The two guys in (1) developed something (known by their last names) that is now used all for many many things, all the way from communications in space (2) to media storage (3). What?

Cracked by everyone!

Logik, varuns88, Goyal, Treyambak Madyalkar, reddevil_ani, akhi, Rogi, dineshk, piezocake, shrik, Inglourious, Thejas V R, Rahulk, Shwetha Maiya, Sumanth Patlolla, googboog, Anubhav and Aparna