no, the value of the blockchain itself is 0, because it can be easily replicated. So the value is in the network effects, or the people using the particular blockchain. And at this point, I don't think 3 billion is under valued. Could be overvalued by quite a bit, actually. But I do think eventually when there are more uses for blockchains for the average person, the no. of people will increase exponentially and by that time, the price will increase.
There's no blockchain without Bitcoin, don't get fooled. Bitcoin mining is the strongest network on earth, even if you combined world's earths super computers against Bitcoin it wouldn't match up the computing power. Look at the facts.
Uber is 4 billion for god's sake. Bitcoin will be on the trillions in the next decade, see you there buddy.