Raneem Muhammed, a Blockchain consultant based in Saudi Arabia was interviewed by the Coinnewsextra team on the topic “4IR: Convergence of Blockchain, AI and IOT”.
What is 4IR?
The fourth industrial revolution also known as 4IR is the current and developing environment in which disruptive technologies and trends such as the Internet of Things (IoT), robotics, virtual reality (VR), Blockchain and artificial intelligence (AI) are changing the way we live and work.
Ever since the third industrial revolution which pave way for the 4IR, the way we live changed drastically from the mechanical way of doing things during the First and Second revolution to a digital form.
4IR is basically a digital era. According to Raneem, “It would have a lot of different benefits along with negative effects.”
Opportunities during 4IR
There are huge opportunities for individuals, society and the companies. This era would give equality of digital right to everyone. Anyone at anytime would be able work and earn money without any government or big players interverance.
The future would be driven by data. The IOT would get the data, AI leverage on it and Blockchain would store the data.
From what Haneem said, the tech guys would be at more advantage during this era.
There is this speculation that most people would lose their jobs during this era. The fear of losing job should not be the major concern.
During this period, the way we work would be more enhanced. We should work on enhancing our skills.
Almost every process in life comes with a challenge or Challenges. Raneem noted some key challenge s which includes:
- Infrastructure: During this period, New infrastructure would be needed; an infrastructure that would allow the Convergence of different technology
- New business model: As earlier stated, People would have to come up with new business model.
- Cyber threat
The whole world is approaching this stage very fast and some factors like Covid-19 has been an acceleration to this.
Watch interview below