The world is standing on the cusp of a technological and biological revolution that aims to turn you into a superhuman. A scientific and technical progression, where the concept of human being as a natural thing will cease to exist. When you cannot distinguish your own body as natural or artificial. When you begin to revolutionize the most complex arrangement in the known universe, that’s your mind. Welcome to the new age of revolution, the “Industry 4.0.”
What Is Fourth Industrial Revolution(4IR)?
Industry 4.0 or the Fourth Industrial Revolution(4IR) refers to the assimilation and amalgamation of digital, physical and biological technologies. This will essentially change the way we live, work, and connect with one another. As described by the founder and executive chairman of WEF, Klaus Schwab, “the most crucial feature of this upcoming revolution is that it doesn’t changes what we are doing, but it changes us.”
Huge brands and manufacturers are witnessing a huge business potential as billions of people linked to each other by mobile devices with an exceptional processing power, unlimited storage capacity, and access to knowledge. The goal of this revolution is to sharpen the existing technology via emerging technology innovations in different arenas such as artificial intelligence, the Internet of Things, autonomous vehicles, 3-D printing, and quantum computing.
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Stages Of Revolution
While the First Industrial Revolution utilized water and steam power to automate production, the Second focused on electric power to generate mass production. The Third revolution is about electronics and information technology, which has now formed the base for the titular Fourth Industrial Revolution. But unlike the previous revolution, 4IR is about letting technology access your body, decode your thoughts and unlock the black box of our mind. Industry 4.0 has surpassed automation to cyber-physical system.
Impact On Business and Life
However, the revolution is at a nascent stage but with rapid changes and disruptions in the business industry, it is necessary to adapt the changes to survive. This demands an economic model which is not different from the previous models but an amalgamation of all. The model must focus on health and education, give access to free market and meanwhile meet the basic human needs.
The development will leave a mark on our identity and all the problems associated with it. It will deal with our privacy, our concepts of possession, working and leisure time, and issues related to careers, skills, communication, and relationships. Hence, it will change our lives and the way we develop an insight into problems.
Challenges And Opportunities
History bears witness to the fact that every invention has its pros and cons and the fourth industrial revolution will too have its fair share of good and bad. This transformation will elevate the global income levels and help enrich people’s lifestyles across the globe. It will allow consumers to have an affordable and accessible digital world. It will open innovative markets and drive economic growth, offer products and services responsible for augmenting the efficiency and choices of our personal lives.
But, greater dependency on technology will lead to displacement of workers, giving rise to inequality, especially among the working class. The largest recipients of revolution will be the providers of knowledgeable and physical capital i.e. the innovators and investors. Income inequality will become more evident. Growing technology will lead to income stagnation and unemployment. There will be a greater demand for high and low ends in the job market, ignoring the middle one.
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The new revolution can change the norms of humanity and make it more mechanical. But, on the positive side, it will simplify the life of people and empower them. The fourth industrial revolution has the potential to make life more machine-driven and ignore people and values but it also gives you an option to boost humanity to a new level.