Bitcoin, Cryptocurrency And Blockchain News

Tim Draper Believes Blockchain Is the Catalyst for Good Governance


In his opening remarks during the Vienna GovTech Pioneers conference, Tim Draper presented a vision for governments built on blockchain’s capabilities. Draper’s speech also outlines how Blockchain technology can enable large-scale changes in the way government issues roles and responsibilities at a national level. By using smart contracts and artificial intelligence, and combining this with the decentralized and immutable nature that is blockchain technology, Draper believes that a truly functional and utterly efficient government agency can be created.

The Future of Blockchain Technology

To further explain his vision, Draper also talked about healthcare, saying that its future can be built on top of blockchain technology, with all citizens storing their medica- related data on a blockchain network. With data such as blood tests, X-rays and DNA analysis stored on the network, and automated access enabled through artificial intelligence, Draper explained that this can increase efficiency in healthcare provision through continuous data analysis. According to Draper, health systems can be developed to send out advice and warnings to the individual as soon as a health issue arises.

Blockchain Enabling Efficient Government-Level Operations

“The services provided by the insurance, healthcare, and real estate industries are very bad and require a lot of money. The government that burned a lot of money for the worst service first felt this.”

– He said.

With a large enough database of sufficient information on the blockchain, not only will there be more efficiency in healthcare but Draper also believes that power will shift back to the people; and they will be able to remove inefficient governments from power.

Draper’s visionary speech comes at a time when the adoption of blockchain is somewhat picking up and even though there is a lot of regulatory resistance from governments over the use of Bitcoin, a select few have been seen to be inviting.

Bitcoin Is the Most Revolutionary Technology

In the interview, Draper criticized over-regulation of state IT industries, insisting that a three-part divide should be implemented between the US and California in a move to increase efficiency in management.

He cited a lack of business motivation in California as the main reason for his suggestion; however, he continued to show a lot of optimism for blockchain technology and cryptocurrencies in particular. In his other arguments, Draper has been pro Bitcoin while debating with cryptocurrency naysayers. In fact, in one instance Draper was quoted as saying that Bitcoin (as an underlying technology) is by far the most influential and important technological advancement of all ages.

Image Credit: Fortune

What do you think about Tim Draper’s opinion on blockchain technology, Bitcoin, and governance? Share your thoughts and opinions with us in the comments section.