This wild and woolly world of technology is evolving every second. Each day brings new transformations to improve our living standards. These transformations make the building block of a whole Industrial revolution that becomes the gateway to a brighter future.
If we look at the timeline of these Industrial revolutions, the world has crossed 3 Industrial revolutions by now. The First Industrial revolution mechanized production through water and steam by giving us steam engines. The second industrial revolution initiated electric energy to facilitate mass production and gave some telephones and typewriters. The next industrial revolution introduced electronics and information technology that gifted us the Internet and Nuclear power.
These years, a new industrial revolution called 'Industry 4.0' or Industrial revolution 4.0 is becoming the talk of the town.
This blog will take you from tip to toe of Industry 4.0 and throw some light on its effect on the crypto world.
What is Industrial Revolution 4.0?
Industrial Revolution 4.0 is a new phase of the work industry that transforms the existing working way of industries through interconnectivity, machine learning, and AI. It is a time phrase where new inventions made with new technologies are changing the ways industries function.
Let's understand it with some most famous examples of Industry 4.0:
A GPS that gives the fastest route information to you by analyzing real-time data has changed your navigating experience.
The personalization feature of various OTT platforms like Netflix has revolutionized your at-home movie-watching experience.
Voice command assistants like Alexa and Siri are adding a new dimension of convenience in homes and offices.
The decentralized blockchain technology allows a direct transfer of digital assets without the involvement of any third party.
All these above examples are a part of Industrial Revolution 4.0 taking place around us. One common thing in almost all these new technologies forming Industry 4.0 is that they are filling the gap between the virtual and physical world in one way or the other. This is why this revolution is not only limited to introducing new technology, but it is revolutionizing the working of businesses completely. While a few technologies in Industry 4.0 have fully developed, others are still emerging.
When did Industrial revolution 4.0 start?
Industrial Revolution 4.0 was started in 2011 by the German government to strengthen their manufacturing sector. Germany has been a leader in the world economy for its quality manufacturing for centuries. It was required to revolutionize its manufacturing industry to maintain this position and stay ahead of the world. Germany aimed to create an industry where smart factories use information technologies to digitize their processes and reap huge benefits. These industries are planned to improve quality at lower costs through increased efficiency.
Germany became the first country to consider the Industrial revolution 4.0 to achieve this aim. With the support of the German government, some German experts and tech developers conducted the initial research studies on the ways to improvise the manufacturing sector. They all concluded that the "Internet of Things (IoT)" can make it possible. But these German experts did not only talk about the possibilities of technical evolution. They also suggested some concrete steps for their implementation.
They suggested the competence of IT companies with production companies to initiate this evolution. This idea was implemented physically by a German scientist named Robert Bosch, who presented a Cyber-Physical Production System that could independently control the maintenance services of 8 machines. This system could initiate the necessary repairing actions like ordering spare parts or informing technicians about further action for the machines.
This work by Germans gave the required exposure of Industry 4.0 to the industry professions. It showed the potential that the internet and technology hold for a brighter future. As a result, other countries also started to take interest and initiatives toward Industrial Revolution 4.0 in 2014. Today, it has become the base of this development process, and one after the other new technologies have been emerging.
How Industrial Revolution 4.0 is changing the world?
Whether you belong to the millennials or the gen Z group, you must have observed the changes brought by Industrial Revolution 4.0 in these decades.
For example, from asking for routes from shopkeepers or strangers in childhood to using GPS for navigation now, the Industrial revolution has changed the way we travel.
But it is not the first time the Industrial Revolution has altered so much. History is proof that every Industrial revolution has led to groundbreaking inventions that elevated the production efficiency of businesses to another level. This Industry 4.0 is phenomenal because it's not limited to only the production and manufacturing sector. It is boosting every sector through automation, personalization, and security that have never been seen before. Due to this revolution, the time has come when humans are driving automated vehicles, eating food served by robots, using 3D printers to develop things, and performing transactions through DeFi on an everyday basis.
A plethora of more positive changes through the 4.0 version of the Industrial Revolution is waiting for humans to make their life more convenient in the upcoming time.
How does Industrial Revolution 4.0 affect cryptocurrencies?
Blockchain technology, one of the biggest inventions of Industrial Revolution 4.0, runs all kinds of cryptocurrencies. Hence, further development of blockchain in the upcoming years of Industry 4.0 will simultaneously open new endeavors for different cryptocurrencies. Industry 4.0 has brought a high magnitude of positive change in the fintech sector, of which Bitcoin is its perfect example. That time is not far when the world will shift to a new system through cryptocurrencies and tokens. Cryptocurrencies will have a huge role to play in every field, whether supply chain or peer-to-peer transactions, global internet networks, or new notification systems.
Why is Industrial Revolution 4.0 important?
The traditional work industry is reaching its limits. It is practically impossible to meet the increasing demand without a technology-driven change. The flaws of existing technologies are known to both users and manufacturers. Thus, Industrial Revolution 4.0 is necessary before the current systems get exhausted.
The customers now require something more transparent, efficient, and convenient than the existing system. They appreciate something that can meet all their criteria perfectly. For example, the rise of 3D printers has proved their value in the industrial and construction sector by making production affordable, precise, and on-demand. In the same way, AI and machine learning are also accelerating the growth of various sectors at a dramatic rate.
Conclusion
The only constant in this world of advancements is "change". All the Industrial revolutions come up from time to time to establish this change so that the thriving industries work efficiently. Industrial revolution 4.0 is the latest version of these revolutions that we are experiencing currently. It aims to modify the existing systems with more efficient, automated, and personalized ones. Companies that accept this revolution with an open heart and manage the change wisely can outperform even their tough competitors in the next few years. Businesses that get late to adopt the emerging technologies will leave with no choice except to struggle for survival.
