Recent focus writing pdf 2022 - 4th industrial revolution and its impact on Bangladesh

Recent focus writing pdf 2022 - 4th industrial revolution and its impact on Bangladesh

What is 4IR?

The forces driving 4IR are various digital technologies including robotics, AI, virtual reality, blockchain, the internet of things, nanotechnology, genomics, biotechnology, cloud computing, 3D printing, big data, and others.

The First Industrial Revolution used water and steam power to mechanize production, mainly in England. The Second harnessed the advent of electricity to create mass production, and an example could be Henry Ford's Model-T assembly line. The Third, which lasted from the end of the Second World War to the emergence of the Internet, used electronics and information technology to automate production. The Fourth, which is really in its infancy now, began with the use of artificial intelligence (AI), digitalization, biotechnology, and global connectivity. It has touched the entire systems of production, management, and governance. Billions of people are now connected with mobile devices, and collaborate—using digital tools and AI—and live in a metaverse. 4IR promises to shape the future by linking the physical, digital, and biological worlds more tightly.

The role of government:

1.    Make a plan. Set out the goals and work with the industry leaders to direct the latter into new kinds of technology to address customers' needs better.

2.    Seek out new opportunities and low-hanging fruits. Identify areas that are ready for change and lead to increased productivity.

3.    Invest in human capital and manpower development to create a workforce ready to succeed in a digital environment.

4.    Encourage all government agencies and the private sector to incorporate environmental responsibility and eco-efficiency. To compete successfully in the global environment, businesses need to pay more attention to reducing waste and using resources efficiently.

New technologies and 4IR can be instrumental in transforming our agriculture. The term industrial revolution is a misnomer since biotechnology and scientific research can boost our agricultural production and transform the lives of the rural population. Bangladesh has seen the spread of mobile technology, including mobile financial services making significant headway in rural areas. Software-enabled products provide real-time market information, on-time delivery of supplies, and faster transactions, and have already made inroads in remote villages.

Blockchain applications have the potential to transform the entire economy. Like railroads, electricity, telecommunications, and the internet, blockchain technology could be a game changer. Blockchain databases have the ability to create and maintain decentralized marketplaces and distributed recordkeeping (land records, contracts, and legal transactions), and remove many institutional bottlenecks.