What is the Fourth Industrial Revolution? by Prof Klaus Schwab

[Music] the force Industrial Revolution will impact Our Lives completely it will not only change how we communicate how we produce how we consume it will change actually as our own identity and of cost gives life to such uh policies and developments like smart traffic smart government smart cities what you will see is that everything will be integrated into a ecosystem driven by Big Data and uh driven particularly by close cooperation also of governments uh with um business civil society and this revolution will come at a brace taking speed it will be like a tsunami and

actually it's not just a digital Revolution it's digital of course physical it's nanotchnology but it's also biological and so three dimension provides a particular Force to this revolution so what the world economic forum is doing is to promote this public private Corporation to master the false Industrial Revolution [Music] the force Industrial Revolution will have multifold impacts of course every industry will be digitalized will be dis intermediated and has to define a new business model but it's not only business which is affected it's government which has to move over to AI government it is society as

a whole with the danger of uh job loss but also with the need to Res skill and upskill people fast uh so is an impact on society so we will have to prepare very well for this Revolution and I feel that the Asian countries with a relatively young population uh can manage and master this revolution easier compared to other countries in the [Music] world um what is particularly important is the educational system um we have to change the educational system which is still very much anchored even in the 19th century uh we have to adapt

it to the need to change continuously for example jobs so the new educational system has not only be aiming at developing digital capabilities and I should add ethical Norms that it also has to be based on a lifelong educational [Music] system