Harnessing the Fourth Industrial Revolution: Creating Our Future Today

Abstract

Technological breakthroughs and the interplay of a number of fields, including robotics, artificial intelligence, nanotechnology, neurotech, data analytics, blockchain, cloud technology, quantum computing, biotechnology, Internet of Things, virtual and augmented reality, and 3D printing, have ushered in the Fourth Industrial Revolution (FIRe). Three previous industrial revolutions have given mankind steam power, electricity, and electronics, respectively. The FIRe is expected to create a smarter, more connected world, which will affect all disciplines, economies, and industries, as well as challenge ideas about what it means to be human with the "fusion of technologies that is blurring the lines between the physical, digital, and biological spheres" (Schwab 2016). One of the biggest concerns foreseen in the era of technological advances is the impact of FiRE on employment as job automation may replace, complement, or completely make human labor obsolete and consequently increase inequalities. While estimates differ, what is clear is that new technologies are able to perform increasingly sophisticated functions.