A look at disruptive technology from around the world

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    15-Apr-2017

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A look at disruptive technology from around the worldEliza, a chatbot created in the 1960s, has given endless entertainment to generations of coders during their breaks. In its early days, Yahoo Messenger came with a chatbot. These experiments revealed something about human fascination with machines that can mimic humans.#DigitalErra Thought CornerNew challengers, amongst which many are digitally savvy startups, are disrupting established markets by deploying new technologies quickly, and luring expectant customers away from established competitors.Avnish Sabharwal, Managing Director Corporate Strategy, Deal Origination and Open Innovation, Accenture in India says, From a domain and industry perspective, banking and manufacturing are two key domains we are looking at. Banking already has a lot of disruption happening in it and manufacturing is catching up really quick, especially in the IoT and AI space. He added, We look to engage with start-ups who have disruptive capabilities in technologies such as Big Data and analytics, Security, IoT, Gamification, machine learning & Artificial Intelligence, UX & Design, Robotics.

Internet of Things (IoT)This disruptive technology is creeping into workplaces, homes and industrial facilities as technologists deploy monitoring devices, smart controllers and other technologies designed to have an impact on the physical world. The IoT is here to stay, with estimates that deployments will augment to include more than 50 billion Internet-connected devices by 2020.Attacking The IoTAttackers may decide to directly target software vulnerability in an IoT device to cause undesirable effects. Reports suggest that hackers have consistently used baby monitors, security cameras, cable boxes and other IoT devices to harass people in their homes.As a result of these violations, government agencies must pay careful attention to the development of IoT as a disruptive technology, particularly in sectors where it might affect public safety.Chatbot RevolutionIndia has been quick to adopt the chatbot trend. Big businesses like Flipkart, Ola, television channels or Teamchat have already started implementing chatbots in their businesses. For instance, Faasos, Urban Tree, Propworth and Vanity Cube are some companies that already have chatbots to interact with their customers. Multi-national banks are also building chatbots to engage with their consumers."People want a fast, personalized response. Chat will play an important role in the future of communication for customer service, but scaling that infrastructure continues to be a challenge," said Girish Mathrubootham, co-founder and CEO of Freshdesk.Security Risks Associated With ItLike any technology, there will be bad bots as predictably as good ones. With every stride, there are people looking to exploit it. Here are some of the dark bots were likely to see:For instance a bot whose ownership is unknown, has the freedom to cheat with impunity. There will also be bots that will leak information and compromise privacy. Also, beware of the bot that performs a bait-and-switch on the user. It advertises a compelling service up front but gradually switches over to a different kind of service over time. For example, a content bot could become an ad bot over time.

(Photo: Techseen.com)BlockchainIn a major transoformation for trade financing, ICICI Bank said that it has settled an export transaction in minutes as against the usual three days using a custom-made blockchain network with Middle Eastern counterpart, Emirates NBD. This was the first ever blockchain-based trade payment in India and the bank is now talking to others to grow the network. With this achievement, ICICI has joined the ranks of a few global institutions that are pioneers in this field.(Excerpts taken from TOI)

Ablockchainis a ledger of records arranged in data batches called blocks that use cryptographic validation to link themselves together. Each block references and identifies the previous block by a hashing function, forming an unbroken chain, hence the name. Put like this, a blockchain just sounds like a kind of database with built-in validationwhich it is. However, the clever bit is that the ledger is not stored in a master location or managed by any particular body. Instead, it is said to be distributed, existing on multiple computer network at the same time in such a way that anybody with an interest can maintain a copy of it.As with so many digital breakthroughs, it is this potential disruption of existing businesses and business models that is the biggest threat from blockchain.ConclusionInformation is power and new players are likely to find ways to analyze that information to identify whole new ways of working, just as has already happened with existing digital technology. Current industry is in the state of transition with their positions challenged. As with any new system of automation, some business services, jobs and career fields could also become obsolete while new ones could be created.

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