“The first industrial revolution used water and steam power to mechanize production. The second used electric power to create mass production. The third used electronics and information technology to automate production. Now, a fourth industrial revolution is building on the third, the digital revolution that has been occurring since the middle of the last century. I am convinced that the fourth industrial revolution will be every bit as powerful as the previous three.” said Klaus Schwab, founder and executive chairman of the WEF.