The Fourth Industrial Revolution is the combination of technologies that are driving change today in society. The revolution is attributed to the technologies that are being adopted daily and becoming an integral part of life today. The technological advances in this revolution are bringing about drastic changes in the lifestyle of people as well as how they conduct business and communicate with each other.
Evolution of the Fourth Industrial Revolution
The Fourth Industrial Revolution finds its foundations laid on the third industrial revolution. With the changing technologies and innovations being made throughout the different revolutions, the fourth revolution was bound to take place. The term Fourth Industrial Revolution was coined by Klaus Schwab, the founder and executive chairman of the World Economic Forum.
Technologies Driving Change in the Fourth Industrial Revolution
The 4th revolution is dominated by a myriad of technologies. These include:
Artificial Intelligence
AI is being used in many ways in different aspects of life. AI can recognize complex patterns, reach voluminous information, and also take decisions on a logical basis. The advent of AI has reached a level wherein people can control appliances in their homes by just giving instructions.
Blockchain
Blockchain is a secure and decentralized manner of recording and sharing data. With this technology, it is possible to improve and track the supply chain, secure sensitive data, and also combat frauds. The best example of this technology being uses these days is the use of cryptocurrency.
Virtual Reality and Augmented Reality
These technologies enable people to experience anything digitally. The use of these technologies has enabled people to overcome the boundaries between the virtual and physical worlds. A good example is how many stores allow their customers to try and experiment with products before making a purchasing decision.
Biotechnology
Biotechnology has made it possible to develop new medicines and drugs to cure life-taking illnesses. These have also made it possible to process and produce cleaner and greener energy, thereby enhancing the chances of a sustainable world.
Robotics
The design and use of robots for personal and commercial purposes have become commonplace these days. Robots are being used in several industries to enhance efficiency and productivity and reduce human effort.
Internet of Things
Internet of Things has made it possible to connect devices used daily with the internet. With the help of IoT, it has become easy to track different aspects of businesses and industries. An example is the use of IoT by farmers to monitor the quality of fertilizers.
Pros and Cons of Fourth Industrial Revolution
The Fourth Industrial Revolution has brought several advantages for society and businesses including:
- Increased productivity
- Improved quality of life
- Lower barriers to entrepreneurship
- New markets for businesses
However, the industrial revolution propagated by technology also has some cons too. These include:
- Inequality: The industrial revolution is beneficial for those who have access to the technologies and can use it for their benefit in the right way. People, businesses, and societies that cannot access technologies lag behind others and cannot benefit from the revolution in any manner.
- Cybersecurity risk: With the increasing technological innovations, the threat of cybercrimes has also increased. Gadgets, robots, computers, and every technology are prone to attacks by unknown people.
- Increased competition: The advent of technologies and their subsequent use in different industries and businesses has increased competition and businesses have to do more to survive the competition. Additionally, it also brings forth the issue of ethics as businesses make use of any means to survive the competition.
The Fourth Industrial Revolution radically impacts the daily life of people. The era can be that of knowledge, growth, and improvement in the manner in which people, businesses, and societies work and operates.
Important Notes
- The Fourth Industrial Revolution is dominating the society and businesses of today.
- Technological innovations have brought about changes in the way people live and carry out everyday activities.
- There are many advantages of the Fourth Industrial Revolution as it brings about improvements in the lifestyle and also improves productivity.
With the increasing use of technologies, there are issues related to ethics and unequal access to technologies