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Fourth Industrial Revolution and How it Will Shape the Future

All walks of life will be impacted by the fourth industrial revolution. It will revolutionize the use of technology for the wellbeing of people all over the world.
Fourth Industrial Revolution and How it Will Shape the Future

We live in an age of modern science and technology. The invention of engine, electricity, and the internet has changed the way we interact with the rest of the world and revolutionized all walks of our daily life. A considerable portion of all tools and technologies we use today is the gift of the industrial revolution.

Optimistically speaking, soon we are going to see something the world hasn’t seen before. Soon the world will reach new heights of technological advancement by the blessing of another revolution. Yes, we are talking about the ‘fourth industrial revolution.’ It’s the digital revolution that will have a significant impact on almost every walk of life, including education, politics, economics, and culture.

The first industrial revolution began in Britain in the last quarter of the 18th century. A major reinvention of textile industries and the introduction of the steam engine are two of the most impactful gifts from the first industrial revolution.

Woman working in a woolen factory. Image Credit: Britannica

The second industrial revolution took place in the 19th century. Major development in electricity, transportation, chemical industry, petroleum industry, steel industry were part of the second industrial revolution.

Workers working in a steel mill during the second industrial revolution. Image Credit: Glogster

The third industrial revolution also known as the digital revolution, started with digitization. It came with the rapid advancement in information technology from 1970 onwards, including the rise of the micro-computer technology, the internet, the invention of microchip, 3D printing, etcetera.

Now we are on the edge of the fourth industrial revolution. In this era, we are expected to see significant improvement in the fields of artificial intelligence (AI), biotechnology, automation, quantum computing, the Internet of Things (IoT), cloud computing, and robotics.

The fourth industrial revolution is a technological revolution. It will take the lives of millions to another dimension. All fields of industry and economy will be changed and expanded by utilizing the blessings of technology.

The 4th industrial revolution will literally turn the world into a big village. But the World Economic Forum has acknowledged that the fourth industrial revolution is so mechanical and reliant on artificial intelligence that it can be dangerous for humans. A group of economists and experts believe that the digital revolution will take the situation of inequality and poverty in the world to a more miserable level. It is thought that the fourth industrial revolution will affect the way of life. By overcoming all obstacles, the fourth industrial revolution will surely find its desired right path.

How will the 4th industrial revolution benefit us?

  1. The lives of millions will be much more comfortable, and the quality of life will improve substantially.
  2. Higher productivity will be achieved, and new job opportunities will be available.
  3. Security systems will have improved functionality.
  4. Automation will be made available to the average person.
  5. The fourth industrial revolution has the potential to increase the average earnings of the global population.
  6. With the invention of more energy-efficient techs, transportation and communication costs will decrease significantly.
  7. Global supply chains will be more productive with the implementation of automation and AI.
  8. Improved healthcare system. Personalized medicine, telemedicine will have a massive impact on the healthcare industry.
  9. Artificial systems will be utilized to solve complex problems.
Fourth industrial revolution will pave the way for the fusion between humans and AI

Even though the 4th industrial revolution presents some incredible potentials in front of us, we must overcome certain challenges to achieve the maximum benefit of it. Some of the challenges include:

  1. The surge of the wealth gap between the rich and the poor.
  2. Fighting poverty and inequality.
  3. Controlling greenhouse gas emissions with a rising number of industries.
  4. Dependency on automation and artificial intelligence will render millions of people jobless.
  5. Challenges in data protection and cybersecurity will be met with new threats worldwide.
  6. Most of the cutting-edge tools and technologies will come with a high price tag.
  7. Poorer parts of the world will lag behind in contrast to the developed nations and their advanced technology.
  8. Bioengineering, artificial intelligence, programming tools, robotics, etc. may also be used for destructive purposes if they fall into the wrong hands.

There is a lot of discussion about the problems of the fourth industrial revolution among policymakers, economists, and researchers. Inequality in wealth distribution around the world may increase. The impact of the digital revolution on business will also be huge. Every industry will meet with the increasing demand of skilled workforce to survive the new challenges. The technological revolution will make people’s lives easier on one hand and will increase the risk of being destructive on the other.

If we can create skilled human resources, we will be able to move forward in all areas of technological development properly. Only then will it be possible to face the challenges of the fourth industrial revolution.

Sources:

  1. Industrial Revolution. Retrieved from https://en.wikipedia.org/wiki/Industrial_Revolution#:~:text=The Industrial Revolution%2C now also,sometime between 1820 and 1840.&text=The textile industry was also the first to use modern production methods on 04/25/2020
  2. Everything you need to know about the Fourth Industrial Revolution. Retrieved from https://www.cnbc.com/2019/01/16/fourth-industrial-revolution-explained-davos-2019.html on 04/25/2020
  3. The 4th Industrial Revolution Is Here - Are You Ready? Retrieved from https://www.forbes.com/sites/bernardmarr/2018/08/13/the-4th-industrial-revolution-is-here-are-you-ready/#52fbda85628b on 04/25/2020
  4. Technological revolution. Retrieved from https://en.wikipedia.org/wiki/Technological_revolution on 04/25/2020
  5. Fourth Industrial Revolution. Retrieved from https://www.weforum.org/focus/fourth-industrial-revolution on 04/25/2020
  6. The Fourth Industrial Revolution: what it means, how to respond. Retrieved from https://www.weforum.org/agenda/2016/01/the-fourth-industrial-revolution-what-it-means-and-how-to-respond/ on 04/25/2020
  7. The 4 Industrial Revolutions. Retrieved from https://ied.eu/project-updates/the-4-industrial-revolutions/ on 04/25/2020

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