The first industrial revolution allowed mechanised production via water and steam powered systems. The second industrial revolution introduced electrical power to production systems. The third industrial revolution initiated computer-automated systems of production. Now, the fourth industrial revolution fuses both preceding and contemporary physical, digital and biological technologies to create what is referred to as a megatrend. A megatrend is defined as a major shift in environmental, social and economic conditions that will substantially change the way people live.

The fourth industrial revolution marks a dynamic shift in the way production and exchange occurs in a variety of assets of human life. Klaus Schwab identifies a fusion between innovative physical, digital and biological technologies that both substitute human labour intensive tasks and create new possibilities for human economics, coined as the ‘on-demand economy’. One particular aspect of Schwab’s ‘on-demand economy’ that I found particularly interesting was the potential complications caused by such technologies with regard to tax collection and money distribution. An ‘on-demand economy’ creates the possibility of digitally mediated decentralised transactions, which are often associated with black market operations due to the hindered ability for authorities to trace digital payments. However, I relate such discussion to previous research I have undertaken with regard to the immense economical opportunities created by such digital systems. Blockchain software stores information throughout a network made up of personal computers, creating a decentralised, distributed system where: all records are stored; facts can verified by anyone; and security is guaranteed. Moreover, a form of math called cryptography ensures records cannot be counterfeited by anyone. Explanation of the economical benefits of this system far exceed the limitations of this blog post, however put briefly, the future of blockchain technology could enable online management of data to the extent where companies could exist entirely run by algorithms.

As an area of media I am very interested in, the development of blockchain technologies will be discussed in further blog posts so stayed tuned. For now, if this blog post interested you, check out the video below: