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Technology

4 Technology Trends That Went Abuzz In Startup Ecosystem This Year

Soon, these technological interventions are going to completely transform our lives and drive us towards an ultramodern future that we dream of, and when this happens, our startup ecosystem would've surely played a pivotal role in it
4 Technology Trends That Went Abuzz In Startup Ecosystem This Year
Image credit: Pixabay
Founder and CEO, WazirX
3 min read
Opinions expressed by Entrepreneur contributors are their own.

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Technology, since time immemorial, has been extending modern marvels to us that often leave us quite mesmerized. From Bluetooth speakers levitating in mid-air to AI-driven voice assistants that can talk as good as (and a majority of times even better) than the person standing next to us. And, as digitization continues to touch all walks of life, we are continuing to witness more of such tech-driven innovations in our day-to-day lives – thanks to a globally booming startup community.

So, here’s a glance into the top tech trends that have shaped the startup ecosystem in 2018, and with it, our lives to a great extent:

1. Artificial Intelligence:

Artificial Intelligence has been the buzzword in the startup ecosystem for quite some time now and its fascination with the forward-looking technology simply doesn’t seem to end. The technology is enabling Indian startups to experience greater productivity and effectiveness while simultaneously eliminating human-related errors and omissions. Indian startups are now also transferring these advantages towards government sectors, especially in the field of agriculture, healthcare, and education. They are, moreover, using it to lead process automation within business corporations.

2. Blockchain:

Blockchain, a groundbreaking distributed-ledger technology that was first seen in the cryptocurrency ‘bitcoin’, has lately proven itself worthy in a range of real-life use cases such as logistics, IoT applications, and so on besides finance. India has also been exploring the technology with IndiaChain to minimize frauds, maximize transparency, and expedite contract enforcement. The development is being taken positively by the startup ecosystem of India as it would further boost digitization and lead to a perfect, unassailable tech-driven support system.

3. Application Program Interface:

Another tech-driven trend that has dominated the startup industry this year revolves around APIs (Application Program Interfaces). APIs are basically platform modules that can be integrated into a system and access the features or data of an operating system, application, or another service. Aadhaar and GST system APIs, for instance, can extend relevant information about a customer with his or her approval without any physical paperwork. Such APIs are enabling Indian startups in becoming time-efficient by eliminating bottlenecks that were earlier experience in various processes. The reduction in overall turnaround time is enabling Indian startups to yield greater productivity while experiencing lower overheads.

4. Augmented Reality:

Augmented Reality (AR) caught global eyeballs in 2016, when Pokémon Go, an AR-driven mobile game was launched. The highly engaging game drew people to the streets in massive numbers in an attempt to capture the Pokemon of various types. The technology is now being used by startups to extend a more immersive and convenient experience to their customers. For example, a customer can easily check how a new showcase will look in the empty space in their drawing room, rather than figure it out in their mind as done earlier.

Technology has an inherent trait associated with it. It changes the very nature of everything that it even remotely gets in touch with. Thankfully, the growing digitization – which is creating a perfect ecosystem for the startup ecosystem – has been transpiring technology to all walks of life and thereby, changing our lives with every day that passes.

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