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How can Technology help in Reducing Road Accidents?

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How can Technology help in Reducing Road Accidents?


The Current Scenario

No country can exist without transportation via roads. The development and growth of all nations are invariably connected with their roads. Despite the intrinsic nature of these improved surfaces for the purposes of conveyance of traffic, it carries with them one of the cruelest things to have ever befallen society – Road Accidents.

WHO estimates that 1.3 billion people succumb to their deaths owing to road accidents, every year. In such a deteriorating scenario, road mishaps have accounted for 1.5 lakh fatalities in India in 2021 alone. The current environment warrants the need to conjure innovative solutions to tackle this menace.

With time, the world has become more fast-paced, incorporating in itself new technologies. Technology has also paved the way for safer drives and safer roads by curbing road accidents and improving transportation. Technology has time and again proved its potential to mitigate the issues concerning road safety. Let us understand a few ways in which technological infrastructures have reduced road accidents –

Improved Vehicles

The automobile industry is also growing in leaps and bounds. witnessing a significant rise in technology penetration resulting in the introduction of newer features,

One of the finest cutting-edge technology that is believed to have contributed to reducing road accidents is the Automated Emergency Braking System. AEB, which has been designed to prevent imminent vehicle collisions by sensing stopped traffic, enables the rapid application of brakes, even if the driver is unable to respond promptly. Another feature that aids in averting potential accidents while changing lanes is the Blind Spot Warning which signals the driver if there is a vehicle in their blind spot. There are various versions available of this sensor and the most common type is signaling via symbols or sounds.

Adaptive headlights are the next technology that has made remarkable progress in furthering road safety. Unpaved roads, dark nights, etc. drastically increase the possibility of an accident. However, with Adaptive Headlights, drives become safer, especially during night time as the headlights move according to the movement of the steering wheel and thereby, adapt to the driving environment. Other such novel technologies integrated into the mechanics of the vehicles include lane departure warning, forward collision system, and curve speed warnings among others.

Advanced Cameras

Cameras in collaboration with technologies have offered much-needed visibility into various aspects that help in mitigating road accidents.

At an individual level, vehicles equipped with camera sensors function as drowsiness detectors, wherein the camera is monitoring the drivers’ eyelids and tracks their head movements to gauge if they are tired or drowsy. Tiredness or drowsiness of drivers leads to distracted driving which is a major cause of road accidents. This camera set-up will enable the drivers to rectify their situation by sending them alerts or warnings.

Cameras can also be used in another capacity when they are installed along the roads. Here, the cameras are used to monitor the roads by being vigilant about speeding. Overspeeding poses a grave threat to the lives of drivers and pedestrians alike and these cameras are able to capture data as to when a car crosses the designated speed limit. This permits the concerned authorities to take stricter measures against the offenders and allows them to foster a better environment regarding adherence to speed laws. Although not that common, cameras are also used with traffic lights by countries like the U.K. to identify a larger number of pedestrians waiting to cross the road and lengthen the period the ‘walk’ symbol is on. This helps in mainly controlling collisions with pedestrians.

Enhanced Emergency Services

A leading cause of road fatalities is delayed medical care and technologies have now been designed to solve this issue. It ensures that proper medical treatment reaches the concerned victims with minimal loss of time. Vehicles are now equipped with different features to help this cause. Some vehicles can send instant messages to different parties in the event of an unfortunate incident. While others have the ability to send a list of potential injuries to ensure correct treatment accordingly. Such a system helps in reducing the time required for emergency health care to reach the place of the accident, especially on roads and lanes with lesser traffic. Companies are continuously striving to design technologies that provide rapid assistance in the delivery of medical care and reduce the time required in post-accident response.

Monitoring Driving Behaviour

The human error takes the position of the highest contributor to road accidents. Mistakes on their part led to the drastic loss of lives of many. This issue usually stems from the unsafe driving practices people are often engaged in. Drivers recklessly indulge in habits that are counterproductive to their safety.  They make themselves and others on the road vulnerable to road accidents. Technology has developed so that something as simple as a mobile can now track behaviors of drivers that are risky and may lead to accidents.

Such technology will alert the drivers of their rash driving, highlighting mark-ups of unsafe driving such as overspeeding or phone usage. These insights will help people understand their own driving and encourage them to improve their performance. Such technologies change the unsafe behavior of drivers, thus eliminating one of the root causes of road accidents. Some companies have also rolled out Driving Safety Solutions to ensure the safety of field employees in particular who are rendered more vulnerable to road accidents due to their nature of work.

Message Boards

Message boards are often used at various intersections along the roads. It is used to display important information that pedestrians and drivers need to know. These messages pertain to anything related to road safety such as reminders to wear seatbelts/helmets, maintain the speed limit, etc. Now, the boards have evolved to include real-time data like traffic status, upcoming congestion, or ongoing roadwork. This feature is helpful to drivers.

These message boards are controlled remotely and can be coupled with cameras for better control over the traffic. The cameras will have the ability to tilt, zoom, or pan, providing the operators with a better view. Remote video monitoring will facilitate better road safety measures.

Miscellaneous

Smart road infrastructure is now a reality due to the prevalence of technology. With IoT sensors, connected traffic lights, etc. cities can enjoy improved roadways. Technology makes it possible for the concerned authorities to collect and analyze day-to-day data. It therefore essentially creates an environment of effective traffic management. The same can also be used to gather real-time road accident data and study its causes. Smart roads also contribute to fulfilling sustainable development goals

The Road Ahead

The future of technology and the mobility industry is still undergoing a lot of developments. to introduce new technologies such as connected cars. They are working towards reducing road accidents as much as possible and aim to make road safety accessible to all. The current situation calls for a dire need for solutions to help save lives. This landscape of technology and road safety will grow phenomenally with further research. By leveraging the power of technology to reduce road accidents, the coming days seem a little brighter. Continued efforts will ensure that families don’t lose their dear ones and the economy doesn’t incur a severe financial loss.

Thanmai Deekshith

Thanmai Deekshith, the CEO & Founder of SafetyConnect, is an experienced entrepreneur with a knack for providing creative and out-of-the-box solutions to complex problems. He likes to write on technology, IoT, AI, safety, and other allied fields.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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