When we think of the word revolution, the first thing that comes to mind is a type of uprising. This is true in the sense of human evolution, to achieve certain goals to make our lives better. For example, revolutions have occurred to gain freedom, a change in taxes or a change in workplace conditions. There have also been revolutions that invented new products, perfected old technology or replaced old technology. They are called revolutions because they had a great impact on society and economics. They dramatically changed industries, forcing people to adapt or even create new ones. Most only know of the first revolution, the Industrial Revolution, since it set the foundation for the technology we have today. However, there have been additional revolutions that followed after it. Let’s take a brief look at them.
The Industrial Revolution — It was the birth of mechanization, which replaced agriculture as the main industry in the 18th century (1760 to 1840). The steam engine gave us a new form of transportation with the train and new industries exploded, such as coal, iron and railroads.
The Second Industrial Revolution — The number of inventions and products began to increase during this time period (1870 – 1914). We saw the expansion of electricity, petroleum and chemical synthesis; the development of steel and large corporations; and the creation of new products (e.g. automobiles and airplanes). Electricity was used to power homes and businesses. Also, there was a communications boom with the invention of the telephone and the telegraph.
The Third Industrial Revolution — This occurred during the latter part of the 20th century (1969). This was the electronic age with information being stored electronically and machine processing using electronics to increase speed and convenience (e.g. credit cards). Nuclear energy was a new energy source and was used in a number of industries, such as medicine and aerospace. The electronic age soon changed over to the digital age with computers and telecommunications.
The Fourth Industrial Revolution — This began at the start of the 21st century. It is an expansion of the third industrial revolution that has dramatically changed the way we live. There are a merging of industries (e.g. fintech) that created new products and services. Technology has greatly advanced to automate processes, analyze data and share information across numerous platforms. It has created new jobs and industries, such as e-commerce and cybersecurity. Artificial intelligence and robots have advanced to predict human behaviors and perform certain tasks. We now have more options when it comes to purchasing and using currency (e.g. cryptocurrency).
Fintech plays a large part in the fourth industrial revolution. It has improved the financial world, including payments, investing and banking. This is an amazing time, and Ducatus is at the forefront of using cryptocurrency (Ducatus coin) to make our lives even easier.