TWTW Weekly Wrap Up 14 20 August

Last Week’s Latest:

  • G42, an Abu Dhabi AI firm, has established a USD 10 billion fund for technology deals that will focus on investments in developing markets
  • Google Cloud is discontinuing its IoT Core service, giving users until August 2023 to find a replacement to handle that component of their operations.
  • Airbnb has developed technology that looks at a potential tenant’s history on the site, the distance between their home and the rental property, whether they’re looking to rent for a workday or a weekend, and other things.
  • In order to help early-stage firms grow, scale, and create breakthroughs for the country, Flipkart is investing USD 500k in six early-stage IT startups as part of its accelerator programme.
  • Boosting the use of blockchain in supply chains, OrionOne and VeChain announce their merger.
  • Union Minister Piyush Goyal inaugurates tech research facility at IIT Delhi that focuses on operations research, artificial intelligence, automation, and other methods that can serve as important foundations for transformational change.
  • Meta Platforms Inc., the parent company of Facebook, raised USD 10 billion in its first bond offering as it seeks to finance share buybacks and investments to restructure its business.
  • ICT spending increases by over 50 per cent in Indian companies, with cybersecurity as the main issue.
  • The Indian Army has begun the process of acquiring Quantum Key Distribution (QKD) technology created by a cybersecurity firm based in Bengaluru by releasing a commercial Request for Proposals (RFP).
  • India now has the 117th position in the world for the month of July in terms of median mobile internet speed, moving up one point.

Focused story of the Week #1: Research and Development, an Enabler for a Developed India by 2047

The Public Systems Lab (PSL) of the Indian Institute of Technology (IIT), Delhi, was inaugurated by Union Minister Piyush Goyal on August 16, 2022. The initiative is anticipated to be a game-changer at a time when the government is committed to making India a developed nation.

Using operations research, artificial intelligence, data science, smart manufacturing, economics, and research, work on public systems aims to guarantee fundamental levels of wellbeing to a large cluster of communities. Interestingly, the Department of Science and Technology (DST) reported in 2020 that only 0.9 per cent of the total funding allocated for R&D in 2017–18 went to research in electronics, information technology, and renewable energy. 

However, a NITI Aayog white paper projects that AI and new-age technology will increase India’s yearly growth rate by 1.3 per cent by 2035. Furthermore, in the fiscal year 2021, the IT sector had made up around 8 per cent of the nation’s GDP. It is undeniable that Deep Tech and the IT Industry will have a greater impact in the years ahead.

The launch of a Public Systems Lab at IIT Delhi is a positive step, especially in light of Prime Minister Narendra Modi‘s historic speech in which he stated that he wanted India to become a developed country by 2047. It is only by building synergies between startups, academia and corporate, that India will be able to achieve this historic milestone.

Focused Story of the Week #2: Revolutionising Blockchain Adoption in Supply Chains – OrionOne and VeChain Merger

The supply chain business is continuously undergoing disruption from blockchain technology. When managing several competing parties. Decentralisation a key characteristic of public blockchains provides a trust mechanism, enhancing the robustness and dependability of data. 

Supply chain management is expected to generate USD 42 billion in revenue annually by 2027, however as the mainstream media has noted, the industry faces enormous hurdles. Nevertheless, these difficulties offer a singular chance for innovation through the use of cutting-edge technologies and the digitization of supply networks.

As a striking opportunity unveils, OrionOne Inc., a global leader in supply chain technology solutions and VeChain, the most well-known enterprise blockchain in the world, have integrated their respective technologies that will help accelerate the adoption of blockchain by logistics companies. OrionOne strives to make the data collection process easier while also emphasising and facilitating the use of the blockchain’s benefits. 

The direct integration of OrionOne’s logistics platform and VeChain’s blockchain platform will enable businesses with a smooth and quick onboarding ramp to start using blockchain in their business. This in return will improve visibility and compliance over outsourced contract manufacturing, lower losses from gray market and counterfeit products, increase the traceability of material supply chains, and in return strengthen an organisation’s position in ethical manufacturing.

The synergy of OrionOne and VeChain could prove to be a major disruptor for the supply chain industry.

This news is republished from another source. You can check the original article here.

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