Who knew that no one would ever take pictures with Kodak or Fuji photo films which are associated with our favorite childhood memories? Once, Kodak was a company of .15 million workers, however, now it has gone bankrupt. While the penetration of the digital camera has led to such misfortune for the film camera, and it’s own future now remains questionable with the advent of smartphone cameras. The floppy disk is now in the museum. And, people barely use pendrives these days. According to the United Nations, people now have more mobile phones in their hands than sanitary facilities. Many traditional businesses are changing rapidly. What will happen then after twenty years?

Then the world will be dominated by Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), robotics, drones, blockchain, quantum computing, 3D printing, nanotechnology or computerized healthcare. And, that is why we have entered the era of the 4th industrial revolution.

The first industrial revolution began with the invention of the steam engine, the second with the invention of electricity, and the third with the introduction of the computer and Internet. The fourth industrial revolution started at this time of the 21st century with the combination of artificial intelligence, robotics, machine learning, internet of things (IoT), biotechnology and automation technology. So, what are the impacts of this revolution on our lives?

Artificial Intelligence:

In the upcoming years, artificial intelligence will have the greatest influence. Perhaps science fiction will come true, and a device like a super computer will control people. Google’s Alpha-Go has already fallen against the top player in the complex board game Go. IBM Watson is now able to provide 90 percent accurate legal services, where people can do it in 80 percent of cases. Facebook’s ‘Pattern Recognition Software’ can even recognize looks better than humans.

Medicine:

IBM Watson has been keeping all the medical histories of patients for the last 100 years in its database. After a while, if you give the computer your symptoms, it will be able to tell you exactly what type of healthcare you require using precision medicine. Watson is 4 times more accurate than humans in diagnosing cancer. After a few years, 54 biomarkers will be able to tell you if you have any illness based on a retina scan, blood sample, or breathing using just your mobile phone. As a result, the average lifespan of a person is extending by around 3 months every year.

Agriculture:

Farmer robots worth 100 dollars are being built, who will do all the field-works. Human farmers will only act as managers. New crops are being grown with ‘aeroponics’ techniques without the use of soil in artificial humid climates. This will reduce water consumption. Various smartphone apps are offering automatic advice on insect control or weather forecasting. With this app, there is now a system to let you know by sensing whether the cows and chickens are eating enough or whether there is any disease.

Finance:

In the developed world, initiatives are being made to create a ‘cashless society’. Any transaction including bill-ticket can now be done through PayPal, Stripe, Google Wallet without going to the bank or counter. Mobile banking has made another revolution in underdeveloped and developing countries. Bitcoin or Libra is operating as an alternative reserve to notes on traditional paper. Financial transactions through blockchain technology are becoming easier and more transparent. Financial Robo-Advisors is giving the right advice on savings-investment.

Smart Home:

Every home is becoming a “smart home” with Google Home and Amazon Alexa. Even if you are out of the house, you will be able to control the door lock, light-fan-TV, and the temperature of the room with your voice. If there are not enough items in the fridge, the automatic online order can shop for everything. Smart Supershop has come up with ‘Amazon Go’. There is no salesman in it, you don’t have to stand in any line to pay the price. You can go to the store and pick up only the necessary things and bring them home.

Transport:

Big companies like Google, Audi, Toyota, Mercedes-Benz, Nissan, and General Motors are all extensively investing on driverless cars. Tesla is introducing electric cars to the market. With Uber-Lift-Grab, you can travel regularly without buying your own car. The technology is also being used for parking, garbage collection or traffic management. Real estate may no longer be a city-centric business with the development of transportation. In the manufacturing business, the adoption of robots has also increased. Amazon has started using drones to transport e-commerce merchandise.

3D printer:

In just 10 years, the price of a 3D printer has dropped from 18,000$ to 400$. All the big shoe companies have come out with ‘3D printed shoes’. In Shanghai, China, a six-story three-dimensional printed office building has been constructed with recycled concrete material. By 2025, 5 percent of every manufactured product will be 3D printed. Doctors will be able to examine 3D models of limbs before surgery. Engineers or designers can send a 3D model file of a product to any other office from anywhere, which will come out as the original product there.

Cloud computing:

Microsoft Word, Excel, PowerPoint, which have been used for office for so long, are now part of a cloud computing-based online service platform. These virtual files can be easily shared with anyone as well as accessed from anywhere outside the office. Thus, the pressure on the computer’s hard disk is also lowering.

Entertainment:

When was the last time you listened to a song on a desktop-laptop in this age of YouTube, Spotify, SoundCloud? TV-radio is making its way to online platforms. This is Netflix’s era in the spotlight. Disney, Hulu, Amazon Prime, and Apple TV are all offering movie-series-music streaming online. Online magazines are taking the place of print magazines. The New York Times currently makes the majority of its money from online subscriptions rather than print advertising.

Despite the fact that Facebook does not produce its own content, it has still become the world’s largest media corporation. Producers and organizers have to create separate broadcasting rights for online. It took 75 years for the telephone system to reach 100 million people, whereas Pokemon Go reached the same number of people in just one month in 2016. Soon virtual reality is going to control the advertising and entertainment industry.

We have a wonderful future ahead of us. The Fourth Industrial Revolution is taking its own path by wrecking many traditional systems at an incredible pace. According to Dell, in 2030 there will be many jobs of which 75 percent do not even exist now. Many will lose their jobs due to automation, and new employment opportunities will be created. In 2040, for the first time in the history of the world, there will be a group of people in their fifties who are ‘technological sound’. Maybe a new service will be developed for them, which we can’t even imagine now.

So, are you and your organization ready for such a revolution?

Main Write-up: Priyom Mozumdar

Translation: Jannatul Nyma