Tim Draper Believes in the Transformative Potential of Blockchain Technology
Tim Draper, a prominent California-based venture capital investor, claims that he wants to motivate superheroes to walk with him in his mission to revolutionize the world. Essentially, Tim sees the acquisition of digital assets a significant step towards this transformation, and he has indicate that he would support such moves entirely.
According to Tim, blockchain technology will change every aspect of the contemporary society across the globe by adding new applications that will enable people to do things that were previously undoable. For instance, distributed ledger technology will significantly transform governmental operations, one of the biggest ‘industries’ worldwide.
Regardless of the level of a nation’s development, government services are painfully slow all over. Even worse, the services are overly expensive and often result in frustrating the citizens who are seeking them because they do not have any other viable alternatives. Tim believes that blockchain technology can provide a solution to theses challenges by establishing a virtual layer of government. This solution will impel the governments to compete for clients, resulting in improved service delivery and lowering of costs. Consequently, services such as education and healthcare will become better while expenses such as taxation will reduce.
Additionally, blockchain databases will assist governments and their agencies to serve people efficiently because personal data will be linked to the blockchain. However, Tim acknowledges that some people are obstructing the implementation of this technology simply because they do not understand it. For this reason, it may take some time before governments start leveraging the benefits of distributed ledger technology.
Furthermore, Tim sees regulation is the most significant inhibitor to the mainstreaming of blockchain technology across the world. In this regard, Tim mentioned that most regulators are in their sunset days (from 70 years old and above), hence they cannot envisage the enormous potential of blockchain and would rather maintain the existing state of affairs. Contrariwise, the youth are advocating for the deployment of this technology because they see the numerous life-changing opportunities that it harbors.
Similarly, regulators wanted to control the internet when it came into the fray. Had they succeeded, our lifestyles would definitely be overly different form the way they currently are – and in a negative way. It is evident that the internet has had a positive impact on the lives of many, and inspired even more people to create useful innovations. Therefore, Time Draper has taken it upon himself to campaign for the implantation of blockchain technology on a global scale. To this end, he is actively investing in multiple cryptocurrency projects across the world.