Surfing Two Waves at Once

By Huawei

As those on the ground battle numerous consequences of the Covid-19 pandemic the world is also moving through two macro-level trends: the evolution of the third wave of globalization in the modern era and the onset of the fourth industrial revolution.

The market forces of these oscillating waves can blur the focus of policy makers in many parts of the world between the pull of geo-strategic alliances and distrust and the push towards efficient competition and collaboration. Staying afloat on those choppy waves are the proponents and creators of technology and innovation.

The success of the third wave of globalization is evident; as with the second wave, costs for goods and services have deflated. Technological development, along with the end of the Cold War and the opening of China to world trade, has led to explosive growth in worldwide communication with a decrease in price and more affordable access. Local producers can act as global purveyors, which is something previously restricted to large, global companies.

Merging with this third wave of globalization is the fourth industrial revolution, which is primarily propelled by new technologies.

The fourth industrial revolution is essentially a way to describe blurred boundaries between the physical, digital, and biological worlds. It is marked by breakthroughs in emerging technologies in fields such as robotics, artificial intelligence, nanotechnology, quantum computing, biotechnology, the internet of things, and the industrial internet of things.

At the center is connectivity, specifically 5G, which serves as the keystone in this arch of evolution. That’s what will make possible autonomous vehicles, augmented reality classrooms, telemedicine, smart cities, and other applications that will enrich lives.

The world is now “racing” to deploy 5G networks to lay the foundation for this fourth industrial revolution; China already has installed 700,000 5G base stations, with a goal to achieve full connectivity nationwide with 10 million base station in the not-too distant future and as of April 2020 the U.S has 10,000 5G base stations and growing.

And what will that connectivity bring with it in the fourth industrial revolution? On the business side Founder and Executive Chairman of the World Economic Forum, Klaus Schwab who is credited with coining the term 4IR has said that “transportation and communication costs will drop, logistics and global supply chains will become more effective, and the cost of trade will diminish, all of which will open new markets and drive economic growth.”

Supply chains are and will be increasingly instrumented with IoT sensors and integrated from end-to-end, such that a supermarket can determine not only the source of its produce, proving authenticity and helping with recalls, but the conditions it faced on its journey.

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