Billionaire Mark Cuban reveals the biggest crypto opportunities he's most excited for
Shark Tank investor Mark Cuban said he has his eye on many opportunities that he thinks could be the next big thing for the crypto industry.
In a new interview with Forbes, Cuban says that non-fungible tokens (NFTs) present a huge opportunity in the book industry.
“NFT likes books, I think especially textbooks. Now, whether we can get college textbook publishers to agree is another question, but the idea of kids buying books for classes... The whole book-buying process.
First, do you want new or used? Then he downloads these books back, then at the end of the semester, because they're only good for the time he's in class, he makes the decision, 'Yes, I'm going to sell it. How do I sell it? Do I send it? Should I take it to the bookstore? It's just a pain in the ass and in a digital world, that's ridiculous.
For people like NFT, well, NFT allows you to apply royalties so that when that book is resold, the author and publisher and anyone else involved can get a flat royalty rate determined. That means the publishers who created the book can still get paid, while when there's an actual book on sale and resold, they have to wait for the book to run out of stock to be able to sell a new one. So I think it's a great app. "
The billionaire said that the insurance industry could also benefit from the crypto-oriented platform. According to Cuban, health insurance could be much more efficient and honest if it operated in a decentralized blockchain environment that uses two entities for checks and balances.
“I think insurance, can get insurance very easily… In terms of home-style apps, in things that are more complicated and take longer to develop, I think things like health insurance. The whole process of getting a request approved before or after it's approved is horrendous. No one likes dealing with their health insurance company. Firstly, for pre-approval, you never know if you're pre-approved or not...
Here, it's like, 'Okay, I have this need. My doctor is prescribing it for me, but I can't afford it, so what should I do if my insurance company doesn't approve it? '
Well, with cryptocurrency, you can reinvent the way insurance claims are approved or pre-approved by creating an environment where you have thousands of validators. There are different types of optimistic accumulation, where you have validators and challengers.
So you can train people to be validators and pay them every time they validate, approve or deny a claim. On the rosy side of the summary, challengers will say 'You didn't pass this, but not for good reason.' Your training says you should have passed. I'm challenging him, so whatever you're gambling to get paid for it, I'll get it.
That keeps you honest. It's just a crypto way to keep things honest. So that kind of application scales, it has impact, and it's better in a large, flat, decentralized organization than in a vertically integrated company."
Oct 02, 2022