109 Interactions, 4 Today
Entrepreneur Mark Cuban is in admiration of the Ethereum network and thinks that blockchain technology might be a game-changer for different industries. In a recent interview, Cuba said it was the “simplification of smart contracts” on Ethereum that got him “excited.” He said that:
“Because now, all these SaaS companies, all these different companies, I could see just disrupting the f**k out of them. “
He proposed two scenarios where Ethereum’s blockchain tech could prevent “fraud” and protect consumers. For instance, in an accounting system where trained accountants earn crypto tokens; he added:
And now, they [accountants] look at a general ledger entry, and they all have to have consensus on the general ledger entry, and they don’t know each other. There’d be no Enrons. You wouldn’t have the level of fraud that you have now.
In another case, Cuba has envisaged the use of blockchain in healthcare. In this case, “validators” who all individually validate transactions will make the system fair to all, as opposed to insurance providers who could deny payments to patients.
Since the billionaire is all praise for blockchain apps, it doesn’t come as a surprise that the Cuban, who owns the Dallas Mavericks basketball team, is considering using technology for his sports company. During the chat, he found that there were proposals to use blockchain for “ticket sales” in the talks.
Moving to Bitcoin, Cuba said the currency was “better than gold” and said:
“Whether it’s Bitcoin or Ethereum, or even maybe some other choices, when somebody owns that, they become their own personal banker.”
In the interview, Cuba stated that its views on crypto assets have evolved over time. He once said that as long as people remembered Bitcoin as a “digital gold substitute,” it could be invested. At the time, Cuba was of the opinion that the aid tokens of BTC, ETH and DeFi had hardly been used as currencies.
Now, Cuba has said the U.S. government needs to embrace crypto over gold, though yellow metal is “useless.”