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TECHNOLOGY

Technology - Preparing for the Next Wave

CA. Raghuvir Mukherji

Author is member of the Institute. He may be reached at
raghuvir.mukherji@gmail.com and eboard@icai.in

using computers to watching films requires electric power. The

fourth wave came with computers and the internet, at the dawn
of the 21st Century. This revolution can be summarised with the
pithy line “Geography is History”.

The history of human

civilisation is often
marked by technological
N ow people could do certain jobs virtually from anywhere.
It gave rise to the IT and IT Services industries which have
lifted millions of people out of poverty. It also coincided with
milestones. Whether mobile phone technology that combined computer, internet and
it be individuals, voice communication devices and made them accessible on the
economies or go. Everything from share trading to watching films to playing
participants in warfare, games to listening to music has moved online. Now what we are
those with access to the witnessing is Industrial Revolution 4.5: the digitisation of content
latest / more advanced and services.
technology are usually This article seeks to map out the emerging technologies that India
the winners. If we should focus on in order to benefit from these technological trends.
look at the march of Emerging Technologies
human civilisation, — Big Data and AI: Some are calling this the 5th industrial
there have been four revolution which is already upon us. While this creates visions
great technological of a dystopian future (the “Rise of the Machines”) the fact is
revolutions: the first was that Algorithms and robotics are being used in everything:
mechanical: where we from stock market analysis and trading, to credit decisions
learnt to use leverage in Fintech firms, to mobile phones and search engines that
and other tools (like correct spellings and help you with searches with helpful
wheels and catapults) to cues, to cybernetic (self-correcting) systems installed in power
make our lives easier. plants that balance loads automatically, to taxation systems
The second great wave that generate alerts when a person’s lifestyle does not match
started with power: his reported income, to cars that tell you how far you will go
with the current stock of petroleum that you have, to the Social
it started with steam
Media feeds that you see, to the targeted advertisements
power in the 18th that appear when you visit websites or watch online videos,
century, and ended with all have powerful AI systems and algorithms running them.
machines run on internal Machine Learning systems and Neural Networks look for
combustion engines, that patterns and are able to learn from past experience to improve
we call motor cars. This their algorithms (which in turn provide predictions and
was a quantum leap, take actions) quite like humans do. When Al- Khwarizmi
since it made industrial solved his first quadratic equations, little did he know that
scale production of mathematical routines named after him (algorithms) would
goods possible and transform the world 1200 years later!
thus, reduced the Combined with IoT (internet of Things – the use of web-
cost of production based technologies in things like domestic white goods and
manifold. The third automobiles) creates powerful diagnostic and self-correcting
wave came at the dawn systems.
of the 20th century with What these systems essentially do is sift through vast
electrification, which amounts of past data to predict certain responses / outcomes.
revolutionised human Ultimately, we all learn from experience, but AI systems do
life and society. Almost that much more quickly.
everything we do: from However, what needs to be understood is that prediction
systems tend to reinforce biases based on their analysis of past

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TECHNOLOGY

data, quite like computer animated — Communication and

humans. An games that create bandwidth: The COVID19
example I had augmented / virtual pandemic has underlined
Machine Learning
read was that reality worlds are the importance of
left to itself, systems and Neural gaining ground. bandwidth, with more
an AI system Networks look for They also enable people working remotely
would only patterns and are players dispersed and meetings and calls
hire white male able to learn from globally to play taking place through
candidates, past experience with each other. teleconferencing apps like
predicting to improve their AR /VR also MS Teams and Zoom; as
their future algorithms quite have a big role to internet usage grows in
success, since like humans do. play in training India, and more and more
so many CEOs simulations and activities are digitised,
of Fortune as teaching aids. the need for bandwidth
500 companies are white Imagine if students could is going to only increase.
men because of various actually experience the 5G spectrum / Fibre Optic
socio-economic reasons, Dandi march or the Revolt cables need to be put
and obviously not because of 1857 around them! The in place for quick data
white men have some gift Metaverse (from Facebook) transmission and providing
that others don’t. Accepting is a promising initiative in large bandwidth. In 2019 in
this without correcting this area, and companies Germany, Fibre optic cables
the bias will only make have started to buy achieved a data transfer
the system more unfair. “virtual” experiential “real speed of 500 GBs / second.
Social media feeds that estate” on the Metaverse. Normal internet bandwidth
show you content that you — Cyber-Security and Data speed in India is about
like reading create biases Protection: As more 12MBPS2
because you are caught in data is collected through — Healthcare Systems:
an echo chamber of similar social media sites and Wonderdrugs, Gene
views. So AI/ML is a tool even personal devices Therapy, Bionics and
that must be used carefully like mobile phones and Vaccines: Predictably, AI
and not blindly and one wearable devices, and this is also being leveraged
must be willing to question data moves online to web to create new drugs that
whether the conclusions servers, there will be more target specific diseases
drawn are logical, rounded emphasis on protecting and problems. A lot is
and fair. this data and not letting it being done in the realm of
— Quantum Computing: fall into the wrong hands. chronic, non-communicable
Given the vast amounts of Financial transactions will diseases like Hypertension,
data that is being processed also increasingly move Diabetes, Depression,
to gain insights, predict online, for which data Cancer and Alzheimer’s.
probabilistic outcomes protection is vital, creating Gene therapies using gene
and behaviours, and run a demand for robust editing tech like CASPER
sophisticated systems, security solutions. It is CAS-9 can be used to treat
a massive increase in heartening to genetic diseases in
computing power is see that India unborn children
required. Quantum is moving and help to improve
computing is the way out, to pass data Financial humanity’s
since it is much faster than protection laws, transactions will also gene pool. The
a traditional computer1. though these increasingly move importance of
But before we get there, currently leave online, for which research on and
India has to at least start Government data protection is development of
fabricating chips (integrated out of their vital, creating a vaccines against
circuits). ambit, which demand for robust existing and new
— AR and VR: On a related in the author’s security solutions. diseases has come
note, in entertainment and opinion, is to the fore with the
video games, AI powered neither fair nor global COVID19
desirable. pandemic. But
1.
https://edition.cnn.com/ 2019/10/23/tech/google-quantum-supremacy-scn/index.html
2.
https://economictimes.indiatimes.com/industry/telecom/telecom-news/india-ranks-131-out-of-138-countries-in-mobile-internet-speed-
ranking-even-lower-than-iraq/articleshow/78873643.cms?from=mdr

88 THE CHARTERED ACCOUNTANT FEBRUARY 2023 www.icai.org


perhaps
the greatest
potential is
5G spectrum / Fibre
in the area
of bionics: Optic cables need
to be put in place
this has three
parts: wearable for quick data
technologies transmission and
that monitor providing large
various vital bandwidth.
signs, implants
augmenting
failing human
capabilities: e.g. the
pacemaker; and artificial
organs, like electronic eyes
for the blind. The potential
for developing “natural”
organs using stem cell
research is also massive.
— Uber-isation: It is a
testament to the pioneering
impact of the company that
like ‘Xerox’, ‘Coke’ and
‘Google’, the brand has
become a word (One can
now “Uber it to office”).
The world’s largest taxi — Cryptocurrencies:
service does not own its
own taxis, and neither
does the world’s largest
hotel room provider
(Air-BnB) own its hotels:
the age of the aggregator
– an online marketplace
selling niche products and
services - is here. Amazon
is of course, the world’s
largest aggregator across
categories.
This whole category can
be summed up in the line
“Why buy the cow when
you can just buy the milk?”
— Cloud Technologies: In
line with aggregation,
corporations have realised
that instead of having
server farms to store
databases, and owning
costly software systems
to run them, they can
hire storage space and
pay for software based
on time used, or on a per
transaction basis.
3.
https://mercomindia.com/solar-share-in-india-2/
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TECHNOLOGY
— Blockchain: (not as currency), and not
Blockchain is a ban them altogether.
distributed, self- — Renewable Energy: As
validating ledger mankind has progressed,
system that has a
our need for cheap energy
lot of potential to has grown manifold. We
reduce the cost of have also realised that fossil
maintaining and fuels are both polluting and
updating records. finite, so they need to be
This is a lot like the replaced with renewable
Cloud Service of energy like solar, wind and
the ledger: instead hydro energy. Especially,
of maintaining the potential for solar
a dedicated ledger, one energy is huge: the sun is
can share it with others a virtually inexhaustible
in a secure environment, source of energy. While
reducing the cost of the government has been
ownership. It is also a focusing on this, a lot
very good solution for more can be done to create
scenarios like accounting solar energy farms and
for Government and large power stations. Currently,
banks where entries around 24.2% of India’s
are made by dispersed installed power capacity
functionaries. As a is renewable. Out of this
Chartered Accountant, this solar power forms just
is especially close to the around 10%3, amounting
author’s heart. to 37.4GW. Apart from
this, there is vast potential
Crypto currencies like to tap rooftop solar panels
Bitcoin and Ethereum are to generate power for
alternatives to Central domestic needs.
Bank fiat currencies and — Battery Operated Cars and
are being used for internet Other Mobility Solutions:
transactions. The RBI On a related note, the end
banned the use of Bitcoin in of the road for the fossil
India, which was later lifted fuel powered internal
by the Supreme Court. combustion engine is in
However, the Government sight. Battery operated /
now appears to be getting hydrogen powered cars
a bill to prohibit their use that run on rechargeable
in India. While this may batteries and possibly, at
thwart their use in India some point of time in the
for domestic future, recharged
transactions, the on solar power will
fact is that they take over. There are
will still continue Blockchain is a also other high speed
to be used distributed, self- mobility solutions
globally. The validating ledger like Hyperloop. We
Author believes system that has a need to move public
that given their lot of potential to transport like buses
varying values to battery power, and
reduce the cost of
and potential train tracks need to be
to disrupt maintaining and
completely electrified.
monetary policy, updating records. The introduction of
we should limit bullet (high speed)
their use to an trains is also welcome
investment asset and will help to
THE CHARTERED ACCOUNTANT FEBRUARY 2023 89
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revolutionise inter-city
transport in the decades to
come.
— Water Conservation and
Purification: While 70%
of the Earth’s surface is
covered with water, only
3.5% of it is potable4.
Rainwater harvesting,
groundwater conservation,
desalination and recycling
technologies will gain
prominence as the demand
for water increases and
global warming reduces the
amount of ice on land.
— Space: Elon Musk has
spoken about his grand
vision of making humanity
a multi-planetary species
by setting up a colony
on Mars. After decades
of minimal activity,
interest in outer space has
spiked again. This time,
it is not so much to prove
technological prowess, but
to genuinely increase our
scientific understanding
of our closest neighbours,
explore minerals and
also, develop a Plan B
for humanity if a great
calamity were to strike
Earth (e.g. a massive
meteor, like the one that
wiped out the dinosaurs).
The good news is that India
has a well-developed space
programme. We need to
build on this.
— Defence: While the author
dreams of a borderless
subcontinent
administered by
different nations,
and some day We need to reverse Innovation requires
perhaps in the engineer / transfer
distant future, technologies and
a borderless develop these
world, that day capabilities in
is still far away. the private sector
As the largest among players.
importer of
armaments in the
research findings and taking
4
https://www.usgs.gov/special-topic/water-science-school/science/how-much-water-there-earth?qt-science_center_objects=0#
90 THE CHARTERED ACCOUNTANT FEBRUARY 2023
TECHNOLOGY
world, defence technology
and its indigenisation
obviously has to be an
area of focus for us. We
need to reverse engineer /
transfer technologies and
develop these capabilities
in the private sector among
players. Government
should encourage these
capabilities to be developed
in the IITs and pay
remunerative market linked
salaries to scientists who
work on these technologies
in mission mode.
— Intelligence and Policing:
A National Crime
Reporting Network that
integrates all Police Stations
and Intelligence agencies,
backed by a common
database, is acutely needed.
This needs to be integrated
with street CCTVs and face
recognition technologies.
However, this requires
proper legal and judicial
safeguards, otherwise it
brings to the fore visions
of an Orwellian State.
Advanced countries are
also letting people who
have served out some part
of their sentences or those
who are suspects, to walk
free, provided they agree
to be tracked through
wearable devices. In a
country like India, where
there are a large number
of undertrials, this can be
experimented with for
lesser crimes.
Paving the Way to
the Future
more than just a
mission or project in
the aforementioned
areas; it needs an
ecosystem of good
education, public
funding of research,
private capital for
development of
them to market and a stable
socio-political environment
to attract capital. India’s elite
engineering colleges (IITs/
BITS/ DCE/ NITs) need to
recruit the best global teaching
talent in areas like AI/ data
science / materials science/
communication technology to
be able to emerge as a leader
in these areas. The study of
General Science in Colleges and
IITs should also be encouraged,
since a lot of innovation
comes out of that. India’s top
corporates should also fund
fundamental research in some
of these areas.
Finally, we must heed the
words of Historian Yuval
Noah Harari in his book 21
Ideas for the 21st Century. He
has said that as the pace of
technological change quickens,
and longevity increases, it is
virtually impossible to train
our children for the all the
skills that they will require.
Some of them might have
to change careers mid-way
through their professional
careers. Computer languages of
today would become obsolete
by the time they join the
workforce. So what they need
are skill sets, that he has called
the 4 Cs: Critical Thinking,
Communication, the ability
to Collaborate and Creativity.
“Imagination is more important
than knowledge” Einstein had
said. These technologies will
affect the lives of Chartered
Accountants in different ways.
Some people might need to
work with Blockchain; some
people with Crypto currencies;
others might need to work with
databases that are cloud-based.
Chartered Accountants, as
members of an elite profession
which plays a critical role in
business and finance, would
need to keep themselves
updated in order to remain
relevant and at the forefront of
these changes.  
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