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ID: 180202184 Section: D Fourth Industrial Revolution (4IR) The idea of “Fourth Industrial Revolution” was coined by the Founder and Executive Chairman of the World Economic Forum (WEF), a former professor named Klaus Schwab, and he also wrote a book with the same title in 2016. (Ogundairo, 2020) The Fourth Industrial Revolution consists of growing new technologies by means of Artificial Intelligence (AI), 3D printing, the Internet of Things (IOT),cloud computing, augmented and virtual reality, robotics, and advanced wireless technologies. Think of FaceID recognition or health care sensors, voice-activated virtual assistants such as Apple’s Siri,Facebook’s ability to recognize your face and tag you in a friend’s photo etc. Schwab first introduced his visualization of the Fourth Industrial Revolution at the World Economic forum’s annual meeting in Davos in 2016. But to understand the idea, we need to go further back in history to industrial revolution number one. Around 1760 the First Industrial Revolution started in Great Britain and spread to Europe and North America through the early 1800s. It was powered by the major invention The Steam Engine. And the Result was a booming textile industry, new manufacturing processes, and the creation of factories. From the late 1800s, the Second Industrial Revolution was marked by mass production and new industries like Electricity, Steel and Oil, the telephone, the lightbulb and internal combustion engine were a few of the main inventions of this era. In the second half of the 20th century the Third Industrial Revolution, sometimes known as the Digital Revolution occurred. In just a few decades we saw the inventions of the personal computer, semiconductor and the internet. So, what separates the Fourth Industrial Revolution from the Third? The main difference is that technology is merging more and more with humans' lives and that technological change is happening faster than ever said by the Experts. Consider this:it took 75
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years to adopt the telephone for 100million users. On the other hand, Instagram signed up 100 million users in just two years, whereas Pokémon Go achieved that in just one month. And the one example of fast paced technology in the Fourth Industrial Revolution is 3D printing. The industry has gone from a business idea to big business, it took only 5 years with 3D printer shipments likely to increase from just under 200,000 in 2015 to 2.4 million in 2020. Today we can have a hip replacement from a 3D-printed bone or use a 3D printed bionic arm. The new era of technology is driving a lot of invention. We have observed that the number of patents related to the Fourth Industrial Revolution, for things like Artificial Intelligence or 3D printing have been on an upward trend since early 2000. Organizations are accepting new technologies to make their businesses more well-organized, similar to the embracement of steam engines during the First Industrial Revolution. But then again, some companies and governments are struggling to keep up with the fast pace of technological changes. Research shows that investors, innovators, and shareholders benefit most from the innovation. But the risk is that the Fourth Industrial Revolution is making inequality, which is already an immense issue, even worse. From one study found that billionaires have driven almost 80% of the 40 main advanced innovations over the last 40 years. That is a problem, when the 1% of households already own nearly half of the world's wealth. Experts have warned that we are living in "Winner takes all" economy, where high skilled workers are salaried with high pay and rest of workers are left out. Studies confirm that technologies like Artificial Intelligence (AI) will remove some jobs and create demand for new skills that may workers don't have. (Zones Blog, 2021) Cybersecurity risk when everything is connected, the risk of hacking data and interfering with it or using it for spiteful intent is now more widespread. It is not as limited as before. Core industries disruptions We get to see this already. Taxis are competing against Uber, Television shows and cinema compete with Netflix and YouTube, the hotel industry with Airbnb and any store is competing against Amazon. Ethical issues withgenetic engineering, improved AI, and increased automation, there are new ethicalconcerns and questions of morality that already differ greatly from individualto individual. With the access to more data about an individual and a group of individuals, the risk
of using it for personal gain and manipulation is even larger. I think we all can remember Cambridge Analytica data scandal in early 2018 when it was revealed that Cambridge Analytica had harvested the personal data of millions of peoples’ Facebook profiles without their approval and used it for political advertising purposes. Plus, this is only an example of those data missuses that we know of. It’s more and more common that we hear this kind of terrible news of a new data security breach. In fact, it does not surprise us anymore. It challenges the nature of identity and privacy, especially with the large amount of usage of data analytics and machine learning. Users are starting to worry because companies know way too much about their private digital lives. The World Economic Forum says that a majority of leaders don’t have enough confidence their organizations are ready for the charges linked with the Fourth Industrial Revolution with tech changing fast every day. (FIRICAN, 2020)
References (n.d.).Retrievedfromhttps://2021zone.blogspot.com/2021/04/what-is-fourth-industrial- revolution.html FIRICAN,G.(2020,January08).LightsOnData.RetrievedJanuary08,2022,from LightsOnDataWebsite:https://www.lightsondata.com/pros-cons-4th-industrial- revolution/ Ogundairo,P.(2020).ExploringEconomics.RetrievedJanuary8,2022,fromExploring Economics Web site: https://www.exploring-economics.org/en/discover/role-of-women- revolution/ Zones Blog. (2021, April 4).The Constant Change. (Blogger) Retrieved January 08, 2022, from 21zoneblogpostWebsite:https://2021zone.blogspot.com/2021/04/what-is-fourth- industrial-revolution.html