TWTW Weekly Wrap Up: 13-19 Nov
Last Week’s Latest:
Focused Story Of The Week #1: Quantum Computing – Transforming The Future With Tech
Quantum computing has evolved from a research experiment to a technology poised to alter a wide range of industries, including health (where quantum computers have accomplished quick DNA sequencing) and transportation (where they have accurately forecasted potential traffic levels).
According to a report by Fortune Business Insights, the global Quantum Computing Market in 2020 was estimated to be worth USD 392.5 million. The global market is expected to generate USD 3,180.9 million in 2028, at a CAGR of 30.8 per cent from 2021 to 2028.
One of the sectors where quantum computing will transform business operations is cybersecurity and cryptography. Cybersecurity has been transformed by machine learning, which makes it possible to identify and thwart new assaults. Machine learning algorithms may be made tenfold quicker, more time and energy efficient thanks to the developing science of quantum machine learning. In turn, this might produce better algorithms for spotting and thwarting cutting-edge cyberattack techniques. In addition, Numerous areas of the life sciences, including drug discovery, quantum chemistry, biomolecular processes, genetics, and genomics, are seeing an increase in the use and testing of quantum computers and simulators.
"Quantum computing will play a crucial role in speeding up technologies to achieve net zero and accelerating drug research, enabling a better enabled future with tech."
Focused Story of The Week #2: UPI – Revolutionising Online Payments In India
Indians relied largely on cash transactions in the 1990s and scarcely trusted credit cards. But how did a culture so distrustful of cashless transactions progress to a point where even the smallest of street sellers accept UPI payments using flawless QR codes?
UPI is now used by practically all significant online payment apps. Prior to UPI, modern tech-savvy India had already begun to shift its focus to e-wallets and cashless payments. Paytm was the true game changer. They began with e-wallets but quickly extended to include everything imaginable - you could shop online, book train tickets, buy cinema tickets, invest in digital gold, and pay all types of bills on one platform. You can now transact practically everything in the realm of online transactions with a single UPI ID across numerous platforms.
Because of the Covid pandemic, millions of Indians have embraced cashless transactions for their daily buying and payment needs, and the ease of use of UPI on smartphone have made UPI a default app on every handset.
With approximately 6 billion transactions per month, a monthly value of over Rs 10 lakh crore, and 260 million users, India's UPI has become the world's best-performing real-time ecosystem. UPI has evolved into a basic, uncomplicated mobile payment mechanism that has been widely used by Indians. Overall, UPI has altered the way cashless transactions and online payments are conducted and is without a doubt one of India’s most significant success stories.
"UPI is a tech innovation that India should be extremely proud about as it has set a benchmark for countries around the world."
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