Finding important details from previous medical records is the key to a proper medical investigation. For a long time, doctors were informed about these records either verbally by patients or through handwritten records in medical books. Both these methods are flawed. In the former case, the concerned patient might not know what details are important. In the latter case, it is not humanely possible to go through years of written documents. This is where digital records play a crucial role in the healthcare industry. Digitally stored data can be easily accessible to patients as well as doctors using keywords and links. Moreover, integration with modern technologies like AI and IoT can improve user experience.A prime example is monitoring blood sugar or blood pressure at home and linking it with health-tracking apps. An update to digital storage is cloud storage, which increases interoperability and offers more freedom. In this article, we will explore the evolution of cloud-based data storage in the healthcare industry. &nbsp;<h3>The Evolution</h3>According to a report, the market for cloud technology in the healthcare industry is supposed to increase by 25.54 billion USD in two years. The COVID-19 pandemic has brought a paradigm shift regarding how service is delivered. Social distancing norms have prompted patients to opt for more online consultations. People, during the pandemic, were afraid to visit clinics or hospitals. Home-delivered diagnostic services have become more popular. E-commerce sites have reported more than a double increase in sales of at-home health monitoring kits. &nbsp;Consequently, a lot of health-tracking apps have popped up to integrate these data into one place for users. Thus, the pandemic has boosted the adoption of cloud-based health technologies, IoT devices and AI. However, for a long time, this was different. These technologies' major advancements and public adoption started around 2016-17. This is quite late when compared to other industries. It is essential to understand why there has been a late adoption of cloud technology in healthcare. &nbsp;The government highly regulates the healthcare sector. The cost of risky errors is much higher than in any other sector. Moreover, this industry has way too many stakeholders - doctors, patients, nurses, administrators, government, etc. So many moving parts and gears in the industry make it tough to adapt to new technologies. A huge factor to consider in this is privacy. Amidst increasing incidents of data leaks and cybercrimes, it is important to keep healthcare data safe. After all, peoples' lives depend on it. Thus, any hasty adaption of such technology wouldn't have been the right decision. As mentioned earlier, how a doctor treats a patient depends on these data. Any discrepancies can cost lives. &nbsp;The evolution of cloud computing in this field can be divided into phases. These are:<ol><li>Phase 1(2007-09): Cloud computing was mainly used for back-end processes to streamline administration. They contributed to reducing costs incurred by physical labour.</li><li>Phase 2(2010-12): Scholars started studying security systems to perfect them.</li><li>Phase 3(2013-15): Bioinformatics enabled big data for health services to start evolving.</li><li>Phase 4(2016-17): This was when machine learning-enabled mobile health technologies came to light, and people started adopting them. There has been a rapid increase in the market of cloud technologies ever since. &nbsp;</li></ol>Thus, a long time was spent studying and exploring these technologies before deploying them to the public.&nbsp; &nbsp;<h3>Conclusion</h3>Cloud computing has made healthcare more accessible and efficient. A host of new services have started, which no one could imagine before. We can have all our medical information in one place. A whole ecosystem is being created, which benefits everyone. Cloud computing addresses the issues of storage, bandwidth and cost optimization through data-driven resource allocation. However, the cooperation of government and private players is necessary to implement it as an umbrella scheme. One example can be India's Ayushman Bharat Digital Health mission which plans to provide a health card to every eligible citizen. This health card will be a one-stop solution for all medical health-related data. The benefits of such a scale should be inclusive and accessible to even the lower sections of society. The digital divide can be detrimental to this. Many countries already have such policies in place, and many other countries are framing policies in this regard.&nbsp;

Swarnendu Acharjee

Premium reporting on technology, startups, VC funding, and software from Techfastly tagged with Healthcare. Read about trends and strategies for Healthcare.

Healthcare

Healthcare data storage has evolved from paper charts to cloud-based solutions. We explore this evolution and how you can start protecting your company's data in the cloud today.

Cloud Adotion in Healthcare Industry | Techfastly

The Evolution of Cloud-Based Data Storage in Healthcare Industry

<div>There has been a global outcry to control GHG emissions and limit temperature rise. Countries around the world are trying their best to achieve targets in this aspect. China is no different. It is the largest per-capita GHG emitter. It also has the most coal-fired power plants in the world to meet its energy requirements. To offset these negative contributions, China needs a big plan. Fortunately, its new-energy vehicles (NEV) policy seems to be a major step in the right direction.<o:p></o:p>&nbsp;To understand the NEV policy, we need to have a background of the "863 program". This was a plan to promote hi-tech research and development in the technology sector to make China a world leader. Starting in March 1986(hence the name 863), this program was hugely successful. This plan was behind so many goods being manufactured in China and the "made in China" tag being so popular. The goals were to increase R&amp;D and training of personnel for the development of technologies in various fields. NEV was put into the ambit of the 863 program in 2001. In 2009, it was made a dedicated policy.<o:p></o:p>&nbsp;<h4 style="margin: 0cm; line-height: normal;">So, What is the New-Energy Vehicle Policy?</h4><o:p></o:p>NEV is a holistic strategy that aims at research and development to produce more efficient and better NEVs coupled with incentives and subsidies to promote more production and uptake by the public. NEVs include:<o:p></o:p><ol><li>BEV – Battery electric vehicle. Runs only on battery.</li><li>HEV – Hybrid electric vehicle. Runs on a combustion engine primarily. The battery assists in increasing the performance. It is recharged through regenerative braking.</li><li>PHEV – Plug-in-hybrid. The battery is charged as a normal EV would; it is recharged while running by the combustion engine. However, in parallel PHEVs, both run simultaneously.</li><li>FCEV – Fuel cell electric vehicle. These are popularly known as hydrogen-powered cars. Fuel cells use hydrogen to produce electricity which in turn powers the motors.</li></ol><o:p></o:p><o:p></o:p><o:p></o:p>&nbsp;The NEV policy can be divided into two phases, 2009-17 and post-2017. In the former phase, the focus was on the production of NEVs, which were in an R&amp;D phase till then. Almost 10 billion yuan was allocated for this. The goal was to increase NEV sales to 5% of new passenger car sales by 2012. The 2008 Beijing Olympics introduced 500 domestic NEV models. During this time, a limit was put on the number of registrations of combustion engine vehicles in Beijing and a few other cities. This favoured purchase of NEV over others.<o:p></o:p> In the latter phase, priority shifted to the uptake of those vehicles through subsidies and pilot programs. The approach was two-pronged – to increase uptake and, at the same time, keep up the pace of technological development. Thus, a mandatory credit trading system was introduced. It was to be followed by manufacturers and importers. The criteria to qualify for subsidies were stringent to discourage cost-cutting in R&amp;D. The goal was revised to produce 2 million vehicles by 2020 and 20% of all new vehicles produced by 2025. Some technical criteria were also changed. It should be noted that the criteria for being eligible for the dual credit system and subsidy are different. The latter is more stringent. The Chinese Ministry of Commerce, in 2018, announced that the foreign ownership limit on local automakers would be abolished, and restrictions on NEV joint ventures would be removed. This would allow foreign automakers to build EVs in China without making a joint venture with a domestic manufacturer. The original plan was to decrease the subsidies annually and phase them out by 2020, but it was later extended to 2022 in anticipation of a fall in sales due to the pandemic.<o:p></o:p>&nbsp;<h4 style="margin: 0cm; line-height: normal;">How Is It a Turning Point in The Industry?</h4><o:p></o:p>Back in 2010, when the smartphone penetration reached 22%, it was a turning point in the smartphone industry for China. Brands like Xiaomi, Huawei, ZTE, etc, started becoming global brands. They are still big names in the smartphone industry, and OnePlus competes with brands like Apple and Samsung. China took the smartphone market by storm in and around 2015. Chinese companies still dominate the smartphone market in many countries. A similar trend is expected to occur in the NEV market.<o:p></o:p>&nbsp;In 2021, China produced 3.54 million and sold 3.52 million NEVs. According to the Caixin report, car sales were up by 181% from 2020 and exceeded the total of the previous three years. In 2021, NEVs made up 15.7% of the country's car market. If this enthusiasm continues and the vehicles take 20-25% of the market, an occurrence similar to the smartphone industry is predicted to occur. This can mark a huge turning point in the industry.<o:p></o:p> Global supply chain issues, chip shortage, and withdrawal of government subsidies are increasing competition among the brands. Still, brands like Tesla, Xpeng, and BYD increasing their car prices is reflective of their confidence in the market.<o:p></o:p>&nbsp;<h4 style="margin: 0cm; line-height: normal;">What Led to Better-Than-Expected Sales In 2021?</h4><o:p></o:p>As mentioned earlier in this article, a lot of cities in China have restricted issuing license plates to internal combustion engine cars to a certain number. However, no such restrictions were kept for NEV cars. Still, NEV cars were a last-resort choice for consumers, and cars were being largely sold to businesses. By 2020, more competitive models of NEV started coming up. These cars provided better features and a similar or better alternative to conventional vehicles. Auto insurance data from the Caixin report shows that 71% of the NEVs sold in 2020 were bought by individual consumers, up 17 percentage points from 2019. In 2021, the share rose further to 77.4%. Cities with license plate restrictions are the top contributors. China has eyed the rural market too. 16 NEV models, mostly with prices of less than 100,000 yuan were introduced for the rural area. Cui Dongshu, secretary-general of the China Passenger Car Association, says," Hybrid cars, with their low cost and no range anxiety --- the fear of running out of power on a journey and not being able to find a charging point --, meet the needs of ordinary families as an intermediate product in the transition from fossil fuel cars to purely electric vehicles". More than 80% of 2021 NEV sales were electric vehicles, while 18.2% were plug-in hybrids.<o:p></o:p>The government of China has spent approximately 150 billion Yuan on the NEV policy. These subsidies are supposed to phase out by the end of this year. A cut of 30% in subsidies has already been done.<o:p></o:p> The third, and most important reason has been an increase in charging infrastructure. The China Electric Vehicle Charging Infrastructure Promotion Alliance reports more than a 70% increase in charging points by the end of 2021, as compared to 2020. China now has more than 2.617 million charging points. The country added 340,000 public and 597,000 home charging units. Moreover, new home charging points increased by 323.9% from 2020! An increase in home charging means more convenience to consumers and, as a result, more sales.<o:p></o:p> <h4 style="margin: 0cm; line-height: normal;">Conclusion</h4>The policy has no doubt been a success. The last reported count of NEV was 7.84 million as of 2021 end. This huge sale of NEVs has definitely contributed to reducing vehicular emissions. Through this policy, China has led innovations in NEV technology, charging infrastructure, and even made battery swap stations popular. However, authorities are focusing mostly on home charging stations. But, as many benefits this policy brings, it poses some concerns too.<o:p></o:p> Considering China's more than 60% of electricity comes from coal plants, its vision of reducing emissions seems far-fetched. More NEV and more charging stations mean more pressure on the thermal power plants. Moreover, the withdrawal of subsidies adds to its woes. Even though it makes the market more competitive, it may lead to increased costs, affecting the consumer. It can also lead to a reduced pace of innovation, and R&amp;D. Subsidy leakage and local protectionism also remain major administrative concerns. Politicians tend to focus on personal or constituency-wise benefits, jeopardizing the ultimate goal. Recently, some incidents of subsidy fraud have also come to light. These include installing low-quality batteries, reporting false statistics by companies, and assembling poor-quality vehicles instead of NEVs listed in the Directories to sell to their own car rental companies without placing the NEVs into operation. Thus, challenges still remain to what might seem like a humongous and hugely successful policy. How these challenges are approached by the government and how this policy takes shape over time in the future is yet to be seen.<o:p></o:p> </div>

Tech News

China's New-Energy Vehicle Policy – A Turning Point in The Industry

<div>Online security has become a major point of concern today, especially in healthcare systems, where a tiny security breach can cost someone their life. As security technologies evolve, so does the immunity of threats. Thus, there isn’t a single umbrella entity that can handle all types of security breaches. This is where layered security comes in. A very common example of this is multi-factor authentication on various websites. <h1 style="color: rgb(14, 16, 26); background: transparent; margin-top: 0pt; margin-bottom: 0pt;">What is Layered Security?</h1>As the name suggests, layered security refers to a robust security system where the programs work in multiple layers. Since no security system is invincible, this is to ensure that there is a backup plan for any shortcomings or security breaches at each step. In this regard, the US NIST framework provides the industry standards and best practices for organizations to follow. Their cybersecurity framework includes five steps: identify, protect, detect, respond, and recover. A good security system should be able to identify a threat, deploy means to protect against it and, if it fails, be able to detect a breach. Thereafter, it should respond and recover lost data accordingly. The most common tools of a multi-layered security system, in order of contact with threats, are- firewall, patch management, multi-factor authentication, and end-point protection. Some tools that supplement these systems are web content filtering, e-mail filtering, and dark web monitoring. Dark web activity has increased by 300 percent in the last three years and hackers attack every 39 seconds, on average 2,244 times a day. Since 94 percent of malware are delivered through e-mail and most ransomware attacks happen through the dark web, these are very useful supplements to have in good multi-layered security infrastructure. <h1 style="color: rgb(14, 16, 26); background: transparent; margin-top: 0pt; margin-bottom: 0pt;">How Does It Benefit Healthcare Systems?</h1>Healthcare has been dependent on physical infrastructure for a long time. During this time, digital infrastructure was used mainly for administrative purposes. The vulnerabilities in such a system could be solved through firewall and virus protection software. However, with the advent of cloud computing in healthcare and connected allied health tools, the vulnerabilities have increased. What happens if a phone which is used to access health records gets hacked? Thus, the number of focus points has increased with the emergence of connected technology, and IoT for that matter. According to a Sophos report, some 34 percent of healthcare organizations were targets of ransomware attacks in 2020. The COVID-19 pandemic exposed many cracks in the digital health infrastructure. Institutions like hospitals have robust security in place, but what happens when healthcare is taken outside the institutions? This is a question that emerged during the pandemic. The same question also prompted companies across the world to take immediate action.These vulnerabilities can be protected through round-the-clock monitoring and multi-level security tools. Many companies are opting for a zero-trust security model. This model presumes that any information source can be a threat and works accordingly. <h1 style="color: rgb(14, 16, 26); background: transparent; margin-top: 0pt; margin-bottom: 0pt;">How To Implement It?</h1>In a healthcare system, the following layers are used to protect patient data:<ul style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;"><li style="background: transparent; margin-top: 0pt; margin-bottom: 0pt; list-style-type: disc;">End-point security layer – commonly known as antivirus software. This software protects the end user from virus, ransomware and malware attacks. This is the last line of defence. Ex- Avast, Microsoft Defender, etc.</li><li style="background: transparent; margin-top: 0pt; margin-bottom: 0pt; list-style-type: disc;">Network security layer – there are tools that can monitor the network traffic activity and raise flags to block any vulnerabilities from inside. Ex- Microsoft Advanced Threat Analytics, Cisco Stealthwatch, etc.</li><li style="background: transparent; margin-top: 0pt; margin-bottom: 0pt; list-style-type: disc;">Perimeter security layer – these consist of firewalls, the first line of defence in a network. This security layer tries to make the digital infrastructure invisible to attackers. It ensures that no attack happens in the first place. Better the firewall, less the risk of cyber-attacks. Cisco, SonicWall, Barracuda Networks, and Palo Alto Networks are some companies that provide these tools to healthcare providers.</li><li style="background: transparent; margin-top: 0pt; margin-bottom: 0pt; list-style-type: disc;">Physical security layer – as imperative monitoring the digital infrastructure is, it is also important to see whether the physical infrastructure, such as servers and network appliances, are protected. Limiting access to these important areas should be part of a conscious company policy.</li><li style="background: transparent; margin-top: 0pt; margin-bottom: 0pt; list-style-type: disc;">Human security layer – similar to the physical security layer, human security is important in terms of moles who have access to important data and can give them away to intruders. These factors shouldn’t be ignored as a lot of attackers operate through personal contacts inside the system. In this case, the role of digital technologies is to help frame protocols and train personnel so that such intentional or unintentional human errors can be avoided. </li></ul><h1 style="color: rgb(14, 16, 26); background: transparent; margin-top: 0pt; margin-bottom: 0pt;">Conclusion</h1>As clear from the facts, it is always important for a healthcare provider to stay up to date with security technologies. A lot of companies are hiring officers in this regard. Moreover, we should also consider that these organizations must also comply with their respective governments' IT laws. Such government regulations can be counterproductive sometimes. Thus, there is also a role of government here in framing up-to-date public policies. The advancement of health technology is a misnomer if it attracts greater threats and jeopardizes sensitive patient data. Layered security is being more actively used every day. Its effectiveness is well-proven. Thus, we can hope that in the future, layered security tools can help make the digital healthcare environment a safe place for every stakeholder, especially patients.</div>

All About Layered Security in Healthcare

<div>It is predicted by IEA (International Energy Agency) that, by 2040, global energy demand will increase by 25-30%. This, along with the push for electric vehicles and net-zero targets, has created a ripple effect on the economy. To understand this effect, let us go into some details.&nbsp;Electric vehicles can majorly be of two types – charged battery type and hydrogen-powered fuel cell vehicles. We need a lot of electricity in both cases - to maintain a huge charging infrastructure and to produce hydrogen. To meet this demand for electricity, countries can't rely on coal-fired and other non-renewable energy-powered plants because that nullifies their climate change goals. Most countries still hugely depend on non-renewable sources for their energy needs and need to develop their renewable energy capacity to meet the demand. The application of electricity in charged EVs is simple, plug in and use the electricity. But hydrogen-powered vehicles are a bit complex; the fuel cell in these vehicles utilizes hydrogen and oxygen to produce electricity and water vapour. Thus, the only difference between EVs and FCEVs (Fuel Cell Electric Vehicles) is that the former doesn't emit anything while the latter emits water vapour. This mandates that hydrogen must be commercially produced and obtained from various sources.<h5 style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;">How is Hydrogen produced?</h5><div>There are multiple ways through which hydrogen can be produced commercially. Significant among them are coal gassification, steam methane reforming and electrolysis. Depending on how it is produced, it can be determined how clean the hydrogen is. Hydrogen produced through steam methane reforming and coal gassification leaves a much larger carbon footprint than that produced through electrolysis. Coal gassification uses non renewable energy sources like coal to produce hydrogen; and steam methane reforming can either be done by using petroleum products or biomass and they release CO2 into the air. However, both these methods can be made less polluting through carbon sequestration methods. Electrolysis is a much cleaner method because it splits water into hydrogen and oxygen by using electricity. CO2 is not released, but, the only polluting factor here is in how the electricity is produced. The carbon footprint there can be reduced by using renewable energy sources and when that is done, we call it green hydrogen.</div>A research paper by KJ Dillman and J Heinonen of the University of Iceland mentions that depending on the means of production, life cycle emission factors of hydrogen are between 0.5-25 kgCO2eq/kg H2. This means, a green hydrogen based economy can rapidly consume a significant portion of the remaining carbon budget and potentially lock-in hydrogen infrastructure unaligned with a below 1.5°C warming 'safe' space. Thus, a hydrogen-based circular economy is the most lucrative option to look at, from a climate change point of view. In terms of hydrogen production, green hydrogen seems to be the most sustainable option. <h5 style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;">Why is hydrogen a better fuel?</h5>It is established that hydrogen is a much cleaner, but there are some other properties that make it favourable to be used as a fuel. Firstly, hydrogen is the most abundant element, making it easily obtainable through a wide range of methods. Hydrogen can be stored and distributed easily. It is very flexible; It's state can be changed depending on the requirement – as a high-pressure liquid, fused into liquid organic hydrogen carrier (LOHC) molecules, or as ammonia for long-term stability. "Hydrogen's storability provides a strategic flexibility for countries and regions seeking to stabilize gas or electrical grids," said Loic Charbonneau, global pursuit director, Emerson. Moreover, hydrogen is a more efficient fuel. Fuel cells are powered by hydrogen and they have an efficiency of 65% as compared to around 35% using conventional electricity production methods. This property also makes it very attractive to be used in spaceships.&nbsp;<h2 style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; font-weight: normal;">Relation between green hydrogen and renewable energy</h2>Favouring the production of green hydrogen over other methods can save 830 million tonnes of CO2. Data from IEA reveals that, in 2020, global electrolyser capacity stood at 0.3 GW, mostly using grid electricity to produce hydrogen. This capacity can reach 17GW by 2026. It is estimated that almost half of this increased capacity will be sourced from existing renewable energy establishments. The other half will be sourced from the creation of additional renewable energy capacity. Out of this additional capacity, it is projected that China will lead the way with 7.8GW, followed by Europe(4.1GW), Latin America(3.9GW), Asia Pacific(1.3GW), and North America(0.4GW). These projects range from 1-10MW in capacity. The larger projects ranging from 10-100MW are estimated to bring 18GW of additional renewable capacity, making a total of 35GW overall capacity. If we look at the number of planned projects, China, Chile, Spain and Australia alone could contribute eighty five percent to the above 18GW capacity. If we track down the electrolyser plan announcement and targets of various countries, by 2021, announcements of over 260GW capacity have been made globally. This much electrolyser capacity is estimated to bring at least 465GW of renewable energy capacity with it, with wind and solar accounting for 247.6GW. Out of these announced and planned projects, Europe has the most at 196.6 GW. IEA says this is linked to two factors - EU's green hydrogen targets and the associated funding towards decarbonising their hard-to-abate sectors to ultimately achieve their net-zero goal. Following Europe in these targets are Asia Pacific(102.9GW), Eurasia(45GW), China(43GW), Middle East(38.1GW), Africa(30GW), Latin America(16.6GW) and North America(1.8GW). IEA Executive Director Fatih Birol said that in 2021, a record was created when 290GW of renewable energy was added. "This is a sign that a new global energy economy is emerging", he added. Renewable electricity capacity by 2026 will equal the current total global power capacity of fossil fuels and nuclear energy combined, the IEA added.As is evident from the above facts and data, there is a huge ambition among countries to expand electrolyser and consequently, the renewable energy capacity. However, subject to funding and government policies, how much of the target will be achieved is yet to be seen.&nbsp;<h2 style="color: rgb(14, 16, 26); background: transparent; margin-top:0pt; margin-bottom:0pt;; font-weight: normal;">Conclusion</h2>Green hydrogen has paved a way for countries to develop roadmaps for the deployment of more renewable energy capacity. The fuels derived from green hydrogen such as ammonia, methanol, and aviation fuels are a great alternative to high carbon fuels used predominantly today. Thus, it serves the dual purpose of energy security as well as decarbonisation of the economy. Use of green hydrogen can create secondary environmental and economic benefits like new jobs and export opportunities. However, challenges remain as the cost of green hydrogen ranges from $6-12 per kilogram depending on the region. There is limited infrastructure for production, storage, transmission, and distribution. Moreover, to completely replace grey hydrogen, 3,000 TWh/year from new renewables is required. Not to mention, the highly volatile and flammable nature of hydrogen which asks for extensive safety measures. Thus, a huge amount of investment is required in this regard. While countries are making forward looking and ambitious plans, proper implementation of those plans need to be ensured. Governments across the world should promote R&amp;D to reduce costs while maintaining quality. Moreover, infrastructure such as gas grids, transmission lines, etc should also be developed simultaneously to support a robust green hydrogen economy in the future.&nbsp;</div>

How a green hydrogen boom can lead to additional renewable capacity in near future.

<div>Times are changing,
and more and more industries are relying on cloud infrastructure for various
services. Last year, 88% of organizations across the world were using cloud
services, which raked up to 90% this year, depicting a steady growth in the
adoption of cloud services. However, the banking industry, owing to various
challenges, needs to catch up in its adoption. <o:p></o:p>Amazon Web
Services, Microsoft and Google are some of the major cloud service providers.
It is estimated that over the next few years, 1 billion tonnes of carbon
dioxide emission can be avoided by replacing current IT systems with cloud
computing.<o:p></o:p>Climate change is
ringing alarm bells across every sector of the economy, prompting companies to
use sustainable measures. Realizing what potential cloud computing has, banking
companies are becoming more open-minded toward the approach of green banking.
Banks are put in a unique, influential position wherein they can control the
money flow and ensure it is used for green business practices. 61% of bank
customers in the UK expect their banks to create a more positive and
sustainable impact on society. A survey conducted among banks in the Netherlands,
United Kingdom, and Germany found that 31% of them were concerned about
sustainable banking. Twenty-seven green banks were created across 12 countries
in 2021; the number is supposed to increase in the years to come.<o:p></o:p>&nbsp;<h2 style="margin-bottom:0cm;line-height:normal;mso-outline-level:
5">What is Green Banking?</h2>Simply put, green
banking is the activity of investing in or funding projects aimed at
sustainability and mitigating climate change. The banks which indulge in these
activities are called green banks. These banks' priority is to promote the
growth of a climate-friendly economy rather than making profits. Some of these
banks additionally help in uplifting the low-income group population. Equal
income distribution can play a great role in sustainability and ensures that
the money spent is used responsibly, utilized to its full potential, and
returned. As a result, they focus on markets where there is less risk of
default. Green banks promote cheaper and cleaner energy, rapid deployment and
more investment.<o:p></o:p>In April 2021, the
net-zero banking alliance was formed, committed to sustainability and performing
based on a net zero target by 2050. This alliance was launched with 43 founding
members, and by December 2021, the number went up to 98. However, 52 of these
banks are located in Europe and the rest in North America. The banks are
required to publish their progress each year. Surprisingly, Bangladesh Bank is
one of the first Central Banks to promote Green Banking activities. In 2011, it
issued clear guidelines and protocols for Green Banking activities to banks and
NBFCs'; the deployment needs to be more cohesive and reach all the countries
uniformly. <o:p></o:p>&nbsp;<h2 style="margin-bottom:0cm;line-height:normal;mso-outline-level:
5">How Does The Cloud Benefit Green Banks?</h2>Let's look at some
data on why banks are looking forward to adopting the cloud; 42% is because of
simplified IT infrastructure, 20% due to cost reduction, 17% for innovation,
15% for security, 4% due to a wide range of choice and flexibility and 2% for
customer centricity. Cloud computing offers lower infrastructure costs and
greater operational efficiency. Banks require massive data centres, which are
really carbon-intensive. By replacing these data centres with the cloud,
banking can be made much more sustainable and immune to physical losses. Since
everything is online, these services must stay updated with the latest security
threats, offering greater protection.<o:p></o:p>&nbsp;Moreover, this
software uses computing power efficiently by minimizing the idle time of
computers. However, the success lies in choosing the correct cloud computing
model for each service area of the bank: SaaS is used for customer relationship
management, PaaS for infrastructure development and testing, and IaaS enables
banks to outsource their operations without personally buying the cloud
services. The pandemic has made customers more eager to have services at their
fingertips, and banks are obliged to keep up with the trend. Cloud gives banks
access to software that lets them provide service to customers. They are part
of the SaaS model, so banks fully control them. Some software, such as the
Temenos Banking Cloud, can help banks track their carbon insights to align
themselves to their ESG (Environmental, Social and Governance) goals. EQ bank
is the first bank in Canada to be fully hosted on the cloud; it uses the
Temenos Banking Cloud. The bank also recently announced that it has become
carbon neutral. Another example is the Italian digital bank, Flowe, which is a
cloud-enabled carbon-neutral digital bank and the first bank in Italy to get a
B-corp certification.<o:p></o:p>&nbsp;<h2 style="margin-bottom:0cm;line-height:normal;mso-outline-level:
5">Conclusion</h2>



























The time is ripe
for banks to consider their ESG goals. International calls for action are
increasing the market demand for sustainable banking products. Moreover,
economic policies worldwide promote the growth of a green economy. The
sustainable finance market is worth over 30 trillion dollars! Some suggest that
it might take 3.5 trillion dollars annually to transition into a green economy
and reach net zero goals. This is associated with many ESG issues, and the
banks must address that. The signatories of Principles for Responsible banking
have addressed climate change, enhancing gender equality and financial
inclusion as their primary ESG goals. We have understood the importance of
cloud computing to achieve these goals. The involvement of tech giants like
Google, Amazon and Microsoft reaffirms the belief that the cloud is the future
of banking. However, we should recognize the challenges of a cloud-based system.
Stakeholders worldwide must weigh the advantages against the disadvantages and
decide wisely. After all, sustainability is achieved when well-informed, wise
decisions are taken.<o:p></o:p></div>

Cloud Storage

Are Cloud Platforms The Future For Green Banking?

From working as a team to hunt and gather for livelihood to segregated societies prioritizing independent living, we have come a long way. Rapid urbanization without proper planning has led to a scarcity of places for people to socialize.

Is the Digital World Changing Our Sense of Community?

<div>From working as a team to hunt and gather for livelihood to segregated societies prioritizing independent living, we have come a long way. Rapid urbanization without proper planning has led to a scarcity of places for people to socialize. Moreover, with time, as people have gone digital, real-life interactions have decreased. In simple words, the oral era has now changed to a scribal era. With the increasing popularity of e-commerce websites, people are more reluctant to go to markets and stores, which are major socializing touchpoints. Lifestyle is changing with work culture; after working for long hours, people prefer to rest at home rather than interact with other people, including their neighbours. However, we can see the shift from physical to online interactions wherein someone might not know about their neighbour but will talk to a person living miles or even continents apart! &nbsp;<h5 style="margin: 0cm;">Evolving Sense of Community</h5><o:p></o:p>Rapid urbanization leads to the hasty development of cramped residential projects that hinder social interaction, and the digital revolution seems to be the major cause of the changing sense of community. However, the literature review can expose a different reality. Robert Putnam, an American social scientist, points to the 1960s as a significant point in history when public interactions started to decline and the sense of community started changing. Putnam puts forward a long list of declining civic institutions, including informal socializing with friends, fraternal and veteran groups, religious participation, fewer family dinners, social visits, etc. But there was no internet then, so what might have led to the decline? Using data sources like the General Social Survey and time diary data, allegedly, a 10% decline had occurred due to pressures of time and the growth of dual-earner families; a further 10% decline was due to rapid urbanization and increased commuting times, and a large 25% decline was due to people giving more time to electronic entertainment. Even though he presented these data in the early 2000s, these factors of social change remain relevant even today.<o:p></o:p>&nbsp;<h5 style="margin: 0cm;">The Digital Community</h5><o:p></o:p>Initially, a community was representative of face-to-face interactions and relationships, but in today's era, it is not entirely true because the sense of community is changing. We see the emergence of virtual communities and peer groups through social media apps like Facebook, Snapchat, Instagram, etc. Some apps like Clubhouse and Discord are catered to a particular niche of people with the same interests. The key to creating a digital community is to have a mobile or desktop platform (preferably both) that is user-friendly, smooth and engaging enough for many people to form groups or communities. Although digital communication lacks the physical touch, it enables real-time communication across geographical barriers. It allows us to know about the characteristics of a person and decide whether we want to socialize with them. Thus, the digital age of communication has opened a new window of communication where it is easier to interact with strangers too! The absence of face-to-face interaction and the growth of digital interaction shouldn't be frowned upon, though. Recently, social media has spread and scaled up major mass mobilization events. Social support initiatives during the covid pandemic have all been fuelled by digital media. When years of social distancing had taken a toll on people's mental health, it was through digital interactions that people stayed sane. If we try to keep our minds open to the changing times and accept the new paradigms, we can embrace the various new ways people of the same interests socialize. We have seen this during the popularity of Pokemon Go, and we will see more of such with the emerging web3 ecosystem of Metaverse. What's online today will go virtual tomorrow, and it will be the digital experience that will fuel the "new" sense of community and relationships between people or, in virtual terms, avatars.<o:p></o:p>&nbsp;<h5 style="margin: 0cm;">Community and Its Businesses</h5><o:p></o:p>It is hard to classify which version of socializing is correct - online or physical interactions. Although this is a very subjective topic, both communities have pros and cons, and both should co-exist for a healthy society to thrive, and none should eclipse the existence of the other. For now, since the online community is growing, it is essential to revitalize the offline community. Major touch points of such physical communities are businesses where a lot of people gather. With the advent of e-commerce and its better offerings and competitive prices, physical businesses are seeing fewer footfalls. Local community businesses, which were already hit hard during covid, are facing the brunt of it. Contests are a great way to encourage crowd interaction as well as give a push to local businesses. Local businesses have a great potential to give back to the community; if there is an event in the neighbourhood, they can either sponsor the event or set up stalls. Moreover, people who have benefitted from their community and have become successful and wealthy can help these businesses through sponsorship or donations, ultimately giving back to their community.<o:p></o:p>&nbsp;<h4 style="margin: 0cm;">Conclusion</h4>A community always has a sense of oneness and commonality, whether online or offline. Where online communities transcend borders, people from offline communities can physically be there for each other in times of need. Community building is a continuous process that will evolve and keep changing with time. Ultimately, the community stands for individuals who are there for each other, both during easier and challenging times. This sense of oneness and mutual welfare is evident in the community ventures like community radios, banks, etc. As community radios can help express a community's concerns, so do community banks by providing better banking options to benefit the local community.<o:p></o:p>However, for socially awkward people, there are online communities wherein companies always try to create a more accepting, welcoming, and responsive user experience. Children of this generation are more attracted to the digital sphere, whereas people of the older generation prefer physical interactions. None is better than the other, but it narrows down to who feels comfortable and in which community because, ultimately, a community should be a place of comfort and homeliness.<o:p></o:p></div>

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