#5MinRead #Mains2020 #Topic05

Fourth Industrial Revolution
(Part 01/02)

- Term coined by Klaus Schwab, founder and executive chairman of the World Economic Forum. 
- It refers to how technologies like artificial intelligence, autonomous vehicles and the internet of things are merging with humans' physical lives. 

- It includes
1. Artificial Intelligence (AI)
2. Blockchain
3. Quantum computing
4. Nanotechnology
5. Robotics
6. The Internet of Things (IoT)
7. 3-D printing
8. Self-driving cars, and materials storage

Benefits
- It helps relieve poverty and improve people’s standard of living.
- With Artificial Intelligence, there will be better diagnosis, cheaper and better medical services.
- better security, surveillance and search and rescue operations.
- It will help connect every last village in the country to ensure better government services and improved infrastructure for all.
- Potential can be tapped for dealing with Climate change and achieve Sustainable Development.

#5MinRead #Mains2020 #Topic05

Fourth Industrial Revolution
(Part 02/02)

Challenges:

Economic
- High economic costs
- Business model adaptation
- Unclear economic benefits/excessive investment

Social
- It could yield greater inequality
- disrupt labor markets
- Cause Social tension
- Can increase middle classes dissatisfaction and unfairness. 
- Privacy concerns
- Surveillance and distrust

Political
- Lack of regulation, standards and forms of certifications
- Unclear legal issues and data security

Conclusion
It can take India to new heights of development, and improve the quality of life of its citizens, and bring a significant social transformation.