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When we think of wisdom, we often think of ancient philosophers, mystics, or spiritual leaders. Wisdom is associated with the past. Yet some intellectual leaders are challenging us to reconsider wisdom in the context of the technological evolution of the future.
With the rise of exponential technologies like virtual reality, big data, artificial intelligence, and robotics, people are gaining access to increasingly powerful tools. These tools are neither malevolent nor benevolent on their own; human values and decision-making influence how they are used.
In future-themed discussions we often focus on technological progress far more than on intellectual and moral advancements. In reality, the virtuous insights that future humans possess will be even more powerful than their technological tools.
Tom Lombardo and Ray Todd Blackwood are advocating for exactly this. In their interdisciplinary paper “Educating the Wise Cyborg of the Future,” they propose a new definition of wisdom—one that is relevant in the context of the future of humanity.
We Are Already Cyborgs
The core purpose of Lombardo and Blackwood’s paper is to explore revolutionary educational models that will prepare humans, soon-to-be-cyborgs, for the future. The idea of educating such “cyborgs” may sound like science fiction, but if you pay attention to yourself and the world around you, cyborgs came into being a long time ago.
Techno-philosophers like Jason Silva point out that our tech devices are an abstract form of brain-machine interfaces. We use smartphones to store and retrieve information, perform calculations, and communicate with each other. Our devices are an extension of our minds.
According to philosophers Andy Clark and David Chalmers’ theory of the extended mind, we use this technology to expand the boundaries of our minds. We use tools like machine learning to enhance our cognitive skills or powerful telescopes to enhance our visual reach. Such is how technology has become a part of our exoskeletons, allowing us to push beyond our biological limitations.
In other words, you are already a cyborg. You have been all along.
Such an abstract definition of cyborgs is both relevant and thought-provoking. But it won’t stay abstract for much longer. The past few years have seen remarkable developments in both the hardware and software of brain-machine interfaces. Experts are designing more intricate electrodes while programming better algorithms to interpret the neural signals. Scientists have already succeeded in enabling paralyzed patients to type with their minds, and are even allowing people to communicate purely through brainwaves. Technologists like Ray Kurzweil believe that by 2030 we will connect the neocortex of our brains to the cloud via nanobots.
Given these trends, humans will continue to be increasingly cyborg-like. Our future schools may not necessarily educate people as we are today, but rather will be educating a new species of human-machine hybrid.
Whether you take an abstract or literal definition of a cyborg, we need to completely revamp our educational models. Even if you don’t buy into the scenario where humans integrate powerful brain-machine interfaces into our minds, there is still a desperate need for wisdom-based education to equip current generations to tackle 21st-century issues.
With an emphasis on isolated subjects, standardized assessments, and content knowledge, our current educational models were designed for the industrial era, with the intended goal of creating masses of efficient factory workers—not to empower critical thinkers, innovators, or wise cyborgs.
Currently, the goal of higher education is to provide students with the degree that society tells them they need, and ostensibly to prepare them for the workforce. In contrast, Lombardo and Blackwood argue that wisdom should be the central goal of higher education, and they elaborate on how we can practically make this happen. Lombardo has developed a comprehensive two-year foundational education program for incoming university students aimed at the development of wisdom.
What does such an educational model look like? Lombardo and Blackwood break wisdom down into individual traits and capacities, each of which can be developed and measured independently or in combination with others. The authors lay out an expansive list of traits that can influence our decision-making as we strive to tackle global challenges and pave a more exciting future. These include big-picture thinking, curiosity, wonder, compassion, self-transcendence, love of learning, optimism, and courage.
As the authors point out, “given the complex and transforming nature of the world we live in, the development of wisdom provides a holistic, perspicacious, and ethically informed foundation for understanding the world, identifying its critical problems and positive opportunities, and constructively addressing its challenges.”
After all, many of the challenges we see in our world today boil down to out-dated ways of thinking, be they regressive mindsets, superficial value systems, or egocentric mindsets. The development of wisdom would immunize future societies against such debilitating values; imagine what our world would be like if wisdom was ingrained in all leaders and participating members of society.
The Wise Cyborg
Lombardo and Blackwood invite us to imagine how the wise cyborgs of the future would live their lives. What would happen if the powerful human-machine hybrids of tomorrow were also purpose-driven, compassionate, and ethical?
They would perceive the evolving digital world through a lens of wonder, awe, and curiosity. They would use digital information as a tool for problem-solving and a source of infinite knowledge. They would leverage immersive mediums like virtual reality to enhance creative expression and experimentation. They would continue to adapt and thrive in an unpredictable world of accelerating change.
Our media often depict a dystopian future for our species. It is worth considering a radically positive yet plausible scenario where instead of the machines taking over, we converge with them into wise cyborgs. This is just a glimpse of what is possible if we combine transcendent wisdom with powerful exponential technologies.
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Disruptive business models are often powered by alternative financing. In Part 1 of this series, I discussed how mobile is redefining money and banking and shared some of the dramatic transformations in the global remittance infrastructure.
In this article, we’ll discuss:
AI financial advisors and robo traders
Let’s dive right back in…
Decentralized Lending = Democratized Access to Finances
Peer-to-peer (P2P) lending is an age-old practice, traditionally with high risk and extreme locality. Now, the P2P funding model is being digitized and delocalized, bringing lending online and across borders.
Zopa, the first official crowdlending platform, arrived in the United Kingdom in 2004. Since then, the consumer crowdlending platform has facilitated lending of over 3 billion euros ($3.5 billion USD) of loans.
Person-to-business crowdlending took off, again in the U.K., in 2005 with Funding Circle, now with over 5 billion euros (~5.8 billion USD) of capital loaned to small businesses around the world.
Crowdlending next took off in the US in 2006, with platforms like Prosper and Lending Club. The US crowdlending industry has boomed to $21 billion in loans, across 515,000 loans.
Let’s take a step back… to a time before banks, when lending took place between trusted neighbors in small villages across the globe. Lending started as peer-to-peer transactions.
As villages turned into towns, towns turned into cities, and cities turned into sprawling metropolises, neighborly trust and the ability to communicate across urban landscapes broke down. That’s where banks and other financial institutions came into play—to add trust back into the lending equation.
With crowdlending, we are evidently returning to this pre-centralized-banking model of loans, and moving away from cumbersome intermediaries (e.g. high fees, regulations, and extra complexity).
Fueled by the permeation of the internet, P2P lending took on a new form as ‘crowdlending’ in the early 2000s. Now, as blockchain and artificial intelligence arrive on the digital scene, P2P lending platforms are being overhauled with transparency, accountability, reliability, and immutability.
Artificial Intelligence Micro Lending & Credit Scores
We are beginning to augment our quantitative decision-making with neural networks processing borrowers’ financial data to determine their financial ‘fate’ (or, as some call it, your credit score). Companies like Smart Finance Group (backed by Kai Fu Lee and Sinovation Ventures) are using artificial intelligence to minimize default rates for tens of millions of microloans.
Smart Finance is fueled by users’ personal data, particularly smartphone data and usage behavior. Users are required to give Smart Finance access to their smartphone data, so that Smart Finance’s artificial intelligence engine can generate a credit score from the personal information.
The benefits of this AI-powered lending platform do not stop at increased loan payback rates; there’s a massive speed increase as well. Smart Finance loans are frequently approved in under eight seconds. As we’ve seen with other artificial intelligence disruptions, data is the new gold.
Digitizing access to P2P loans paves the way for billions of people currently without access to banking to leapfrog the centralized banking system, just as Africa bypassed landline phones and went straight to mobile. Leapfrogging centralized banking and the credit system is exactly what Smart Finance has done for hundreds of millions of people in China.
As artificial intelligence accesses even the most mundane mobile browsing data to assign credit scores, blockchain technologies, particularly immutable ledgers and smart contracts, are massive disruptors to the archaic banking system, building additional trust and transparency on top of current P2P lending models.
Immutable ledgers provide the necessary transparency for accurate credit and loan defaulting history. Smart contracts executed on these immutable ledgers bring the critical ability to digitally replace cumbersome, expensive third parties (like banks), allowing individual borrowers or businesses to directly connect with willing lenders.
Two of the leading blockchain platforms for P2P lending are ETHLend and SALT Lending.
ETHLend is an Ethereum-based decentralized application aiming to bring transparency and trust to P2P lending through Ethereum network smart contracts.
Secure Automated Lending Technology (SALT) allows cryptocurrency asset holders to use their digital assets as collateral for cash loans, without the need to liquidate their holdings, giving rise to a digital-asset-backed lending market.
While blockchain poses a threat to many of the large, centralized banking institutions, some are taking advantage of the new technology to optimize their internal lending, credit scoring, and collateral operations.
In March 2018, ING and Credit Suisse successfully exchanged 25 million euros using HQLA-X, a blockchain-based collateral lending platform.
HQLA-X runs on the R3 Corda blockchain, a platform designed specifically to help heritage financial and commerce institutions migrate away from their inefficient legacy financial infrastructure.
Blockchain and tokenization are going through their own fintech and regulation shakeup right now. In a future blog, I’ll discuss the various efforts to more readily assure smart contracts, and the disruptive business model of security tokens and the US Securities and Exchange Commission.
Parallels to the Global Abundance of Capital
The abundance of capital being created by the advent of P2P loans closely relates to the unprecedented global abundance of capital.
Initial coin offerings (ICOs) and crowdfunding are taking a strong stand in disrupting the $164 billion venture capital market. The total amount invested in ICOs has risen from $6.6 billion in 2017 to $7.15 billion USD in the first half of 2018. Crowdfunding helped projects raise more than $34 billion in 2017, with experts projecting that global crowdfunding investments will reach $300 billion by 2025.
In the last year alone, using ICOs, over a dozen projects have raised hundreds of millions of dollars in mere hours. Take Filecoin, for example, which raised $257 million in only 30 days; its first $135 million was raised in the first hour. Similarly, the Dragon Coin project (which itself is revolutionizing remittance in high-stakes casinos around the world) raised $320 million in its 30-day public ICO.
Some Important Takeaways…
Technology-backed fundraising and financial services are disrupting the world’s largest financial institutions. Anyone, anywhere, at anytime will be able to access the capital they need to pursue their idea.
The speed at which we can go from “I’ve got an idea” to “I run a billion-dollar company” is moving faster than ever.
Following Ray Kurzweil’s Law of Accelerating Returns, the rapid decrease in time to access capital is intimately linked (and greatly dependent on) a financial infrastructure (technology, institutions, platforms, and policies) that can adapt and evolve just as rapidly.
This new abundance of capital requires financial decision-making with ever-higher market prediction precision. That’s exactly where artificial intelligence is already playing a massive role.
Artificial Intelligence, Robo Traders, and Financial Advisors
On May 6, 2010, the Dow Jones Industrial Average suddenly collapsed by 998.5 points (equal to 8 percent, or $1 trillion). The crash lasted over 35 minutes and is now known as the ‘Flash Crash’. While no one knows the specific reason for this 2010 stock market anomaly, experts widely agree that the Flash Crash had to do with algorithmic trading.
With the ability to have instant, trillion-dollar market impacts, algorithmic trading and artificial intelligence are undoubtedly ingrained in how financial markets operate.
In 2017, CNBC.com estimated that 90 percent of daily trading volume in stock trading is done by machine algorithms, and only 10 percent is carried out directly by humans.
Artificial intelligence and financial management algorithms are not only available to top Wall Street players.
Robo-advisor financial management apps, like Wealthfront and Betterment, are rapidly permeating the global market. Wealthfront currently has $9.5 billion in assets under management, and Betterment has $10 billion.
Artificial intelligent financial agents are already helping financial institutions protect your money and fight fraud. A prime application for machine learning is in detecting anomalies in your spending and transaction habits, and flagging potentially fraudulent transactions.
As artificial intelligence continues to exponentially increase in power and capabilities, increasingly powerful trading and financial management bots will come online, finding massive new and previously lost streams of wealth.
How else are artificial intelligence and automation transforming finance?
Disruptive Remittance and Seamless Transactions
When was the last time you paid in cash at a toll booth? How about for a taxi ride?
EZ-Pass, the electronic tolling company implemented extensively on the East Coast, has done wonders to reduce traffic congestion and increase traffic flow.
Driving down I-95 on the East Coast of the United States, drivers rarely notice their financial transaction with the state’s tolling agencies. The transactions are seamless.
The Uber app enables me to travel without my wallet. I can forget about payment on my trip, free up my mental bandwidth and time for higher-priority tasks. The entire process is digitized and, by extension, automated and integrated into Uber’s platform (Note: This incredible convenience many times causes me to accidentally walk out of taxi cabs without paying!).
In January 2018, we saw the success of the first cutting-edge, AI-powered Amazon Go store open in Seattle, Washington. The store marked a new era in remittance and transactions. Gone are the days of carrying credit cards and cash, and gone are the cash registers. And now, on the heals of these early ‘beta-tests’, Amazon is considering opening as many as 3,000 of these cashierless stores by 2023.
Amazon Go stores use AI algorithms that watch various video feeds (from advanced cameras) throughout the store to identify who picks up groceries, exactly what products they select, and how much to charge that person when they walk out of the store. It’s a grab and go experience.
Let’s extrapolate the notion of seamless, integrated payment systems from Amazon Go and Uber’s removal of post-ride payment to the rest of our day-to-day experience.
Imagine this near future:
As you near the front door of your home, your AI assistant summons a self-driving Uber that takes you to the Hyperloop station (after all, you work in L.A. but live in San Francisco).
At the station, you board your pod, without noticing that your ticket purchase was settled via a wireless payment checkpoint.
After work, you stop at the Amazon Go and pick up dinner. Your virtual AI assistant passes your Amazon account information to the store’s payment checkpoint, as the store’s cameras and sensors track you, your cart and charge you auto-magically.
At home, unbeknownst to you, your AI has already restocked your fridge and pantry with whatever items you failed to pick up at the Amazon Go.
Once we remove the actively transacting aspect of finance, what else becomes possible?
Extraordinary transformations are happening in the finance world. We’ve only scratched the surface of the fintech revolution. All of these transformative financial technologies require high-fidelity assurance, robust insurance, and a mechanism for storing value.
I’ll dive into each of these other facets of financial services in future articles.
For now, thanks to coming global communication networks being deployed on 5G, Alphabet’s LUNE, SpaceX’s Starlink and OneWeb, by 2024, nearly all 8 billion people on Earth will be online.
Once connected, these new minds, entrepreneurs, and customers need access to money and financial services to meaningfully participate in the world economy.
By connecting lenders and borrowers around the globe, decentralized lending drives down global interest rates, increases global financial market participation, and enables economic opportunity to the billions of people who are about to come online.
We’re living in the most abundant time in human history, and fintech is just getting started.
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One of the most exciting and frightening outcomes of technological advancement is the potential to merge our minds with machines. If achieved, this would profoundly boost our cognitive capabilities. More importantly, however, it could be a revolution in human identity, emotion, spirituality, and self-awareness.
Brain-machine interface technology is already being developed by pioneers and researchers around the globe. It’s still early and today’s tech is fairly rudimentary, but it’s a fast-moving field, and some believe it will advance faster than generally expected. Futurist Ray Kurzweil has predicted that by the 2030s we will be able to connect our brains to the internet via nanobots that will “provide full-immersion virtual reality from within the nervous system, provide direct brain-to-brain communication over the internet, and otherwise greatly expand human intelligence.” Even if the advances are less dramatic, however, they’ll have significant implications.
How might this technology affect human consciousness? What about its implications on our sentience, self-awareness, or subjective experience of our illusion of self?
Consciousness can be hard to define, but a holistic definition often encompasses many of our most fundamental capacities, such as wakefulness, self-awareness, meta-cognition, and sense of agency. Beyond that, consciousness represents a spectrum of awareness, as seen across various species of animals. Even humans experience different levels of existential awareness.
From psychedelics to meditation, there are many tools we already use to alter and heighten our conscious experience, both temporarily and permanently. These tools have been said to contribute to a richer life, with the potential to bring experiences of beauty, love, inner peace, and transcendence. Relatively non-invasive, these tools show us what a seemingly minor imbalance of neurochemistry and conscious internal effort can do to the subjective experience of being human.
Taking this into account, what implications might emerging brain-machine interface technologies have on the “self”?
The Tools for Self-Transcendence
At the basic level, we are currently seeing the rise of “consciousness hackers” using techniques like non-invasive brain stimulation through EEG, nutrition, virtual reality, and ecstatic experiences to create environments for heightened consciousness and self-awareness. In Stealing Fire, Steven Kotler and Jamie Wheal explore this trillion-dollar altered-states economy and how innovators and thought leaders are “harnessing rare and controversial states of consciousness to solve critical challenges and outperform the competition.” Beyond enhanced productivity, these altered states expose our inner potential and give us a glimpse of a greater state of being.
Expanding consciousness through brain augmentation and implants could one day be just as accessible. Researchers are working on an array of neurotechnologies as simple and non-invasive as electrode-based EEGs to invasive implants and techniques like optogenetics, where neurons are genetically reprogrammed to respond to pulses of light. We’ve already connected two brains via the internet, allowing the two to communicate, and future-focused startups are researching the possibilities too. With an eye toward advanced brain-machine interfaces, last year Elon Musk unveiled Neuralink, a company whose ultimate goal is to merge the human mind with AI through a “neural lace.”
Many technologists predict we will one day merge with and, more speculatively, upload our minds onto machines. Neuroscientist Kenneth Hayworth writes in Skeptic magazine, “All of today’s neuroscience models are fundamentally computational by nature, supporting the theoretical possibility of mind-uploading.” This might include connecting with other minds using digital networks or even uploading minds onto quantum computers, which can be in multiple states of computation at a given time.
In their book Evolving Ourselves, Juan Enriquez and Steve Gullans describe a world where evolution is no longer driven by natural processes. Instead, it is driven by human choices, through what they call unnatural selection and non-random mutation. With advancements in genetic engineering, we are indeed seeing evolution become an increasingly conscious process with an accelerated pace. This could one day apply to the evolution of our consciousness as well; we would be using our consciousness to expand our consciousness.
What Will It Feel Like?
We may be able to come up with predictions of the impact of these technologies on society, but we can only wonder what they will feel like subjectively.
It’s hard to imagine, for example, what our stream of consciousness will feel like when we can process thoughts and feelings 1,000 times faster, or how artificially intelligent brain implants will impact our capacity to love and hate. What will the illusion of “I” feel like when our consciousness is directly plugged into the internet? Overall, what impact will the process of merging with technology have on the subjective experience of being human?
The Evolution of Consciousness
In The Future Evolution of Consciousness, Thomas Lombardo points out, “We are a journey rather than a destination—a chapter in the evolutionary saga rather than a culmination. Just as probable, there will also be a diversification of species and types of conscious minds. It is also very likely that new psychological capacities, incomprehensible to us, will emerge as well.”
Humans are notorious for fearing the unknown. For any individual who has never experienced an altered state, be it spiritual or psychedelic-induced, it is difficult to comprehend the subjective experience of that state. It is why many refer to their first altered-state experience as “waking up,” wherein they didn’t even realize they were asleep.
Similarly, exponential neurotechnology represents the potential of a higher state of consciousness and a range of experiences that are unimaginable to our current default state.
Our capacity to think and feel is set by the boundaries of our biological brains. To transform and expand these boundaries is to transform and expand the first-hand experience of consciousness. Emerging neurotechnology may end up providing the awakening our species needs.
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