Advent of Bitcoin [BTC], blockchain could transform the financial system, says Tim Draper

Tim Draper, an American venture capital investor and the founder of Draper University, recently shared his views on Bitcoin and other cryptocurrency assets replacing the existing financial system, where fiat currency is used as a medium of exchange.

In an interview, Tim stated that the initial stages of the internet allowed successful entrepreneurs to enter the market and transform the whole industry, which was earlier controlled by oligarchies and monopolies. Tim added:

“They came in and they transformed communications, information technology, media, entertainment, games, taxis, etc. They changed a number of different industries all in the sort of $10 to $100 billion range.”

According to Tim, the advent of Bitcoin and its associated technologies, including blockchain, smart contracts, and artificial intelligence, had the potential to transform industries into a trillion-dollar market. He further added:

“Venture capital markets, finance, banking, commerce, insurance, real estate and then the two big ones that are healthcare and government could be transformed.”

He further stated that his vision of the health care system was of individuals getting the freedom of controlling their own health records. The individual’s blood test results, and genetic history, along with their daily activities, would be stored on the cloud, which would help them diagnose a problem in an efficient way. According to Tim, digitization of the healthcare system was a very “big deal”.

He also spoke about cryptocurrencies and blockchain technology transforming governments and the way in which they do business around the world. Draper added:

“I think that government can be transformed in this big, huge way. Which is, you put all those technologies together. You have a token that’s global and decentralized.”

He further added that the token would be put onto a “perfect ledger” called the blockchain. This would remove the barriers in conducting separate accounting processes as it would have already been done on the blockchain.

Furthermore, smart contracts will be built into the cloud in order to compile all the data. With the help of artificial intelligence, the data will be used in the decision-making process. Tim further stated:

“Think about what a bureaucrat does. You can replace the entire bureaucracy with artificial intelligence, a smart contract and the blockchain.”

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