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TWTW Weekly Wrap Up: 25-31 Dec
“With regular initiatives and support, the Web3 industry will undoubtedly be able to contribute USD 1 trillion to India's USD 5 trillion GDP goal.” - Jagdish Mitra, Chief Strategy Officer & Head of Growth, Tech Mahindra
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Last Week’s Latest
- Automotus, a four-year-old startup that has just closed a USD 9 million seed round to advance its automated curb management solution.
- LG will unveil a brand-new “optical telephoto zoom camera module,” LG Innotek has officially published this information.
- The University of Sheffield’s Integrated Civil and Infrastructure Research Centre (ICAIR) is testing a new generation of subterranean robotic pipe patrollers where Miniature Robots will Patrol the Pipe Network to Prevent Leaks.
- Samsung plans to expand its P3 factory in Pyeongtaek, South Korea, by adding 12-inch wafers capacity for DRAM memory chips, the Seoul Economic Daily reported, citing unnamed industry sources.
- The Global edge computing market is expected to expand to USD 20 billion by 2028.
- Reliance has backed the Philadelphia-based AI and robotics startup Exyn, the Indian conglomerate disclosed in a stock exchange filing on 22nd December, making further inroads in startup backings globally.
- Xiaomi India partners with Jio; Xiaomi has announced to bring Jio 5G support for its phones.
- Krafton India to dive deeper into metaverse and Web 3.0 gaming in 2023, set to introduce new games
- Hero Electric partners NP Technology and Financial Advisor to drive EV adoption for gig workers
- Kinetic Engineering to start production of chassis and other components for E-Luna
Focused Story Of The Week #1: Edge Computing: A Sustainable Means For Data Transformation
Global edge computing, whose market is predicted to reach USD 156 billion by 2030, holds the key to digital transformation, by improving industries' operational efficiency and performance and maintaining data security.
Edge computing decreases the volumes of data that is need to be moved and the distance that data needs to travel. Currently, less than 10 per cent of business data is currently created and processed at the network's edge. However, Gartner predicts that percentage will increase to 75 per cent by 2025. Lesser traffic consequently means faster data transfer, lower latency, and lower transmission costs.
Edge computing coupled with 5G will result in quicker data travel. However, on the flipside, the sheer number of linked devices and networks may pose a concern on how cyber criminals can exploit cybersecurity flaws.
Nonetheless, because of the reduced bandwidth, edge computing can result in significant cost savings. By keeping fewer files in the cloud and performing more processing locally, data centres can conserve bandwidth capacity and avoid spending money on expensive upgrades to the current cloud storage capabilities. Which in return, has a significant influence on reducing energy use and carbon emissions and demonstrates that it is a more sustainable technological advancement.
"Edge computing has full potential to be as powerful as the cloud, yet a more sustainable technology."
Focused Story Of The Week #2: Web 3.0 - Unlocking India’s Economy
India is presently undergoing a new revolution, fueled by cutting-edge blockchain technology. The Web3 and crypto industries have seen phenomenal growth in recent years, with significantly enhanced opportunities and investment channels. The country's economic development narrative has been remarkable as it seeks to become a USD 5 trillion economy. India's capacity to develop/build technological advances is a major contributor to this. IT/ITes, cloud services, big data, AI, and IoT contribute more than USD 200 billion to the country's GDP.
Web3, comprising blockchain and cryptocurrency, represent an unprecedented opportunity for India, and their full potential will be realised after their mainstreaming. India is one of the top five nations in terms of crypto adoption and ranks sixth in terms of DeFi usage. Web3 evolution is occurring at a far quicker rate than expected. These cutting-edge technology and assets have the potential to provide a wide range of services to India's large population.
The Web3 movement embodies the ethos of Aatmanirbhar Bharat, Start-Up India, and Digital India, all of which encourage domestic, digital-first innovation. This will transform many businesses while also assisting with technology adoption. With India taking up the G20 Presidency, we have a potential to lead in establishing consensus and global collaboration for the development of a progressive framework for the VDA industry, resolving key regulator concerns, and paving the way for innovation. Regulation is critical to the stability of this business and will eventually open the path for further innovation in India.
“With regular initiatives and support, the Web3 industry will undoubtedly be able to contribute USD 1 trillion to India's USD 5 trillion GDP goal.”