Venture Capitalist Tim Draper: Bitcoin, decentralization and artificial intelligence could transform global industries

• Industries that could be transformed using decentralization, Bitcoin and AI range from banking, insurance, healthcare and real estate.
• Insurance companies could rely on AI to detect fraud and using smart contracts execute on the blockchain.

According to the renowned billionaire venture capitalist Tim Draper, decentralization is revolutionizing the currency systems around the world using the largest cryptocurrency by market capitalization, Bitcoin. Bitcoin, riding on the decentralization is “converging with another technology that is also going to have a big impact – which is artificial intelligence.” Draper added:

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.

Putting his comments into perspective in a new episode of 415 stories, Draper said that he can develop an insurance firm featuring an AI to detect fraud and utilizing smart contracts and Bitcoin, allow it to run on blockchain.