching the movie Read Player One. Metaverse will create one or more virtual worlds of the creator’s design where the users can interact with others on a whole different level. 

This has various applications across all sectors we know of. Friends no longer need to video chat or plan a reunion. They can all meet up in the virtual world of their design and play games where you are present in your entirety in a virtual world.  Work from home doesn’t need to be that anymore, it can be work from a virtual office where productivity and progress of their employees can be monitored. Video chats and video meets will be rendered useless when they can actually meet in private virtually whilst sitting at their respective homes.

There are no limitations to what metaverse can be; except for our imagination. A correct definition hasn’t been coined yet and the precise objectives have not been mapped yet either. But, the popular opinion and end goals can be described earlier. Metaverse, in the future, can be:

• A live, interactive world without pauses, end and reset.
• Extended to both physical and digital worlds, private and public networks, et.
• A place where digital assets can be transferred across digital platforms.

There have been debates about the identity of the users throughout these metaverses. Even though having a single identity across these platforms will have better practical applications and convenience in the long term, but, the tech giants in the metaverse race are not likely to comply with that. As each of them requires a unique identity system exclusive for them to have a competitive advantage. 

There are multiple tech giants such as epic games, Facebook, Microsoft, Amazon, etc. eyeing the potential $800 billion industry. Facebook has come out with a major statement with the name change of Facebook to Meta that it is going all-in on the idea. It can’t be predicted so as to who will win in the end. But, one thing is for sure. Metaverse is closer than you think and the future is bright for the metaverse.

The field of AI has had a stellar bull run for the past few years taking over all of our lives. AIs are currently running the world from cloud servers and centralised servers. Is this about to change? But what next? 

Edge is the new face of Artificial Intelligence, but this is not a groundbreaking, revolutionary idea. It’s as old as AI but it’s currently gathering steam. This is because almost all the present machine learning models and AI uses terabytes of data after accumulating it all in centralised storage space; the cloud. Coming to think of it, the system is very inefficient. Let’s analyse this further.

Suppose you have a manufacturing unit of some product. The unit is tech-savvy and automated. Each sensor data from the manufacturing unit has to be collected and sent to the storage space which can be either local or in the cloud and a response has to be sent back. When a single mistake can cost you much money in the manufacturing business, being able to stop errors from happening a second earlier can be huge. If the data collected by each sensor can be analysed there itself, you can save a lot of time and money.

This is the basis of the Edge. The edge is a localised endpoint where data can be generated and computed from a device or a sensor. This has huge applications in multiple sectors across the world. This can be the solution to the privacy problems we have been having with the tech companies. Implementing the Edge can mean that no user data is transferred, collected or communicated within channels. It will also be revolutionary in the self-driving car segment where faster computing can mean the difference between life and death. 

However, it’s easier said than done. The proof of concept is solid, but, implementing it in the physical world; that’s another challenge on its own. The technology is far from feasible at current stats, and it will take years to create enough traction. Major leaders in the sector are focusing on building lightweight edge solutions that can be used at low latency and deployed soon. Major investments are required in R&D to develop the technology and infrastructure required for the Edge.

Then there’s the issue of security. Cybersecurity risks, in such models, are higher than normal, due to the impact they can have on the physical world. As the Edge is being monitored and functioning through several workflows, a centralised security system is out of the question. This can pose more threats in the form of cyberattacks on localised platforms. So, technology today is at a crossroads; performance or security.

The transition to the Edge is going to be gradual but inevitable. It is advised for companies to start implementing Edge onto their non-critical AI systems and monitoring the progress, the strengths and the challenges. However, regardless of the way ahead, the future is bright for the Edge and will be utilised to a much larger extent after the mass adoption of the tech in the coming years. 

Robotic Process Automation is a convenient and necessary field in the digital age. What makes the area and technology unique is that it helps to eliminate recurring tasks that required a lot of workforce and person-hours in the past. This means that the human mind and focus can be redirected to more complex problems leaving menial tasks for machines to do. This increases the overall productivity of the employees and the company.

RPA is growing at a rapid pace and can take over any industry. The true value of the RPA can’t be fathomed as it allows humans to do more creative, problem-solving, customer-related tasks rather than repeating the same functions for the nth time in a day. It also drastically reduces the cost of operation in the long run.  It may seem that the one-time investment is greater than the salary of the employees. But it all works out in the long term, and RPA requires minimal maintenance, whereas salaries constantly drain your pocket.

Even in customer relations, RPA can be implemented. RPA driven chatbots have already started to handle customer queries and answer them. There is an added advantage over the human element because these bots can process more than one query at a time if fully functional. However, the technology isn’t as advanced (yet) to replace a human. However, Gartner predicts the overtaking of customer relations by RPA tech soon. 

One of the major advantages of RPA is that it reduces the scope and margin of human errors drastically. Humans inherently lose efficiency while repeating tasks, and this is a problem for companies. Human errors can cost lots of resources and time for the company. But instead, companies can invest in RPA for completing recurring tasks with minimal to no mistake. 

RPAs have a lot of potentials to increase customer service and save millions of dollars for the company. Implementing RPA systems in your business model can boost the Net Promoter Score. The Net Promoter Score is a metric that tells whether your customers are likely to recommend your products and services to others. RPAs help customer relations faster and allow employees to build more valuable relationships with the customer, ultimately boosting your NPS score.

When it comes to a business, the customer is king. Building a good customer experience is the key point of any business. RPA allows you to do just that. It takes care of all of your boring, repetitive tasks and lets you deal with the stuff that matters. You can define the parameters, specify the rules, and allow the machine to perform repetitive tasks. It also reduces human error in such studies, saving money and time for the company.

RPAs are the future, and it is likely to be implemented in almost all sectors in one form or the other. RPA market size is continuously growing and is predicted to reach 13 billion dollars in 2030.

Internet of Behaviors (IoB) has recently gained traction but has been in the works for nearly as long as the onset of AI. The recent years have witnessed the utilisation of data we have never seen before. With the use of the right tools and the method, data can be utilised to study the past, control the present, and predict the future. 

The Internet of Behavior goes a step ahead of the Internet of Things, which aims to connect different devices to gather and assimilate new data points. The internet of Behavior dives deep into the user’s life, much more than the user data from using a specific app. A device, like your mobile phone, can track your whereabouts at any point in time. But, when it links to your laptop, voice assistant, cameras, call history, call patterns, etc., they get to know much more than that, including your likes, dislikes, purchases, political inclination, etc. 

IoB is a culmination of three distinct fields: technology, data analytics, behavioural science. Companies using IoT to know more about us by accumulating data can try and change our behaviours. 

Let’s take the example of a health-related app or food delivery app.  Suppose the smartphone can track what you eat, when you sleep, your blood sugar levels, pulse rate, etc. In that case, the app can give out notifications and alert you of critical conditions and also find modifications in your lifestyle that is more healthy.

Your food delivery app can suggest what you may like and offer discounts concerning your earlier orders. Companies using IoB use it to achieve their goals, which is getting you to purchase products and services. 

We can’t identify IoB as problematic right away. It is, in fact, the key to the personalisation of goods and services, which is inherently good for the consumer. But, the unlimited data we provide to such companies is exponentially growing. It is calculated that by the end of 2023, about 40% of the world population, which will be more than 3 billion, will be tracked digitally and offered services and goods to influence how the world behaves.

All of this raises security concerns of the highest order. Companies can avail the very private data to the users and use them to analyse us. This is concerning because of the lack of enough rules, legality or structure to monitor such activities. Privacy concerns in the digital age remain a grey area left untouched due to the lack of clarity in what constitutes private information. 

IoB is a very powerful tool with limitless potential for good and behavioural change. The possibilities are ever-growing, and life’s easier because of it. In the coming years, we can see a lot more development, great products and services based on our likes and dislikes, and personalisation coming into the field. IoB can access data, create knowledge and use it with wisdom. 

The shift from digital computing to quantum computing has been compared to the transition from fire to electric bulbs. With extensive advantages over the traditional computing methods, they are expected to revolutionise almost every field in terms of speed and accuracy. Let’s look at some of the most important applications of quantum computing.

Machine Learning

We don’t need to stress how artificial intelligence and machine learning has changed our lives for the better. Being one of the hottest fields to be working in right now, there have been significant increases in the applications due to the rise in chip capacity and processor power. Yet, as data availability is abundant and cheap, advancements in computational computation technology won’t keep up to the extent that it may take till the end of time to do some complex computation by the fastest computers in the world. 

Quantum computing can increase the speed manifold of computation and facilitate complex calculations in minutes. It is sure to change the field of finance and science as predictions and analyses can be made more accurately without room for error. 

Cybersecurity

Recent times have seen a significant increase in cyber-attacks around the globe, and privacy is a luxury most can’t afford in the digital age. Quantum computing can help us devise new techniques, methods and processes to make online space more secure. This has given rise to a particular branch called quantum cryptography. 

Financial Modelling

Computers have been used for decades to make intelligent decisions in the field of finance. Important financial models with a lot of data may take much valued time to arrive at a prediction. While handling money, it is imperative to be cautious and well informed of all the risks and analyse the data correctly. Quantum computing can help in financial modelling and algorithmic trading by reducing the time required drastically and with much more accuracy. 

If you dream about entrepreneurship and have an idea for a startup, it’s often exciting to go all-in, but that’s the reason why most of them fail. An excellent idea is not enough for a successful startup. There is a lot more to it, including business aspects, financial aspects and research of the field and the competitors. So, let’s look at some of the common mistakes to avoid for a successful startup.

• Lack of planning

As mentioned earlier, a person with an idea is not enough for a startup to run successfully. Make sure you take enough time to analyse every aspect of the business model and have a well-planned strategy for existing competitors. 

• Funding

This doesn’t apply if you are born into riches and can handle the operating expenses for several months on your own. But, that’s not the case for most people. To get off the ground and stay afloat, there will be a need for external funding and investors who are willing to invest in you and your business. These may include incubators, government fundings, venture capitalists, etc. 

There will also be a time where a startup has to push through to be profitable in the long term. But, in the meantime, you need to find someone or some source to cover operating and marketing expenses. 

• No knowledge of the legalities

This is a rookie mistake and has caused the downfall of many startups with great potential. A business model won’t be simple, and some areas must be addressed legally. You can’t afford to stop operations due to legal mistakes because that will affect your brand and sales. Make sure to have covered all the legal sides of your product/service before launch.

AI has been around for only a few decades but already has changed our lives irreversibly. In the automotive sector, the change is visible as more and more autonomous vehicles are launched into the streets. From design to testing, AI has been implemented in nearly every stage of many cars’ design, development, and production. 

There have been implementations of multiple sensors into cars, giving these manufacturers access to such data. Such data can be used, analysed and studied to derive new functionalities and solve existing problems in the vehicle. For example, the existing data can be taken from cars that have been in an accident, and the sensor data can be analysed to find the problem. Such data helps to make driving more secure and vehicles a lot safer. 

Autonomous cars are well-built with provisions for quick thinking under dangerous conditions and safety manoeuvres that can help save the lives of the passengers. Not only that, there are fully automated parking facilities available around the world. These digital valets can assist you in parking unassisted without human intervention. 

AI has helped create various new models as companies analyse online social media using text mining and sentiment analysis to find their target audience, connect to them, design according to their likings and market the product to them specifically. This also allows the company to personalise each component of the car according to the user’s wishes to appeal to the general public. 

Although there have been some fantastic strides in the field, it is far from perfect. Company conveyor belts haven’t been entirely digitised yet and still need human supervision. Our autonomous cars have nearly reached Type 2 autonomy, and there’s still a lot to go. We can indeed witness some fantastic developments in the coming years from the automotive developers.

Increased speed for data communication is not the only result of implementing 5G all over the world. With many countries adopting 5G faster than ever, there have been many kinds of speculations around the technology and its application. In short, 5G is about to revolutionise mobile communication and various fields of science and technology all at once. So, let’s break it down, starting from the basics.

Telecom operators have been extensively building nodes throughout cities to have better-paying customers in the early stage. 5G has been deployed in many countries with an idea in mind. It is to create a fast and has coverage enough to be able to perform a multitude of tasks apart from facilitating mobile communication. 

5G is expected to be extremely useful in these three areas. They are:

• Low latency communication
• Massive Machine Type Communication
• Enhanced Mobile Broadband

Once low latency communication is established, this will pave the way for advancement to many technologies in use today. Let’s take an example. Autonomous cars have reached a point where they see so much data that the processing power required for computation can be achieved only through dedicated computers at data centres. If low latency communication is established, there can be communication with hubs by each car to make informed decisions without having to analyse it themselves. 

Like traffic management, IoT can help machines automate daily vehicle congestion and pave the way for emergency vehicles. Not only that, there can be communication between cars to avoid accidents. 5G can also automate industrial processes with the help of low latency and reliable networks. 

There are also applications in AR and VR. Technicians and doctors can have long-distance communication with their clients and patients to advise through complicated procedures in real-time. Technicians can remotely see the overlay on the machine and see the faulty parts without being there physically.  The future is bright for 5G and is about to shine ever brighter.

Cloud computing is an infrastructure that enables easy access to shared pools of storage, network, servers, and applications. It is also a software model that allows the data processing to be done on a private or third-party server cloud. It helps to create great speed and reliability. 

The most significant benefit of cloud computing is low maintenance, scalability, and easy installation. Kerala cloud computing services help through all these ways to grow with your needs. The other features of cloud computing include Optimal Server Utilization, On-Demand cloud services, Dynamic Scalability, and Virtualization Techniques. 

Now, let’s see the examples of cloud computing in the real world that makes our everyday work at our fingertips. 

Cloud Computing in Healthcare

The primary examples of cloud computing in healthcare are IBM Cloud and ClearDATA. With the help of cloud computing, all the doctors and medical professionals host the analyzed information and perform diagnostics remotely. It allows doctors to access medical data for faster prescriptions and updates globally. 

However, the healthcare application of cloud computing includes bioinformatics, E-health service, telemedicine, and public and personal healthcare. One can save on the cost through cloud computing by allowing instant large file transfer for maximum convenience. This will provide faster treatment and can update the patient’s condition through remote conferencing in seconds. 

Cloud Computing in Education

Cloud computing in education provides benefits to universities and colleges for higher learning. In COVID-19, cloud computing has helped a lot in education by providing online lectures to students. 

Google and Microsoft provide free services to the staff and students in various learning institutions for educating the students. Cloud computing services have been used in the hard times of COVID-19, and as a result, it improved efficiency and reduced costs.  The examples are Google App Education, Ratatype, SlideRocket, Amazon Web Services, and more. 

Cloud Computing for Government

The government uses cloud computing as IT consolidation, shared services, and citizen services. They deliver e-governance services to the citizen through cloud computing services. It has the technology to handle large transactions and help citizens to transfer a significant amount of money within seconds. 

Cloud Computing in Facebook, Dropbox, Gmail

Cloud computing is used as file storage, and the great advantage is it has an easy backup. It automatically synchronizes dropbox and allows the users to store files up to 1 TB with free storage of 1 TB. You get quick-to-call capabilities from social networking sites like Facebook through cloud computing and access to the instant messaging system. 

Cloud Computing in Business Process

All the emails occurring for business is cloud-based. SaaS has become an essential method for enterprises that includes Salesforce and HubSpot. The cloud service provider also includes ERP, CRM, and document management. 

Through this, many businesses’ processes are reliable and provide excellent services to their customers. This service is possible because data can be copied at multiple sites on cloud providers with the help of cloud computing. It efficiently fulfils the need for personalization. 

Cloud Computing for Big Data Analytics

Cloud computing helps data scientists analyze data patterns, insights, predictions, and help them in making correct decisions. Cassandra and Hadoop are the other open-source applications of cloud computing in big data analytics.  

As it is provided in clouds, businesses can deliver a large amount of structured and unstructured data in their possession. It helps the companies to make data integration for numerous resources easily. It provides the visualization to the companies that have implemented backup and disaster recovery solutions on the cloud. 

Hence, the above-listed examples of cloud computing make the world go at your fingertips with ease.   

 

 

Nowadays, more and more technologies are developing rapidly. So, companies can bind multiple new technologies, maximize their security, and protect their customers. Among all the industries, the Kerala FinTech industry is leading the digital transformation. 

The system has changed a lot. The change is, today all the banks provide the facility of online transaction and services through multiple channels like ATMs, mobile, tab, pos machines, smart voice assistance, and more. 

Thus, using this technology to reduce various friction functions has given rise to a whole new industry. And it is further named FinTech. It has witnessed tremendous growth in the past few years globally. The innovation in sectors such as payment gateway, e-KYC, credit scoring has also been assisted by FinTech.   

FinTech: Fraudsters Love

In the previous year, the fraud cases in the FinTech sector blew up at an eye-watering rate. Recently, 85% of financial industries have experienced fraud in the account opening process. Scammers break anti-fraud systems to steal personal information and credit card details. They use the victim’s account and online wallet to buy an existing account on the black market. 

Now, see the top ways to prevent the occurring frauds in the FinTech industry. 

• Customer behaviour

One should monitor the behavioural patterns after tracking the habits of their clients. The changes in the patterns could be through address, duplicate card request, password reset, typical spend velocity, typical shopping time, the period between different payment locations, and more. 

One must take help of Machine Learning Algorithms as it helps to gather data that determines likely fraudulent patterns. Your system must have the technology to report the high probability of frauds via suspicious alerts like blocking the account from further transactions and more. 

• Basic Web Safety

Your client should have all the essential security knowledge regarding your website. You can create alerts on the website that describes the following:

• Leaving open cards: Send an alert if your client has forgotten to dismiss their card details on the website. 
• Clicking on unknown links: If your client opens unfamiliar links, send an alert.
• Never submit personal data: Do not trust well-known companies that ask for registration and personal data submittal in return for job offers.

Ask your customers not to post any personal information on their social handlings.  

• Fraud Detection Technologies

You may get excellent results for identity verification through liveness detection technology. Selfie technology is developed where liveness detection requests users to authenticate real people. However, this technology does not provide 100% security to the company as the criminal copies selfies, wax figures, and other ways to get to the user account. 

Moreover, some of the clients stick to selfies rather than opting for liveness detection. But now, many people are getting back to this tool as the technology has increased client rates up to 40%. 

• Biometric Security

It is almost the next to impossible task for a criminal to use the person’s physical identification and fool a system. Biometric is safer among all the other security options. One can leak the password or change it, but biometric stands as a barrier for fraudsters to overcome. 

Face Id and fingerprint are used as a security option to unlock and enable you to monitor all the client’s login details. You can block the unusual behavioural patterns to protect the user’s account.

• Partner with the right company

It is essential to partner with companies having a broad base of documents and identities. Many scammers produce fake documents. Investing in cybersecurity is more important here to keep your user’s account safe. 

Hence, by combining the above listed multiple types of fraud protection, you can keep track of users’ accounts regarding safety concerns.