The Fourth Industrial Revolution

The World Economic Forum (WEF) is an international nonprofit organization that is "committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas." The WEF is known for organizing a yearly summit where political leaders, top businessmen, economists, and journalists come together to discuss current world issues. The 47th WEF Annual Meeting was held from January 17 to 20, 2017, in Davos-Klosters, Switzerland. One of the main issues discussed during the meeting was the emergence of the Fourth Industrial Revolution.

The concept of the Fourth Industrial Revolution has existed for years, but it is only recently that experts recognized its increasing prominence. The Fourth Industrial Revolution, also known as Industry 4.0, is the trend on automation and data exchange in manufacturing industries. It is a change driven by a cyber-physical system that allows people to incorporate virtual reality with actual reality. The Fourth Industrial revolution involves the advent of smart objects like self-driving cars, the Internet of Things, artificial intelligence, biotechnology, quantum computing, 3D printing, and nanorobotics.

Over time, mankind was able to progress mechanically and technologically in terms of the efficiency in manufacturing in different industries. The First Industrial Revolution, from the 18th to the early 19th century, was led by mechanization. The use of steam and water power occurred in the Second Industrial Revolution which lasted from the late 19th century to the beginning of the 20th century where people started using electrical power, assembly lines, and division of labor to become more productive. The introduction of the Internet during the 20th century marked the beginning of the Third Industrial Revolution. The use of the Internet along with the improvement of electronics and automated production changed how various industries operated.

Some say the human race is still following trends set by the Third Industrial Revolution. However, many experts, especially those who participated in the 47th WEF Annual Meeting, say that the use of the Internet and the creation of better electronics have gone beyond merely increasing people’s connectivity and productivity.

These experts say mankind is now facing the Fourth Industrial Revolution because of the creation of virtual realities and artificial intelligence. They add that these new technologies have complexities, scales, and scopes that are unlike anything that people ever had before. They expect the Fourth Industrial Revolution to bring opportunities that will increase global income levels, increase efficiency and satisfaction in people’s lives, and open new possibilities for the future. However, they also warn people about the possible disruption of labor markets and the increase in social inequality which may be brought by the Fourth Industrial Revolution.