Fourth Industrial Revolution – what lies ahead!!
Evolution of Industrial Revolution :
The first industrial revolution came with the advent of Steam Engine. Next came Electricity and related advancement in every field. Then came the Computers which made the world smaller and faster . Now we are entering fourth phase of Industrial Revolution with stunning innovations including Internet of Things (IoT), Genetic Engineering, 3D printing, Artificial Intelligence, Driverless vehicles, robotics and smart machines. So what do we expect in Fourth Industrial Revolution?
We are moving very fast. However more than the rate at which we are growing, it has become extremely important to access in what direction are we growing. Are we just growing or are we changing?
Yes, stop reading for a while and just concentrate on this question. Are we just growing or are ARE WE CHANGING? Will Fourth Industrial Revolution Change Us?
See the below statements which are FACTS and they make us raise our eyebrows and think :
- Some of the New Softwares has the potential to completely change several industries in next 5-10 years.
- Kodak had 85% market share of photo paper world wide in 1998. Within 10 years they have been totally swept away. Today no one takes photographs on photo paper. Digital cameras have taken over whole market although digital cameras were invented in 1975.
- Uber is only a software tool . The company do not own any car yet they are the biggest cab company in the whole world. Had anybody thought about that 10 years back !
- What about Airbnb! Today it is indeed the biggest hotel company in the world although they do not own any property. Was this even imaginable few years back. Anyone thinking of hotel business thought its game of owning properties.
- In the US young lawyers find it very difficult to get a job. Because of IBM Watson, you can get basic legal advise online with 90% accuracy
- Artificial Intelligence : Computers are now able to do what was USP of humans – making decisions. Computers are able to scan and access large amount of data in seconds and take decisions based on data – much more faster and more efficiently than humans.
- Facebook can recognize human faces even better than human through pattern recognition Where are we moving to!
- Autonomous Cars : Self driving cars are already on test drive. By 2018 they are expected to be available for public. By 2020 perhaps you don’t have to drive anymore. Most of the top car manufacturing companies are coming up with autonomous cars. US Secretary of Transportation stated during Frankfurt Auto show that by 2025 autonomous cars will be used all over the world. Imagine you may not even own a car. You call a car through your phone, pay for the driven distance and be productive while travelling in the car. Number of accidents will exponentially reduce and parking problem will be over once for all.
- 3-D Printing : Price of 3D printers has come down from $18000 to $400 in 10 years. During same time, it has become 100 times faster. Today you can see 3D prints on shoes, fabrics and oops I read somewhere that even some aeroplane engine parts are being 3D printed!
- Bitcoins : You transfer value across borders with negligible transaction fees without intervention of any Govt. or any intermediate bodies such as banks, financial institutions etc. Where would this lead future financial system of the world ! Was this ever dreamt by any government or person of finance. But how’s that possible – Blockchain technology. Is it just related to transfer of funds. NO! BLOCKCHAIN TECHNOLOGY MIGHT CHANGE OUR WHOLE WORLD!! Yes indeed. In fact blockchain technology might be the trump card for the Fourth Industrial Revolution.
Let us see how!!
What is Blockchain Technology?
Its basically a ledger just as we have sales ledger giving up-to-date record of who holds what and who transferred what to whom. The “What” is very important in the blockchain as it defines its application. “What” could be any tangible assets such as diamonds or land or it could be something intangible such as value of money or Bitcoin.
The transaction or transfer of value gets documented on the open ledger and it cannot be tempered, manipulated or changed. Blockchain technology enables you to keep data recorded in open ledger and yet safe enough to be hacked.This is what is paving its way into the Fourth Industrial Revolution!!
Let us see how the world is reacting to this technology.
In the field of Finance, global border-less transactions with zero or minimum transaction fees is what we are able to achieve through Bitcoins. Blockchain co-founder Nicolas Cary concluded in The Intelligent Assets Report saying, “For intelligent assets to create value in the circular economy the development of an open and global payment protocol is required”. This, as per Cary, is possible only with Bitcoin and Blockchain technology as they have the capacity to perform frictionless and transparent financial transactions, without the intervention of intermediaries.
Similarly Federal Reserve Governor Lael Brainard delivered a speech stating that the Blockchain technology could have a major impact on the financial system. Brainard’s speech, delivered at the Institute of International Finance in Washington,DC, represents what may be the US central bank’s strongest words on blockchain to date.
She said “ We are paying close attention to distributed ledger technology, or blockchain, recognizing this may represent the most significant development in many years in payments, clearing and settlement.”
Bitcoins can therefore fuel this economy leading a different financial transaction protocol in the Fourth Industrial Revolution.
Not only finances, Blockchain technology is finding its use in Medicine, Insurance Sector, Banking and probably even in Real Estate Registrations.
Some links on Bitcoins: