Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said:
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 scenario, Cuban imagined the application of blockchain in healthcare. In this case, “validators” who all independently verify transactions will make the system fair for all, as opposed to insurance firms that could deny patients claims.
Since the entrepreneur is all praise for blockchain tech, it comes as no surprise that Cuban, who owns the Dallas Mavericks basketball team, is considering using the tech for his sporting venture. During the interview, he revealed that plans to use blockchain for “ticket sales” were in the talks.
Coming to Bitcoin, Cuban believed that the asset is “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.
Cuban had stated, in the interview, that his opinions on crypto assets have been evolving over time. He once had claimed that as long as people accepted Bitcoin “as a digital version of gold,” it was investable. At the time, Cuban was of the opinion that BTC, ETH and tokens that support DeFi were rarely used as currency.
Now, Cuban said that US government needs to embrace crypto over gold because the yellow metal “useless.”