- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.