In a new episode of 415 stories, legendary investor and tech venture capitalist Tim Draper says he expects Bitcoin and various protocols leveraging decentralization to transform multiple industries – not just finance. The paradigm shift will be comparable to how the internet revolutionized communications, shaped e-commerce and affected global partnerships.
Says Draper,
“Now, there is the decentralization and that is transforming currency right now with Bitcoin…but it is also converging with another technology that is also going to have a big impact – which is artificial intelligence.
Those technologies now have the ability to transform the biggest industries in the world. It is not just currency. It is banking and finance, insurance, real estate, healthcare, government. All those industries all in the trillions of dollars, they are hugely valuable, have the potential to be transformed by these new technologies.”
To provide a concrete example, Draper says he can build a “very efficient and effective insurance company” by utilizing Bitcoin, AI and blockchain.
“For example, I could start an insurance company with an actuary, AI to determine fraud, and then a smart contract with Bitcoin and put it all on the blockchain.”
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