News Highlights:
Fourth Industrial Revolution (4IR): Recently, the World Economic Forum (WEF) has chosen Hyderabad, Telangana to establish its Center for the Fourth Industrial Revolution (C4IR).
Key Takeaway:
The C4IR Telangana will be an autonomous, non-profit organisation with a thematic focus on healthcare and life sciences.
Fourth Industrial Revolution:
- About:
- The Fourth Industrial Revolution is a continuation of the Third Industrial Revolution, which began in the mid-nineteenth century with the digital revolution.
- It is defined by a convergence of technology that blurs the distinctions between the physical, digital, and biological realms.
- Artificial intelligence (AI), robots, the Internet of Things (IoT), 3D printing, genetic engineering, quantum computing, and other technologies are all part of the Fourth Industrial Revolution.
- Background:
- The first industrial revolution used water and steam power to mechanise production (the 1800s).
- The second used electric power to create mass production (the early 1900s).
- The third used electronics and information technology to automate production (the late 1900s).
- The 4IR, building on the third revolution, has data at its core. 4IR is a collection of nine technologies: cloud computing, big data, augmented reality, system integration, autonomous robots, cybersecurity, simulation, additive manufacturing, and the internet of things (IoT).
- Technologies of 4IR:
- Artificial intelligence
- Blockchain
- Computer processing
- Virtual reality and Augmented reality
- Biotechnology
- Robotics
- The Internet of Things
- 3D printing.
Impact of Fourth Industrial Revolution:
- Technological advancements:
- Technological advancements will lead to supply-side improvements, such as increased efficiency and production, in the future.
- Transportation and communication costs will decrease, logistics and global supply chains will improve, and trade costs will decrease, all of which will open new markets and spur economic growth.
- Business growth:
- The Fourth Industrial Revolution has four major influences on business: consumer expectations, product enhancement, collaborative innovation, and organisational structures.
- It will make a huge difference in services and business strategies.
- Businesses’ productivity will be consistent, making them more reliable.
- In the IT industry, there will be more security, and resources will be better used for consumer pleasure.
- Employees and customer experience:
- With the advancement of technology, the working environment and safety of machines and employees will improve.
- Customer experience will improve as technology enables firms to provide greater personalisation and more meaningful, integrated experiences across industries.
Challenges of 4IR:
- Inequality:
- As automation increasingly replaces labour across the economy, the net displacement of employees by machines may widen the gap between capital and labour returns.
- The main societal problem related to the Fourth Industrial Revolution is inequality.
- The divide between those who rely on capital and those who rely on labour will widen.
- Unemployment:
- The demand for highly trained employees has grown for most of the population in high-income nations, whereas the need for individuals with less education and lower abilities has fallen.
- As a result, there is significant demand at both the high and low ends of the employment market but a hollowing out in the centre.
- On the other hand, it is possible that the technological displacement of employees will result in a net increase in safe and satisfying occupations.
- Piracy Threat:
- Social media platforms are used by more than 30% of the world’s population.
- This may also lead to false expectations of what constitutes success for a person or a group, as well as chances for the propagation of radical beliefs and ideologies.
- Security Threat:
- The fourth industrial revolution will impact national and international security.
- The link between conflict and technical advancement is well understood.
- Individuals and small groups will increasingly join nations in being capable of causing mass devastation when new technology, such as autonomous or biological weapons, becomes easier to utilise.
Conclusion:
- Robotics, artificial intelligence, nanotechnology, biotechnology, blockchain technology, drone technology, and various other technologies are all part of the Fourth Industrial Revolution. It will alter how we live, communicate, generate, and consume information.
- The World Economic Forum (WEF) established its Centre for the Fourth Industrial Revolution India in India, making it the fourth country in the world to do so. India is going to embark on a tremendous digital and technical transition as a result of this.
Pic Courtesy: Freepik
Content Source: Down To Earth