Industrial Revolution: Radical changes in the Industrial World, Implications on the Social Order – Since Prometheus stole the fire of knowledge from the gods on Mount Olympus and gave it to mankind, humans have not stopped fidgeting with the fire and creating striking innovations all throughout the evolution, including every innovation in the industrial revolutions which have brought people closer to a better life.

The first industrial revolution (18th-19th century)

The term the industrial revolution was first introduced by Friedrich Engels and Louis-Auguste Blanqui in the mid-19th century and began with the introduction of mechanical production facilities between the 18th and 19th centuries in Europe.

In the early stages, the first industrial revolution was fronted by the birth of an agrarian revolution, which, at this stage, was divided into two stages. The first stage was marked by the conversion of land use functions, from initially for agricultural purposes too for integrated farming and animal husbandry. The second stage emphasizes on the tillage process that was previously traditionally done and then carried out using mechanical power or mechanization.

In its development, the first industrial revolution was signaled by two things:

  1. The emergence of mechanization of the production of goods, so it was mostly carried out by machines.
  2. The trade sector that had moved from mercantilists to more liberal trade.

Due to the development of the industry, the center of employment had also moved to cities, followed by a huge urbanization wave. For example, farmworkers went to the city to become factory workers. Large cities then became increasingly crowded, and many industrial cities sprung up in this phase. This resulted in increases in the quantity and quality of goods produced, eventually improving the economy. In addition, the political sector was not left untouched by the radical changes in the industrial revolution as many policies related to social changes were set out in this period, including the development of liberalism.

Second industrial revolution (20th century)

The second industrial revolution occurred in the early 20th century, especially 1870-1914 (the beginning of World War 1). This phase was triggered by a slowdown in macro discovery in the early 1800s.

The second generation of the industrial revolution began with the birth of many technological innovations, such as electric power plants and combustion chamber motors. These discoveries also triggered the emergence of telephones, cars, aero-planes, and other inventions that had changed the world significantly.

This period is also known as the Technological Revolution, in which innovations in manufacturing and production technology enabled the implementation of many technologies, such as the telegraph system and rail network, gas and clean water, and sewage systems, which were previously only concentrated in several cities. In the same period, new technological systems were introduced, and the most significant ones were electricity and telephone.

The third industrial revolution (21st century)

After electricity and telephone were introduced, the third industrial was most likely a consecutive vital revolution for mankind. The third industrial revolution brought them closer to each other, distance no longer separated communication, and manufacturing was going digital. This part of the industrial revolution witnessed not only the rise of electronics—along with semiconductors and microprocessors—but also the rise of telecommunications and computers.

Those innovations of technology led to the assembly of miniaturized materials which would open doors, most notably to space research and biotechnology. For industry, this revolution gave rise to the era of high-level automation in production, thanks to the two major inventions: robots and automatons, such as programmable logic controllers (PLCs).

Industrial Revolution 4.0

This phase is the first industrial revolution rooted in the new technological phenomenon (digitalization). Its genesis was situated at the dawn of the third industrial revolution with the emergence of the Internet. This era aims to connect all things real-time, including the mass production and the introduction to cloud, big data analytics, the Industrial Internet of Things (IoT), and, of course, the blockchain.

Tokoin brings in the blockchain technology to solve MSMEs’ problems

In this fourth industrial revolution, Tokoin aspires to solve the problems that have hindered MSMEs from growing their businesses to the edge of the cliff. Through its blockchain platform, Tokoin provides MSMEs with convenient access to solve their lack of funding problem.

As a platform which optimizes blockchain technology to establish a valid identity for and reputation of MSMEs, Tokoin facilitates MSMEs in recording every transaction as a set of data that can be used to comply with the requirement for financial transparency. This will become a solution that allows Tokoin’s users to establish a trusted profile with security for all stakeholders in the ecosystem. Our approach is by combining a digital identity and digital ledger to build MSMEs’ credit scoring services, letting MSMEs to embrace economic inclusion.

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Author: Tokoin Official

TOKOIN is a platform that establishes the identity of MSMEs as an acceptable reputation in the business ecosystem. TOKOIN presents a better and modern business ecosystem that offers valuable partnerships to address inclusive growth. As a platform, TOKOIN captures and processes business information from the users as a valuable asset, which, in our ecosystem, translates to the trusted reputation of the MSMEs as our users to access previously inaccessible financial business services from providers which act as our partners. Therefore, TOKOIN links the business and financial sectors to launch a scheme of financial inclusion. The partnerships formed in TOKOIN will subsequently contribute to the national economic growth.