6th Nov 2018CIO
The Fourth Revolution
The Commercial Revolution began during the creation of a European economy based on trade, which began in the 11th century beginning with the Crusades, Europeans rediscovered spices, silks and other commodities rare in Europe. This development created a new desire for trade and trade expanded in the second half of the Middle Ages.
Newly forming European states, through voyages of discovery, were looking for alternative trade routes in the 15th and 16th centuries, which allowed the European powers to build vast, new international trade networks. Nations also sought new sources of wealth and practiced mercantilism and colonialism.
The Commercial Revolution is marked by an increase in general commerce and in the growth of financial services such as banking, insurance, and investing. The revolution led to many Maritime innovations such as sails, navigational instruments and details maps.
The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 throughout the reign of Queen Victoria. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power, the development of machine tools and the rise of the factory system.
By the mid-18th century, Britain was the world's leading commercial nation, controlling a global trading empire with colonies in North America and Africa and with some political influence on the Indian subcontinent, through the activities of the East India Company. The development of trade and the rise of business were major causes of the Industrial Revolution.
The Industrial Revolution marks a major turning point in history; almost every aspect of daily life was influenced in some way. In particular, average income and population began to exhibit unprecedented sustained growth. Some economists say that the major impact of the Industrial Revolution was that the standard of living for the general population began to increase consistently for the first time in history, although others have said that it did not begin to meaningfully improve until the late 19th and 20th centuries.
The Computer Revolution began in 1947 when the Transistor was invented, which led to the emergence of Micro processors around 1970 and ARPANET net in 1969 which lead to the foundation for the internet and mobile phones in the 1990’s and accelerated in the 21st century with Morse Law, chip and computer power doubling in capacity every 2 years.
The Computer revolution created the industries in which we all live, have created enormous wealth and have brought with it the cyber risks that had the potential to cause everything from personal embarrassments to huge value-destruction to national incidents that has the potential to impact the outcome of political elections.
However, while we are busy managing the current computing platforms, a number of huge innovations are starting to reach a new level of maturity that means we now must be prepared to compete against them and ultimately deploy them within our own business.
Prior to 1977, the only contact most of the population had with computers was through utility bills, bank and payroll services, or computer-generated junk mail. Within a decade, computers became common consumer goods. The advent of affordable personal computers has had lasting impact on education, business, music, social interaction, and entertainment.
The Fourth Industrial Revolution builds on the Digital Revolution, representing new ways in which technology becomes embedded within societies and even the human body. The Fourth Industrial Revolution is marked by emerging technology breakthroughs in a number of fields, including Block-chain, robotics, artificial intelligence, nanotechnology, quantum computing, biotechnology, The Internet of Things, 3D printing and autonomous vehicles.
There are immense opportunities for executives in the industry as well as many challenges. It feels like everything is accelerating at an increased pace, not just in technology but with growth in large city populations, global average temperatures, global population growth, data volume growth and cancer survival rates.
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