The Fourth Industrial Revolution!!!

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Many of us heard about the Fourth Industry Revolution, frequently but we may wonder what exactly is it? It’s a very searing topic that we talked over the last few years. The Fourth Industry Revolution is all about the fusion of disruptive technologies, internet of things (IoT), robotics and Artificial Intelligence (AI) to change the way we live and work on it. It is considered as the emerging tech revolution in all the sectors associated with mankind. Fourth industrial revolution expected to build the digital revolution.

Stages of the Industrial Revolution
i.                    First Industrial Revolution:
                                           In 18th to 19th centuries the first industrial revolution took place from Europe and America where water and steam power were used as mechanizing production. Textiles were considered as the dominant industry for the revolution and employment. Textiles industry was the first modern production era to use production method

ii.                  Second Industrial Revolution:
                                                Between 1870 and 1914, electric power used to create the mass production and this is the time second industrial revolution took place. Telephone, light bulb, phonograph and internal combustion engine were the technologies that invented to change the world.

iii.                Third Industrial Revolution:
                                             When electronic and information technology used as the automated production the world see huge differences on everything. The era started the 1980s and it’s still ongoing. Personal computer to tablet, the internet to satellite where we see and feel the advancement on every aspect. Information and Technology ICT is considered as greatest successor at this time.

iv.                Fourth Industrial Revolution:
     In 2016, the annual meeting of World Economic Forum used the theme “Mastering the Fourth Industrial Revaluation” in Davos-Switzerland for the first time. This considers as the milestone to kicked off to the Fourth Industrial Revolution. The Fourth Industrial Revolution marked the future of emerging technology in the numerous fields including artificial intelligence, robotics, nanotechnology, quantum technology, internet of things, 3D printers and autonomous vehicles. Fourth Industrial revolution is evolving at an exponential rather than a linear pace. Moreover, it is disrupting almost every industry in every country.


Source: Internet


Opportunity VS Challenges

Fourth Industrial Revolution has the great potential to change the world in terms of technological aspects, improve the quality life of the world population and potential to raise the global income level. Technology today made everything possible on one click and one tap. Ordering to food, buying plane fair, making payment, listening the music are some great examples which can be done remotely.

There is no doubt that in near future, technology will certainly play amazing roles in supply-side miracle, and expect to have long-term efficiency and productivity. Basic factors like communication and transportation costs will be drop down, logistics and supply chain management becomes more convenient and efficient, cost of trade will be diminished and open the new marketplace to the world for economic development.

Same time, economist from all around the world have pointed out the revolution could yield to bring the greater inequality in the labor market. An automation expects to substitute the labor across the entire economy. The Nomura Research Institute and the University of Oxford also predicted that 49% of jobs will be disappeared. Also, it assumed that displacement of workers by machine aggravates the gap between returns to capital and returns to labor. The job market will be more competitive and segregated into “low skill/low pay” and “high skill/high pay”. This segments expected as to return the social problems and leads to increase the psychological factors.

Revolution in Nepal

Nepal is considered as the young emerging nation in the world of technology. Though, Nepal industrial revolution journey is short. No, any destructive revolution took in Nepal so far. But the Fourth Industrial Revolution impact and consequences will definitely going to be seen in Nepal. The massive changes in technology definitely help to contribute on different aspects. Nepal in the process of digitalization helps somehow to touch fourth industrial revolution principles. Nepal Telecom Authority (NTA) report, Nepal has 63 percent Internet penetration. So this is the positive aspect to continue the revolution journey.

Currently, Government of Nepal trying to encourage the digitalization also promised to make the paper-free in government work by next 5 to 10 years of time. Sameway, Central Bank of Nepal, Nepal Rastra Bank (NRB) are now seen as more convenient in the digital gateway of payment. Encouraging on the digital payments or transaction helps to uplift the communities from poverty, reduces the manufacturing the currency cost also minimize the illegal currency use. Promoting digital currency or transaction certainly helps to eradicate the corruption and control over black money. The latest report by Transparency International, Nepal ranks at 122 in corruption index with score 31. So country like Nepal should promote the technological journey to get maximum benefits and economic development.

Nepal is also no longer behind promoting the Artificial Intelligence (AI) as well, which is very key component for the Fourth Industrial Revolution. Companies like Paschim Paaila and Fusemachines are really doing an outstanding task to contribute social and economic changes of the country through technology and development. Every year hundreds of engineering students contribute new innovation and machine design through robotize, that shows emerging young people are down-towards the latest technological scenario. Government must support on this matter to empower and uplift the young minds to achieve the development goals.

In the end, all the aspects of fourth industrial revolution come down to the people and values. No matter how the destructive changes in the technology we see and feel. We need to drive and shape the future working together putting people first and empower them. Fourth industrial revolution may indeed and have the highest potential “robotize” humanity. But this should be deprived from our heart and soul. We must develop the comprehensive and must aware about how technology affecting our lives and reshaping our economic, social, culture and human environments.

Comments

  1. UnknownMarch 30, 2019 at 9:33 AM

    Informative piece! Obviously, technology has vital role in uplifting the mankind. Have yo heard about Zo? Well, it is an automated chat. Do try! Search in Messenger.

    ReplyDelete

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