Fourth Industrial Revolution (4IR)
At the beginning of the late 1990s and early 2000s, the digital age of the Industrial Revolution plays an essential role in the social, economic, and political sectors. The Fourth Industrial Revolution is one of the most challenging sectors in the present era. Here all graduates should work for its fantastic advancement. So, as a civilized person, you should know about 4IR.
This article is the right choice to understand the Fourth Industrial Revolution.
What is Fourth Industrial Revolution?
4IR, the Fourth Industrial Revolution, also known as Industry 4.0, is a fundamental change in the way of living and working style of human beings. It is the process of describing the depth between the digital, biological, and physical worlds. In the 21st century, because of interconnectivity and intelligent automation, 4IR refers to the change in societal patterns, technologies, and industries that is a novel chapter in human development. It is the fusion of developing new technologies, like 3D printing, robotics, artificial intelligence (AI), cloud computing, genetic engineering, quantum computing, etc. For a better understanding, think about GPS systems, voice-activated virtual assistants, facebook’s features, and so on. These all are related to the Fourth Industrial Revolution. Without human intervention, this intelligent technology can detect, analyze and diagnose any issues.
Advantages and Disadvantages of 4IR:
This revolution is an experimental technology that will need to be normalized and shaped. Though it is an established and emerging technology, experienced scientists have considered its advantages and disadvantages.
Advantages of 4IR:
Some merits or advantages of 4IR are listed below-
- Improved life quality.
- Enhanced quality of the product.
- Due to automation increased quantity of products.
- Increased operational efficiency.
- Lower barrier to entrepreneurship.
- Reduction of time.
- Reduction of errors and risk of production.
- Improved personnel safety.
- Better customer service.
- Efficient management.
- Instant access to digital information.
- Growth of new markets.
Supervisory Control and Data Acquisition (SCADA) System
Fig: IOT Automation example
Disadvantages of 4IR:
With more advantages, everything also has some disadvantages. They are-
- Only dependence on technology.
- Need significant investment initially.
- Requires specialized personnel.
- Cause of increasing unemployment.
- Create inequality.
- Cybersecurity risk.
- Ethical issues in AI, Genetic Engineering.
- Disrupt labor markets.
Fourth Industrial Revolution Background:
When developing a high-tech strategy by a team of scientists, the German Government first initiated the term Fourth Industrial Revolution. The World Economic Forum’s (WEF) executive chairman Klaus Schwab proposed the 4IR phrase to a broader audience in an article in 2015. Before the coming fourth revolution, there must be another three. What about these?
First Industrial Revolution:
The First Industrial Revolution was mainly in England, from hand production to machines via water and steam power. This period was between 1760 and 1820, or 1840 in the United States and Europe. Its effects had on the iron industry, agriculture, and textile manufacturing.
Second Industrial Revolution:
The technological revolution is another name for the Second Industrial Revolution. Between 1871 and 1914, mass production was due to the manifestation of electricity. It was also an economic growth period.
Third Industrial Revolution:
After the end of the Second World War, the Third Industrial Revolution occurred. It is also known as Digital Revolution, which arrived in the late 20th century. The advent of the internet was one of the most adorable inventions of the Third Revolution that automated production using information technology and electronics.
Technologies Drive the Fourth Industrial Revolution:
The 4IR will change many aspects of human living systems. During this revolution period, it is easy to edit the building blocks of life of human beings by the low cost of gene sequencing and techniques, for example, CRISPRCASE9. Several methods drive this Fourth IR. They are-
- Blockchain.
- Biotechnology.
- Artificial intelligence.
- Faster computer processing.
- Virtual reality and augmented reality.
- 3D printing.
- The Internet of Things.
- Robotics.
- Biomaterials.
- Renewable energy.
How will 4IR Affect Business?
The fourth Industrial Revolution will affect business sectors in its way. Today what customers expect from the product seller, in future 4IR will fulfill all their expectations. For example, keeping customers’ loyalty, data safety, delivery systems, everything will be much better than now. Under this revolution, a new job category will come with computers connected to robotics. There will be no need to operate humans. Almost every cyber security system of any office or factory will control by a robot that will input into a computer. So the Fourth Industrial Revolution will be the potential all over the world.
Will the 4IR be Good for Everyone?
Will the Fourth Industrial Revolution be suitable for everyone or not? It will depend on us. How innovative shape will we give for this Industry 4.0, benefits depend on it without any doubt? This revolution requires global cooperation and reshaping our social, economic, industrial, and cultural lives. It will keep in mind the needs of all stakeholders that they demand. It will also provide job and personal data security that is used for business purposes. It will play an essential role in education and training programs.
Country Applications of 4IR:
The Fourth Industrial Revolution project is under monitoring. To bring up the acceptance of 4IRtechnologies, many countries have already settled down the institutional mechanism. These countries are-
- South Africa.
- South Korea.
- Germany.
- Indonesia.
- Australia.
- Spain.
- The United Kingdom.
Conclusion:
The 4IR convenience is the first and foremost for human beings. Today or tomorrow, this revolution will be the best opportunity for everyone. It is gearing up, and in the near future, it will help to build sustainable economies, to unite global communities, to reduce social inequalities, adapt and modernize governance models, etc. The Fourth Industrial Revolution is the vision of the modern world to develop and govern the technologies to be a more collaborative, empowering, and sustainable foundation for society. The graduates and civilized people should take responsibility for giving this revolution structure and shape for the best performance.