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THE 4IR FOURTH INDUSTRIAL REVOLUTION

First industrial revolution-Usage of water and steam to mechanize products


and the birth of modern factory taking place in the 18th century
Second industrial revolution- Henry Ford’s creation of assembly line that
guided in mass production…. taking place in the beginning of the 20th century
Third industrial revolution-Use of electronics to automate products which was
named the third industrial revolution in the 1970

The digital revolution started to occur since the middle of last century…. post
which in 1980 named as the 3rd industrial revolution
It is made of a fusion of technologies
The fourth is evolving at a faster pace than the other 3 revolutions
It is interrupting nearly all the industries in the world
These disruptions are clear signs of change in all the systems such as
productions, managements and governing techniques
There are possibilities of billions of people connected by smartphone with new
or unknown processing power, storage capacity and access to knowledge with
no limitations.
These possibilities can be multiplied by the new emerging technologies like:
robotics
artificial intelligence [text to speech, translators, self-decision making, visual
interpretations]
self-governed vehicles
3D printers
nanotechnology [nanoparticles like drugs used to deliver drugs, heat, light to
specific cells such as cancer cells]
biotechnology [use of living organisms or the biological systems to create or
modify products]
energy storage [storing energy for later use such as rechargeable batteries]
the fourth industrial revolution has the calibre to increases global income
levels and improve the quality of life for population around the world. The
people who could afford the access to the digital world. Technology has been
the key to many inventions, hence bringing more joy to lives. In the current era
booking cabs, flights playing games, making transactions can be done of one’s
fingertips.
With the technological innovations, the transportations and communications
will drop a lot. The organizations and global supply chains will become more
effective. Also, the cost of trade will become less.
Still there are chances of evenly more inequality. The 4ir has the potential to
produce greater inequality. As the digital revolution advances all the labour
would be replaced by technology, hence leaving the labours job less…. More
than 5 million jobs would be gone. But there are possibilities of new and safer
jobs emerging which can decrease the inequality. As of now the outcome is not
sure.
In the future talent, more than usual will surely be a factor very closely looked
at. The job market will be divided in [low skill, low income]/[High skill/high
income]. Inequality is one of the biggest fourth industrial revolution’s concern.