Stages of Fourth Industrial Revolution (4IR)

What is the Fourth Industrial Revolution?

•  Klaus Schwab, founder and executive chairman of the Geneva-based WEF, published a book in 2016 titled "The Fourth Industrial Revolution" and coined the term at the Davos meeting that year. 
• Schwab argued a technological revolution is underway "that is blurring the lines between the physical, digital and biological spheres."
•  Simply put, the Fourth Industrial Revolution refers to how technologies like artificial intelligence, autonomous vehicles and the internet of things are merging with humans' physical lives. Think of voice-activated assistants, facial ID recognition or digital health-care sensors.
•  Schwab argued these technological changes are drastically altering how individuals, companies and governments operate, ultimately leading to a societal transformation similar to previous industrial revolutions.

Figure :Stages of 4IR

The first three industrial revolutions:

•  Zvika Krieger, the head of technology policy and partnerships at WEF, told CNBC that there is a common theme among each of the industrial revolutions: the invention of a specific technology that changed society fundamentally.

• The First Industrial Revolution started in Britain around 1760. It was powered by a major invention: the steam engine. The steam engine enabled new manufacturing processes, leading to the creation of factories.
• The Second Industrial Revolution came roughly one century later and was characterized by manufacturing processes, leading to the creation of factories.
• The Second Industrial Revolution came roughly one century later and was characterized by mass production in new industries like steel, oil and electricity. The light bulb, telephone and internal combustion engine were some of the key inventions of this era.
• The inventions of the semiconductor, personal computer and the internet marked the Third Industrial Revolution starting in the 1960s. This is also referred to as the "electricity. The light bulb, telephone and internal combustion engine were some of the key inventions of this era.
• The inventions of the semiconductor, This is also referred to as the "Digital Revolution". 

Difference between Third and Fourth:

•  Fourth Industrial Revolution is different from the third for two reasons: the gap between the digital, physical and biological worlds is shrinking, and technology is changing faster than ever.
• For evidence of how quickly technological change is spreading, observe the adoption of the telephone. It took 75 years for 100 million people to get access to the telephone; the gaming app "Pokemon Go" hooked that many users in less than one month in 2016.

The Issues and Concerns:

• Some experts warn of a "winner-take-all economy," where high-skilled workers are rewarded with high pay, and the rest of workers are left behind.
• A 2018 report by investment firm UBS found billionaires have driven almost 80 percent of the 40 main breakthrough innovations over the past four decades.
• In 2016, Schwab predicted inequality would be the greatest societal concern associated with the Fourth Industrial Revolution.
• "There has never been a time of greater promise, or one of greater potential peril".