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Cathy Wood’s 2024 Big Ideas presents a great framework to think about the oncoming 4th industrial revolution fueled by huge advances in technology.

• 1st Industrial Revolution (1760 to 1840): Transitioned from manual labor to mechanized production, introducing steam power and mechanized textile manufacturing, fundamentally altering work and societal structures.
• 2nd Industrial Revolution (1870 to 1914): Marked by the adoption of electricity and assembly line production, it revolutionized communication, transportation, and manufacturing, leading to global economic expansion.
• 3rd Industrial Revolution (1960s – early 2000s): Characterized by the digital shift with the rise of computers, the internet, and information technology, transforming how information is processed, communicated, and stored across all sectors.

The 4th Industrial Revolution is characterized by the simultaneous maturation of five foundational technology platforms:

1. artificial intelligence (AI)
2. robotics
3. energy storage
4. blockchain technology
5. multiomic sequencing.

These technologies could potentially boost global GDP growth from its historical rhythm of 2-3% to an impressive leap of 6-9%. This projection is rooted in the belief that productivity, especially among the world’s billion knowledge workers, is on the brink of a significant surge.

This phenomenon, witnessing multiple general-purpose technologies evolve in tandem, is something we haven’t observed since the dawn of the 20th century—a time that saw the emergence of electricity, the automobile, the telephone, radio, and aviation as transformative forces. The 3rd Industrail revolution was primarily about computers and saw the rise of nuclear energy, but didn’t have the breadth of reach that the 4th will likely have.

Looking back, the early 1900s emerge as a pivotal decade during which these technologies began to significantly influence everyday life, laying the groundwork for contemporary society. This period marked notable milestones, such as the Ford Model T making automobiles accessible, the expansion of telephone networks, and the initiation of commercial aviation, which collectively heralded the start of a transformative era.

Today, we find ourselves at a similar junction, though the actors on the stage of innovation have changed. The impact of AI, blockchain, and multiomics, compared to that of electricity and the telephone, underscores a similar magnitude of societal transformation.

This technological convergence promises more than just advancements; it signifies a comprehensive shift affecting industries, economies, and societal structures, unlocking new levels of access to information, services, and technological capabilities. As in the past, when electricity and communication innovations remodeled work and life, our current technological frontier is set to redefine our interactions with the world, personal health management, and economic development.

Yet, as we embrace these possibilities, we must also confront the accompanying challenges with clear-eyed vigilance. The societal and environmental dilemmas that arose with the 2nd Industrial Revolution—ranging from workforce disruptions to ecological concerns and the need for regulatory frameworks—are mirrored today in the debates over AI ethics, the sustainability of energy solutions, and the privacy implications of genetic data. As we navigate the unfolding landscape of the Fourth Industrial Revolution, it’s imperative to address these issues thoughtfully, striving to ensure the widespread and equitable benefits of technological progress, all while safeguarding our ethical principles and the environment.