Blockchain Report — 11/12/2018

Summary: Tim Draper Doubles Down On Bullish Bitcoin Prediction; JP Morgan Reveals Three Public Companies That Will Benefit From Blockchain; Joseph Lubin Talks About Future Of Web 3.0

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Tim Draper Doubles Down On Bullish Bitcoin Prediction

According to Ethereum World News, Tim Draper has decided to double down on his bullish Bitcoin price prediction. Draper believes that Bitcoin will reach $250,000 by the year 2022. He reiterated his prediction at a Web Summit conference.

Initially Draper made this prediction in April 2018 while cryptocurrency prices were still declining precipitously from their January high prices. At the time, Draper knew his prediction would be met with significant criticism and skepticism so he decided to preempt the criticism by stating:

“Believe it, it’s going to happen — they’re going to think you’re crazy but believe it, it’s happening, it’s going to be awesome!”

When asked why he believes Bitcoin will reach $250,000, Draper responded:

“We are talking about five percent market share to get to $250,000. That seems like a drop in a bucket and all we need to really do is make it so that Bitcoin can be used to buy Starbucks coffee, and all of a sudden the world just opens up and then they say ‘I’ve got this choice.’ Do I want a currency that I can take from country to country or do I want one that sticks me in one country or one geographic area and I can’t use it anywhere else?”

JP Morgan Reveals Three Public Companies That Will Benefit From Blockchain

According to CNBC, JP Morgan has predicted that software companies could greatly benefit from blockchain technology in the same way that companies are using machine learning and artificial intelligence to create “material incremental growth opportunities”. In terms of what types of companies investors should look for that could best benefit from blockchain technology, JP Morgan’s software equity research analyst Sterling Auty said:

“Investors should be looking to identify where the opportunity to replace a middleman is the biggest, or where trust is needed where none exists, or what companies are the best positioned to offer blockchain as a service.”

JP Morgan also revealed three public companies that it believes would best benefit from blockchain technology. These three companies are Akamai, DocuSign, and Ellie Mae.

Akamai offers its customers “Blockchain as a Service”, and JP Morgan believes that the size of Akamai’s network is an inherent advantage running a distributed ledger.

DocuSign offers users the ability to write and sign contracts digitally, which could benefit from blockhain’s immutability.

Ellie Mae offers mortgages, which could also benefit from smart contracts in automating inspection and income verification.

Joseph Lubin Talks About Future Of Web 3.0

According to AMBCrypto, Ethereum co-founder Joseph Lubin spoke at CryptoConf to talk about the future of Web 3.0 and how important the role of interoperability is in developing Web 3.0 Interoperability will make it so that all of the blockchains, platforms, and cryptocurrencies will not simply be data silos. Interoperability allows data to flow freely between services and platforms.

Ultimately, Lubin believes that Web 3.0 will consist of interoperating systems and platforms that work together to create a “world computer”. Furthermore, he said that there are a number of innovations that could be made possible using Web 3.0 including proof of location, asset tokenization, and identity reputation. He also stated what role Ethereum will have in developing Web 3.0:

“The new trust foundation enabled by the radically decentralized Ethereum base layer is what is facilitating this evolution towards collaboration. It is a trustful collaboration, even with parties you don’t know. That will enable the world of decentralized actors to thrive in an interoperable Web 3.0.”

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