India celebrates National Technology Day on May 11th each year, to commemorate the successful test firing of the Pokhran-II nuclear missile back in 1998. This day marks the contribution of Indian scientists and engineers in the field of technology and science.
Each year, a new theme is announced to commemorate National Technology Day. This year’s theme, “Integrated Approach in Science and Technology for a Sustainable Future,” focuses on utilizing science and technology in a unified manner to create a sustainable future.
The theme stresses the importance of utilizing technology to create a sustainable future while keeping in mind the role of humans as the driver for progress. As technology-driven aspirations continue, the theme highlights the need to ensure that the ultimate decision-maker is a human for a sustainable future.
As India celebrates National Technology Day 2023, leaders from the blockchain industry are highlighting the potential of emerging technologies such as blockchain, Web3, AI, and IoT to transform industries and benefit mankind.
Poorvi Sachar, Head of Operations at Tezos India, said that blockchain technology offers a range of benefits for businesses, including transparency, trust, automation, and easy tracking of information on business networks.
Sachar highlighted that blockchain distributed ledger technology is highly convenient for businesses to manage information access and keep track of documents shared within a system, thus reducing the need for physical paper documents and minimizing errors. Additionally, the adoption of blockchain can significantly reduce overhead costs by eliminating middlemen to complete transactions.
Sachar also noted that blockchain technology has a wide and real-world application in various industries, including the supply chain, banking, healthcare, government agencies, and the insurance industry. Smart contracts, a unique feature of the blockchain network, ensure the automation of business processes, making them completely paperless with impeccable security.
Sachar believes that blockchain has the potential to transform every industry and make them efficient, environment-friendly, and create new revenue streams for businesses by eliminating redundant processes.
Manan Vora, SVP, Strategy and Business Operations at Liminal, emphasized that emerging technologies, such as AI, blockchain, and IoT, are already transforming the financial industry, and their impact will only increase in the future.
He highlighted that these technologies enable financial institutions to improve their efficiency, accuracy, and speed of operations.
For example, banks are increasingly using AI-powered chatbots to provide customer service and support, reducing the need for human intervention.
Similarly, blockchain technology is being used to facilitate faster and more secure transactions, and IoT enables banks to collect and analyze real-time data on customer behavior and preferences, which can be used to provide personalized services.
Vora noted that the rise of fintech has already enabled individuals and small businesses to access financial services that were previously out of reach.
For example, peer-to-peer lending platforms provide alternative funding sources for small businesses, and mobile payment systems allow individuals to make transactions and access financial services using just their smartphones.
He added that financial institutions need to stay abreast of these technological advancements and incorporate them into their business strategies to remain competitive and meet the changing needs of their customers.
National Technology Day in India highlights the contribution of scientists and engineers to the field of technology and science. This year, experts have emphasized the potential of emerging technologies such as blockchain, Web3, AI, and IoT to transform industries and benefit mankind. These technologies can help businesses become more efficient, reduce costs, and create new revenue streams. Financial institutions need to incorporate these advancements into their business strategies to remain competitive and meet the changing needs of their customers.