Our future according to Yuval Noah Harari, a lecturer at the Hebrew University in Jerusalem, in his new book “Homo Deus” says ” more of us will be pushed out of employment by intelligent robots and on to the economic scrap heap”. Yes, we are on the cusp of imminent change with the advent of fourth industrial revolution catching momentum in the most advanced economies. Preceding to this we as human beings had traversed three successive revolutions each one was better than the later, because of our quest to better our lives by increasing the production commensurates with the ever increase in demand. The First industrial revolution took place between 18th and 19th century which marked the beginning of agrarian society becoming industrial and Urban along with invention of steam engine, The second industrial revolution between (1870 and 1940) characterised by steel, oil, electricity & internal combustion engine had helped in mass production and followed by Third industrial revolution started in 1980’s which was significant in many ways using the power of technology, internet and achievements in the sphere of information technology space.
In the fourth industrial revolution is going to surpass everything that we could ever think of. It represents a fundamental change in the way we live, works and relates to one another. The beginning of new chapter enabled by extraordinary advances in technology. These advances merge the capabilities of the physical, digital and biological world. The immense potential throws out the huge promise and its potential peril. Perhaps in future, we can look beyond it as not just technology per se but an opportunity to improve the conditions of everyone with an inclusive approach.
Disruption to jobs and Skills.
The disruptions to existing models will create a huge impact on jobs ie means opportunity for new kind of jobs as well as the displacement of existing jobs. It could create a positive impact on gender parity, use of AI and Robotics and also has the potential to make the mobility more robust.
Innovation and productivity
The traditional models failed in measuring the capabilities hence cannot be actually measured. At present more than two billion remains disconnected from the global economy, But once the Fourth Industrial starts running in its full steam these disparities and gaps could be narrowed by increasing the productivity in an equitable manner.
As per the Global Wealth Report published by Swiss bank Credit Suisse in 2015, Richest 1% of the global population controls half of all of the assets in the world. while the bottom half of the population held less than 1% of all wealth. Even those regions in the world were economic growth picked up has seen increased stress and inequality. So it remains to be seen how far fourth industrial revolution could usher rapid change in the society.
The power of fourth Industrial revolution can be harnessed by governance for delivering better governance which is more accessible and helps in increasing transparency and trust. On the flipside, it can also threaten the social contract between the government and citizens.
Security and conflict
The Fourth Industrial Revolution can affect the scale and nature of conflicts. Meanwhile, new technologies are making the battlefield increasingly local and as well as global. Terrorist groups use the social media to recruit fighters to fight against the state. The combination of traditional battlefield techniques with technology is making modern conflicts more hybrid in nature. So future wars can disrupt the communication systems and narrow the line between war and peace.
Future disruptions in the existing business models will be a shift towards new kind of relationship between customer and business models. The new kind relationship is going to be nothing but all time connected model leveraging the power of mobile communications.WhatsApp mobile messaging service reported that its users were sending 42 billion messages every day. The Alibaba Chinese internet commerce giant Alibaba completed $14 billion online transactions on a single day through Mobile device.
The Fourth Industrial Revolution marks the beginning of the fusion of technologies and growing harmonisation of different disciplines, The technologies like Virtual Augmented reality, 3d Printing, sensors, Biotechnology, Blockchain, Artificial Intelligence and robotics etc.
Ethics and Identity
Fouth industrial revolution triggered new changes in disciplines like biotechnology and AI, also redefining the limits of lifespan, health, cognition and other capabilities which were once considered as a fiction. In 2010 University of Michigan Institute for Social Research identified that nearly 40% decline in empathy among college students compared with their counterparts 20 or 30 years before.