Tim Draper says a rigged system squashed his dream of a California breakup and doomed Theranos. Now he’s betting blockchain will disrupt governments and level the playing field.

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Venture capitalistTim Draper believes bitcoin, blockchain technology, and artificial intelligence will disrupt major industries, including healthcare, finance, and government.
The transformation of those industries will create huge opportunities for entrepreneurs and investors such as himself, Draper told Business Insider in a recent interview.
Draper has bet big on bitcoin and has been investing in bitcoin- and blockchain-related startups.
Though he’s had some big investment successes, including Tesla, his track record on forecasting the future of government and innovation is somewhat checkered by his failed effort to split up California and his backing of the healthcare startup Theranos, which has since been shut down amid allegations of fraud.
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In the past two decades, internet and digital technologies have transformed industries from publishing to food delivery.
But Tim Draper, a longtime venture capitalist, thinks a new generation of technologies could have an even bigger effect by shaking up some of the biggest sectors in the world, including healthcare, commerce, finance, insurance, and government. Artificial intelligence, big data, and especially cryptocurrency-related technologies, such as smart contracts, will decentralize power, tie the globe closer together, and yield some big opportunities for investors such as himself, Draper told Business Insider last week in an interview.
“This is going to be a really interesting transformative time,” said Draper, whose track record includes backing companies including Tesla and Cruise Automotive, which was acquired by General Motors. “And I’m excited to be a venture capitalist during that time because it’s the entrepreneurs and the venture capitalists that benefit the most when the biggest industries get transformed.”
It would be fairly easy to set up an insurance company or program using some of the new technologies, Draper said. Smart contracts agreements built on blockchain technology in which the terms are written into lines of code can automatically determine eligibility for benefits and pay them out. Artificial intelligence can be used to catch fraud. Add in some good actuaries to determine risks, and you’re in business ostensibly without having to hire a bunch of workers.
“All that can be done right now,” Draper said.
Draper thinks government will be transformed by new technologies
But that capability has obvious applications for governments, he said. MuchVenture capitalistTim Draper believes bitcoin, blockchain technology, and artificial intelligence will disrupt major industries, including healthcare, finance, and government.
The transformation of those industries will create huge opportunities for entrepreneurs and investors such as himself, Draper told Business Insider in a recent interview.
Draper has bet big on bitcoin and has been investing in bitcoin- and blockchain-related startups.
Though he’s had some big investment successes, including Tesla, his track record on forecasting the future of government and innovation is somewhat checkered by his failed effort to split up California and his backing of the healthcare startup Theranos, which has since been shut down amid allegations of fraud.
Click here for more BI Prime stories.

In the past two decades, internet and digital technologies have transformed industries from publishing to food delivery.
But Tim Draper, a longtime venture capitalist, thinks a new generation of technologies could have an even bigger effect by shaking up some of the biggest sectors in the world, including healthcare, commerce, finance, insurance, and government. Artificial intelligence, big data, and especially cryptocurrency-related technologies, such as smart contracts, will decentralize power, tie the globe closer together, and yield some big opportunities for investors such as himself, Draper told Business Insider last week in an interview.
“This is going to be a really interesting transformative time,” said Draper, whose track record includes backing companies including Tesla and Cruise Automotive, which was acquired by General Motors. “And I’m excited to be a venture capitalist during that time because it’s the entrepreneurs and the venture capitalists that benefit the most when the biggest industries get transformed.”
It would be fairly easy to set up an insurance company or program using some of the new technologies, Draper said. Smart contracts agreements built on blockchain technology in which the terms are written into lines of code can automatically determine eligibility for benefits and pay them out. Artificial intelligence can be used to catch fraud. Add in some good actuaries to determine risks, and you’re in business ostensibly without having to hire a bunch of workers.
“All that can be done right now,” Draper said.
Draper thinks government will be transformed by new technologies
But that capability has obvious applications for governments, he said. MuchRead More

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