- Companies are beginning to put ethics before anything to ensure profitability
- For the first time ever, we are seeing users have control of their own personal data and privacy
- Convergence of technology creates power
Matt Bird – Show Host, Traders Network Show: 00:00
Welcome back to the Traders Network Show and our continued coverage of Humanity 2.0. I’m Matt Bird broadcasting worldwide from the Vatican for Equities.com and our affiliate partners. Our next guest is Jose Pacheco. Did I get that right? He is the co-director of the master’s degree of advanced manufacturing design for MIT. And he’s going to be your eyes and ears and give us a little feedback and comments here on yesterday’s events. Jose, welcome to the show. The pleasure’s all mine. You know, when I found out you were coming in, I just, I had to have you in here. I saw you motoring around yesterday. So we saw a lot of things yesterday, a lot of panels, a lot of impact, a lot of advocacy, a lot of, a lot of influential organizations all coming together to figure out how to solve some social problems. I spent the majority of my time doing outtakes in interviews, you were inside. What was your takeaway?
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 00:56
I think that the companies that were there and some of their partners that they’re working with are thinking about very deeply what are the ethical implications of the technologies they’re deploying. And so these are emerging technologies. The most recent one of course is artificial intelligence. We’re all talking about that, but this is a conversation that has been going on for well over 70 years now, you know, since after world war two, when we started talking about the impact of splitting the atom, we had scientists and engineers trying to figure out what do we do with this and how do we manage this responsibly? Then we had the biotechnology revolution and then we had synthetic biology. Now we have artificial intelligence. We have encryption, which is kind of an emerging new technology in some ways and autonomous vehicles, autonomous robots. And there’s more that certainly we are seeing in the lab. And so having this ongoing conversation and seeing that these companies are undertaking it in a very thoughtful way is actually very heartening. And I think that’s very important both for the companies as companies, but also as members of society and for the planet in general.
Matt Bird – Show Host, Traders Network Show: 02:12
Do you think it’s corporation’s obligation on an ethical side to actually start participating like we saw yesterday versus what’s coming down the pipeline and the regulatory side, which is the forced participation?
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 02:23
Yeah. Well obligation or responsibility is what we like to call it. Hey, yeah, we, every company is made up of people and we ask people participate in communities. We participate in our local communities. And so it’s our responsibility as citizens of this communities and of the planet. It’s also important for us as members of industry to undertake the hard thinking that we need to do to understand what the implications are of what we’re doing. Because in the end, really we’re the only ones that know what the implications may be at the very beginning because we’re deep into it, right? And so by the time a regulation comes along, it’s because usually something has gone wrong. And so we need to be proactive. And so it is responsibility for sure.
Matt Bird – Show Host, Traders Network Show: 03:23
Is that always the case? So I think what we’re seeing is a bit different, because a lot of the regulation that regarding privacy and, and data and what’s governing, what’s going to be the future of potentially AI and those sorts of things, those regulations, those policies were written in a time where we couldn’t even anticipate or even, you know, fathom the idea of a social network like Facebook. So if those, those, those regulations were rewritten today, what they look like?
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 03:56
That’s a great question. Well, we are also starting to see for the first time what it means for us to have privacy, potentially or no privacy.
Matt Bird – Show Host, Traders Network Show: 04:08
Well, I mean, and that’s the question because we freely give away our data. So is there actual privacy and data?
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 04:15
or do we actually have ownership? I think that’s not something we even assumed was possible to question 30 years ago. But now everything that is being quantified about us is valuable. And so that’s a whole new way of thinking about ourselves as well. It’s not just what we do physically, but everything we do digitally and how we interact with the world, both physical and digital. But there’s no way I think we could’ve anticipated that except to say that, you know, we have to understand what that we have impact upon the world. So we have to think about from a regulatory framework perhaps, um, or just from a governance perspective, what are the potential expansions of who we are, literally who we are and what it means to be you and me?
Matt Bird – Show Host, Traders Network Show: 05:12
That’s right. Yeah. It’s interesting. I spent a lot of time on the governmental side covering a lot of the social impact issues and is on the practice side where the communication for emerging growth companies and you know, we’re seeing this convergence of job responsibility protecting laws. And some of them may be obsolete, but yet they’re still trying to protect the integrity of them. And we’re seeing now conflicting stuff because the DNA of how data is used today is much different than what the laws were that crafted the regulatory issues of how they should work. And so it’s like this, there’s this huge gray area of, of businesses operating in. And I think that’s, you know, I think AI is going to push the boundaries of regulatory and batteries of private history of how they going to regulate because there’s going to remove themselves for the most part from a lot of that process. So how they automate this, we three amazing. Moving on, Equities is an emerging growth network. How is this next wave of technology and effect the emerging growth markets?
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 05:58
Oh, it’s a really, really interesting time actually. I think for business in general, startups, equities are being impacted by technologies that are now converging, that used to be separate. And you know, in my work that I focus mostly on manufacturing and design. Everybody’s heard of 3-D printing, which is a form of additive manufacturing. And it impacted, 20, 30 years ago when it first came out. The first patents for 3-D printing actually were in the 80s and the first company was founded in the late eighties and the colleague from MIT actually started one of those and sold for first 3-D printing company and the early 2000’s. So that’s the other thing about technology is that by the time it becomes popular and part of our everyday lexicon, it’s been 20-30 years.
Matt Bird – Show Host, Traders Network Show: 07:08
You know, I think I read as a kid, I remember looking back again, “Oh that’s not possible.” And then watching something like that movie alien than printing a gun or whatnot, I’m like, that’s not possible and it really was. It was really, it was really working. Interesting. But you’re right.
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 07:32
And so now, you know, you talk about these technologies coming from the lab being kind of having a proof of concept. And I think that’s where you begin to see some of this science fiction kind of aspects is like, “wow, if it worked once or twice in the lab, but now how do you actually produce it on a mass scale? Or how do you use it to produce it economically.” And so that was the first part. But then now we start thinking about, for example, this concept of well another important technology in 3-D printing was the ability to develop the 3-D models digitally so that you can actually print them, right? And so those two now start to come together.
Matt Bird – Show Host, Traders Network Show: 07:55
The medical devices field is, I mean you know, med tech, the whole medical devices field, it’s like the 3-D printing is it removing the molding procurement process, all that stuff, taking a CAD design, turning it into the fundamental, you know, beta product, and then from there and it’s usable.
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 08:36
That’s right. And it’s, as we now have new emerging materials, so the college had materials emerging, you begin to use new materials. So it’s not just plastic anymore, it’s metals, right? It’s composites in some cases actually, it’s bio materials, it’s actual cells that are being printed into a matrix.
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 08:57
And this convergence of technologies then is what creates so much power. And so when we think about it from the perspective of a company and how they deliver value to the customer, because at the end, that’s ultimately what every company has to do. They have to design something that meets customer needs, do it economically, reliably, and consistently, repeatedly. And so these new emerging technologies are allowing them to do that. And so you’re able to use less energy, less material, less waste, right? And so when you’re able to do that, that’s less cost. That hopefully means better financial performance. I think just by definition, by less cost, less use material, you’re able to perform better. Boeing. for example talks about a very important concept for Boeing or like Airbus is the weight to fly ratio, right? So when you’re making a part for a plane, you might get 20 kilograms of metal and because we have to machine it, you then make a part that only weighs one kilogram.
Jose Pacheco – Co-Director Advanced Manufacturing Design, MIT: 10:11
So waste is 19 kilograms. Right? And so, but if you’re able to 3-D print that part, right? There’s hardly any waste it might be on the order of grants because you have to finish it, right. You know, machine at, at the end. But yes. So now if you’re able to do that consistently and you’re eliminating, you know, 80, 90% of the material you use to buy less shipping costs, right. Less material that you have to buy, less waste that you actually have to pay to be carried away. And so this is one of the, I think the aspects of these emerging technologies with respect to financial performance that’s very important that we have to think about. And it’s not just these, but some of the things that are coming from the lab that do seem like science fiction as well.
Matt Bird – Show Host, Traders Network Show: 10:59
You know, I like to have you back on the show a little later. We broadcast to the NASDAQ and we do a weekly in some cases, daily episodes. And I’d love to have you back on the show. At a later time for if that’d be all right. What I like to do is cut to a quick commercial break. I want to keep you for an hour segment. Come back and have a little chat. Let’s just bring this back full circle to Humanity 2.0. And then once you get you on your way so you head back to sounds good. Then back to the U S does that sound good? We’ll be right back after these messages. Don’t go away.