We have all studied the Industrial Revolution in our history books. What started in the 18th century has undergone drastic changes. Almost three more stages have passed, and we are now witnessing the rise of the 4th industrial revolution. It is an extension built on the basics of the 3rd industrial revolution. However, since it is currently in process, not everyone knows clearly understands what it is.
In this blog, we have gathered all the information to accurately explain 4th industrial revolution. From its definition and technology to expected developments, you will learn it all. Let’s begin with the basics.
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What is the 4th Industrial Revolution?
The 4th industrial revolution is a technological paradigm shift that has changed the way we use technology, run businesses, and our overall way of living. It is sometimes called the 4IR or Industry 4.0. Some people believe that this revolution is “blurring the lines between the physical, digital, and biological spheres.”
The concept of the 4th industrial revolution was first coined by Klaus Schwab in 2016. The founder of the World Economic Forum wrote a book of the same name and discussed that this new revolution is creating a world where virtual and physical systems work together at a global level. Only six years have passed, and the result of this new industrial revolution is in front of us.
Now, more and more industries are utilising AI technology, machine learning, robots, computers, and automated systems to improve production. Industries are also becoming self-reliant by producing their own energy or using green energy options. And the stage has just begun. The way it is growing forward, the 4th industrial revolution will become a new revolution we have never seen before.
Technologies That Are Driving Industry 4.0
As you know, each new stage of the industrial revolution was marked by the adoption of new technologies. It is the same case with the 4th industrial revolution.
Below are some of the major technologies that brought life to 4th industrial revolution:
- Artificial Intelligence: Also known as AI, it is when computers can “think” like humans. AI can understand patterns and analyse the information to offer recommendations. It is being used for different things ranging from spot patterns in huge piles of unstructured data to autocorrecting your messages in WhatsApp.
- Blockchain: If you have heard of bitcoin, you have an idea of blockchain. This technology helps in recording and sharing data in a secure decentralised, and transparent way.
- Virtual Reality (VR) and Augmented Reality (AR): VR is a technology that helps you immerse in digital experiences like video games. On the other hand, AR is where you merge the digital and physical worlds. An example of VR would be Google Translate, where you click images of street signs and then translates in online.
- Biotechnology: Biotechnology is a combination of biology and technology. This technology is helping us to create new pharmaceuticals and materials, more efficient manufacturing processes, and cleaner, more efficient energy sources.
- The Internet of Things: The Internet of Things or IoT describes everything that is connected to the internet – from the devices tracking your car to the medical devices. Businesses use it to get data from their customers and tailor-made campaigns.
Apart from these technologies, industrial revolution 4.0 is also driven by faster computer processing, robotics, usage of innovative materials like biomaterials, etc.,
The Way Ahead
We are sitting on the edge of the 4th industrial revolution, and no matter how much you ignore it, the technologies of this revolution are impacting your life every day. Thus, it is time you should how you can utilise the potential of these new technologies to improve business. In fact, businesses are also using such technologies to build a more sustainable and self-sufficient ecosystem for their organisations.
There are various reputable organisations that have created campaigns and products to help businesses and individuals harness the power of 4th industrial revolution. Connect with them and unlock the next level soon.