We all know that the World Economic Forum met last week to discuss the global economy. One of the interesting points of discussion revolved around what is called the fourth industrial revolution.
Previous industrial revolutions commenced with the steam power in the 1780s, followed by electric power in the 1870s and then computer science and IT in the 1960s – all aimed at automating production and improving the quality of life.The fourth revolution will use newly introduced technologies to create new ways of meeting needs. It will increase efficiency and productivity and reduce the costs of logistics, transportation and communication.
New markets will open up and economic growth will expand accordingly. A good example of this is the mobile money solution now widely adopted in our part of the world.Some of the ideas and technologies discussed are very exciting and seem to be out of a sci fi movie.
How about a mobile phone that is implanted in your body? It’s the next step from wearable devices and those that monitor human health. This should be available in the next eight years? Related to this is computers on your face – for example spectacles and other headsets that will display information about the world you are looking at. Think about your glasses directing you to your destination or taking you step by step through a complicated hands on task.
The prediction is that one in ten glasses will be used this way.My favourite topic is internet access. In the next eight years, it is estimated that 90 percent of the global population will have regular internet access – thanks to low cost computers and wireless connectivity. Smartphone ownership will also increase to 90 percent of the world population.
The benefits of access to education, healthcare, goods and services will be vast – if properly managed. This will lead on the perception of free internet being a basic human right, much in the same way as water or power.Combined with the above – it is estimated that 80 percent of people worldwide will have an online identity. This includes webmail accounts, social media profiles and apps and sites.
Combined with this will be the idea that online data storage is free. Risks associated with this include ID theft, stalking, online abuse, and surveillance by organisations and governments. My belief is that one of the major disadvantage will be the loss of face to face interaction skills as people spend more of their time building a social network online.
Why don’t you check your online presence by simply searching the web with your name?I have talked about the internet of things – with an expected one trillion internet connected sensors talking to each other. Not only will this lead to smart homes with lightbulbs, fridges and TVs talking to each other, but should also lead to computer run cities – with urban data being gathered and analysed real time.
Areas like traffic flow, garbage removal and accidents will all be responded to automatically. Such cities will be populated with self-driving cars, reducing accidents and costs in travelling.Artificial Intelligence (AI) will be the norm with companies making board decisions, with software providing rational data driven projections on company performance and strategy.
Extend this to AI software performing corporate audits on organizational practice and performance – not just once a year – but in real-time. Would Cashgate have occurred if there was no human access to the system?How about 3d printing technology, with five percent of consumer goods to be printed. We are talking food, parts, daily commodities. This is also being used to produce medical spare parts for the human body!
How about the first 3d printed car – yes CAR – that will go into production in six years’ time?
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