Jed McCaleb has made a prediction regarding the future of the banking industry, and if true, could change the entire landscape of how people make payments.
Jed McCaleb has formally worked on Mt. Gox, eDonkey, Overnet, and is now CTO of Stellar. All of these companies have one thing in common: they all provided a decentralized innovation to their respective industries. eDonkey and Overnet arguably led to the popularity of decentralized file sharing processes that we still see used today. Mt. Gox was the world’s first bitcoin exchange platform. Now, with Stellar, Jed McCaleb is bringing decentralized banking to the developing world.
His prediction comes from first hand experience within the confines of Stellar. His company is working to implement blockchain technology with organizations all over the world to provide banking service to un-marketed individuals. Countries that previously had no access to financial services and international payments now have those options due to Stellar. His success is the reason he is predicting that blockchain technology will one day lead to a single transaction network that spans the entire world.
“In the future,” McCaleb said. “I think[..] there will be a universal payments network that will operate.”
Stellar and many other companies are currently racing to soak up as much of the market as possible. Securrency, another blockchain company, is already offering its services to investors in order to make it possible to purchase stocks with bitcoin. This marks a monumental moment relating to Jed McCaleb’s prediction. McCaleb believes that stocks will one day be entirely traded with blockchain.
What is Blockchain?
Blockchain is the system of storing records across multiple devices. Unlike the current banks, which store all of their records in one place, blockchain technology is completely unhackable. Blockchain technology not only offers safer transactions, but it also offers the fastest transaction speeds currently possible. Stellar, for example, can conduct a transaction in 5 seconds or less.