“A shout-out to the Committee on the 4th Industrial Revolution!”

Hye-hoon Lee took office as chairwoman for the Committee on the 4th Industrial Revolution. She inaugurated in a critical time when the role of the committee has become important.

The reason is that first, the word 4th Industrial Revolution has not been defined yet. Even the Davos Forum, which first coined the term 4th Industrial Revolution, failed to properly define the word. Therefore, we have not been able to decide what to do, and we are only using the term as a political rhetoric.

Second, although there are various digital technologies that can lead the 4th industry, they are not giving explosive power to the economic revitalization. Moreover, it has not yet dramatically revolutionized our life.

Third, it is the time to choose a stimulus that would trigger the industrial revolution. Historically, innovation has transformed itself into an industrial revolution through an economic stimulus.

The development of innovative agricultural technology has resulted in surplus agricultural products. However, in the era when there was no storage technology, the agricultural industrial revolution began by exchanging the surplus agricultural products with “currency”, which were once impossible due to the different area and harvest time. The steam engine and electric technology were sublimated into the manufacturing industrial revolution through “finance.” This was possible because finance helped establish factories and equip them with machine tools to enable mass production.

Without “money and finance,” no matter how innovative technology might be, it would not have enough power to drive the industrial revolution. Moreover, it would not have achieved revolutionary economic growth that could completely change the industry at the time.

Now let's turn to the present. Innovative digital technologies such as drones, unmanned vehicles, IoT, remote medicine, and smart city are pouring out. Even at the Davos Forum where the scholars gathered, there was an expectation that the 4th Industrial Revolution and the digital industrial revolution will soon break out. However, two years later, there are no signs of industrial revolution. The reason is clear. There is no economic stimulus that will combine with digital technology.

Jeffrey Sachs, a world-renowned economist, said, "In the future, our descendants will use 300 digital devices in their lives." We are now using only fewer than 20 digital devices. To be able to use 300 devices, explosive digital demand and the digital industrial economy must be created. In other words, the digital industrial revolution must beak out.

I can assure that the economic stimulus that can lead to the digital industrial revolution (the 4th Industrial Revolution) is crypto (I define the term as cryptocurrency + blockchain + social impact).

Crypto industry has the ability to use digital technology to reduce financial costs, to promote distributed security, and to solve social problems. It also has a structure that can lower the price of digital devices to 70% or less. If we do not want to live as digital slaves to cover the cost of using 300 devices, a new crypto economic system should be put in place. That way we can enjoy digital technology under the premise that crypto is becoming more sophisticated and is expanded to meet with digital technology.

This is why the role of Committee on the 4th Industrial Revolution is so important. Professor Hyung-jun Kim of Korea University says, “Cryptocurrency is a gift to from heaven given to the Moon’s administration.” Whether or not the digital innovation technology will lead to the 4th Industrial Revolution depends on a regulatory reform that would combine digital technology and crypto economy, the establishment of crypto economic policy, and the ability to support and nurture crypto industry. We expect forward-looking activities of the committee.

 

Type	Agricultural Industrial Revolution	Manufacturing Industrial Revolution	Digital Industrial Revolution (4th Industrial Revolution)
Innovative Technology	Agricultural Technology	Manufacturing Technology	Digital Technology
Economic Stimulus	Currency	Finance	Crypto

 

 

Professor Hang-jun Park (news@dailycoinews.com)의 기사 더 보기

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