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Billionaire Mark Cuban Reveals the Biggest Crypto Opportunities He’s Most Excited About

Shark Tank investor Mark Cuban says he has several opportunities in mind that he believes could be the next big thing for the crypto industry.

In a new interview with Forbes, Cuban says non-fungible tokens (NFTs) represent a major opportunity in the book industry.

“NFTs as books, I think especially for textbooks. Whether we can get textbook publishers to go along with it is another question, but the idea of ​​children buying books for their classrooms… The whole process of buying books.

First, do you want new or used? Then you lug those books back, and at the end of the semester—because they’re only good for the time you’re in class—you make the decision, “Yeah, I’m going to sell it. how to sell it Do I ship it? Should I take it to the bookstore?’ It’s just a pain in the neck and in a digital world it’s ridiculous.

With these as NFTs, well, the NFTs allow you to collect royalties so that the author and the publisher and everyone else involved gets a set royalty if that book is resold. That means the publishers who created the book can still get paid, whereas with a physical book that’s sold and resold, they have to hope that the book will fall apart so they can sell a new one. I think this is a great application.”

The billionaire says the insurance industry could also benefit from a crypto-focused platform. According to Cuban, health insurance could be much more efficient and honest if it operates in a decentralized blockchain environment that uses two entities for checks and balances.

“I think insurance companies, being able to do insurance very easily… In terms of homerun type applications, on more complicated, longer-to-develop things, I’m thinking of things like health insurance. The whole process of getting a claim pre-approved or post-approved is awful. Nobody likes dealing with their health insurance company. First of all, with pre-approval, you never know if you will get pre-approval or not…

Here it’s like, “All right, I have this need. The doctor prescribes it for me, but I can’t afford to pay for it out of my own pocket. So what should I do if my insurance company won’t approve it?’

Well, with crypto, you could reinvent how insurance claims are pre-approved or approved by creating an environment where you have a thousand examiners. There are different types of optimistic rollups in which there are validators and challengers.

This allows you to train employees to be validators and pay them every time they validate, approve or disapprove a claim. The optimistic roll-up side of that, the challengers will say, “They didn’t approve of this, but not for the right reason. Your education says you should have approved it. I challenge it, so I get whatever you put in to get paid for it.

That keeps it honest. That’s just a crypto method of keeping things honest. So this type of application is scalable, has impact and is better in a decentralized, broad and flat organization than in a vertically integrated company.”

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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

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