Page 449 - Kaleidoscope Academic Conference Proceedings 2024

Innovation and Digital Transformation for a Sustainable World

that continually stimulate economic growth. The authors in slowing innovation, and waste of time and resources because
[24] evaluated the role of standardization and standards in of excessive technology hype [28].
technical progress. Standards are better in the dissemination
of knowledge vis-à-vis patents. The creation of new Currently, we are undergoing a quantum hype marked by
knowledge through R&D may be an important factor. excessive capabilities and claims linked with quantum
However, the broad dissemination of knowledge is also computing and its possible misuse to break present-day
critical. Standards, developed through consensus, involving encryption techniques. The hype is supported by suppliers,
the participation of companies and other stakeholders, have vendors, a few researchers, and a few funding-frenzy
been found quite effective in disseminating the technical startups. The quantum hype is also getting support from the
know-how. For example – standards, technical guidelines governments of a few developed and developing countries
and technical rules lead to an addition of 1% of GNP for that have already taken the lead and carry aspirations around
period 1961-1966. Thus, there is a business benefit to technology sovereignty. The study by Ezratty proposed a few
standards (Bird, 1998). steps to mitigate the ill effects of the current hype around
quantum technologies on various stakeholders and also
Apart from a sectoral focus on technology standards, the suggested a responsible R&D and innovation approach [29].
activities of institutions like the Society on Social
Implications of Technology [6] are a must as they are A more accurate assessment of the economics behind any
engaged in standards development to guide complex emerging technologies can be carried out as follows [28] –
interactions among the stakeholders linked to the
development and deployment of technology in society. (i) More details about existing implementations and their
feedback
5.3 Enhanced adoption in allied sectors to facilitate
horizontal growth of technology (ii) Cost structure and value potentials in the existing and
new technologies
The role of technology, particularly information and
communication technology, is becoming increasingly (iii) Trend of improvements in technology to bring down
application-oriented and lies outside the core sector into cost structure
allied sectors. The need for the horizontal expansion of ICT
applications in the allied sectors is also supported from the (iv) Similar other technologies that may impact the
perspective of market economics and social sustainability technology economies
[25]. Most opportunities and relevant societal problems to be
resolved lie in other social and economic sectors. The (v) Explore possible improvements in their economic
regulator of the core sector needs to be more proactive in performance
assessing the regulatory gaps existing in the core and allied
sectors in collaboration with the sectoral regulators [25-26]. 5.6 Follow a multi-dimensional sustainability
approach
5.4 Causality conundrum
Economic development can be made environmentally
While society sources demand for technological innovation, sustainable and inclusive by making it STI (Science,
the technology trends also lead to changes in society. A study Technology, and innovation) intensive [30]. This economic
by Jun introduced a patent analysis technique based on framework may be transformed and reoriented for
Bayesian regression and count data model [27]. The count expeditious achievement of the sustainable development
data model assisted in the analysis of relevant technology goals (SDGs).
keywords obtained from identified patent documents. The
insights and experience of experts, reflected in prior What role technological change may exert on climate change
Bayesian statistical distributions, were adopted for analysis like environmental issues? One of the related studies used
to find sustainable technologies. patent information-based analysis to evaluate the impact of
technological change on environment-related innovations,
Sustainable technology development is critical for environmental policy, and their diffusion [31]. The author
businesses to ensure their technological edge and calibrated the ENTICE model (endogenous technological
competitiveness. Technology should not take a deterministic change) to link energy-related R&D and carbon price [31].
stance on what/when society must do. Ideally, society should
cause and drive technological change, which should serve Ferreira examined the role of technology transfer in the
society's psychological, social, economic, political, and context of the European continent by focusing on patents
ethical interests. related to the environment and using technology-
organization environment and sustainability theoretical
5.5 Criticality of technology hype adjustment frameworks [32].

The study by Funk paints a very grim picture of innovation The rise of new technology and innovation hastens the
and technology hype: mounting losses in start-ups, trends in reduction in the usefulness of the old technology, leading to

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