Mark Cuban, an investor at Shark Tank, says he is watching several opportunities that he believes could be the next big thing in the cryptocurrency industry.
In a new interview with Forbes, Cuban magazine Says Non-fungible tokens (NFTs) represent a huge opportunity in the book industry.
“NFTs as books, I think especially for textbooks. Now, whether or not we can get textbook publishers to go ahead is another issue but the idea of kids buying books for classes… the whole process of buying books.
First, do you want new or used? Then you put those books back in time, and then at the end of the semester — because it’s only good for your time in class — you make the decision, “Yeah I’ll sell it. How do I sell it? Do I ship it? Do I take it to the library? It’s just a pain in the ass and in the digital world.” It’s silly.
With these as NFTs, NFTs allow you to apply royalties so that when this book is resold, the author, publisher, and anyone else involved can receive a set royalty fee. This means that the publishers who created the book can still get paid, while when there is a physical book being sold and resold, they have to hope that the book falls apart, so they can sell a new book. So I think this is a great app.”
The billionaire says the insurance industry could also benefit from a crypto-oriented platform. According to Cuban, health insurance can be more efficient and honest if it operates in a decentralized blockchain environment that uses two entities for checks and balances.
“I think insurance, being able to buy insurance very easily … in terms of applications that are run from home, in more complex things that are longer to develop, I think things like health insurance. The whole process of getting pre-approved on a claim or approving it after the fact is something Awful.No one likes to deal with their health insurance company.First of all, to get pre-approved, you never know if you will get pre-approved or not…
Here, he’s like, “Okay, I have this need. The doctor prescribes it for me, but I can’t pay it out of my pocket, so what do I do if my insurance company doesn’t agree?”
Well, with cryptography, you can reinvent how you pre-approval or approve insurance claims by creating an environment where you have a thousand validators. There are different types of optimistic groupings where you have validators and challengers.
So you can train people to be auditors, and pay them every time they validate, approve or disapprove a claim. The optimistic side of it, competitors will say “You didn’t agree to this but not for the right reason. Your training says you should have agreed to it. I challenge it so I get whatever you take for it to get paid for it.”
This keeps it honest. This is just a coding way to keep things honest. So this kind of application has scale, it has an impact and it’s better in a decentralized, broad and flat organization than in a vertically integrated company.”
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock / Tithi Luadthong / Natalia Siiatovskaia
#Billionaire #Mark #Cuban #reveals #biggest #crypto #opportunities #hes #excited