Few are considered a bigger authority on cryptocurrency than Jed McCaleb. During his career he has been involved in several companies related to bitcoin and other cryptocurrencies. He is also a world renowned programmer who has worked on several innovative projects during his life.
Now Jed McCaleb is making a life changing prediction. Jed McCaleb believes that the future of banking is with blockchain technology and cryptocurrencies. When Jed expanded on his theory he also mentioned that even things like stocks could one day be traded using blockchain technology. The coding and protocols behind blockchain are infinity more secure than the procedure behind modern banking.
Any random company involved in the blockchain world could install some sort of software in financial institutions to make transactions possible, but few are as effective as Stellar, the company which McCaleb acts as CTO. Stellar’s transactions can be completed in less than 5 seconds. A company that wished to dominate the financial market with its technology must be able to store public ledgers and be able to exchange currencies of all types from all over the world.
Stellar is already active, primarily in Asia, but they even have a large client located in the United States; IBM, the computer manufacturer, has integrated Stellar into their systems to assist with international transactions.
The popularity of this new industry has recently been plagued with an army of fraudulent businesses. This is the reason governments are beginning to regulate the cryptocurrency market, but once these regulations thin the herd of fraudulent coins legitimate business will be able to thrive once again.
“In the next 10 years I wouldn’t be surprised if al equity isn’t tokenized on some blockchain somewhere,” McCaleb said. If this is true, if retailers, banks, stocks, and bonds can operate with blockchain technology, the world would become a very different place.
Jed McCaleb began his career in the tech world as a programmer for a peer to peer file sharing network but he soon began involved in the cryptocurrency market and hasn’t looked back. Beginning with Mt. Gox and now with Stellar, McCaleb is working to spread the word about the technology he is so passionate about.