Jed McCaleb and Stellar – Could they be the Future of Banking?

Jed McCaleb is the co-founder and current Chief Technical Officer for Stellar.org, a company that aims to unite the world via easier, faster, more secure transaction methods. The company uses blockchain technology to accomplish its goals.

 

What is Blockchain?

The blockchain is the technology behind a safe and secure record keeping method. Each individual record is kept in what is called a block, and all blocks are connected using cryptography. This technology allows the data to become decentralized, stored on the machines of hundreds of thousands of people instead of a central hub.

 

McCaleb’s Prediction

Jed McCaleb recently announced his belief that one day the entire world will be connected via a single transaction network. He said that even stocks are not exempt from such a shift in the industry. This shift would be a dynamic change to the entire world, and it is unknown if this would be a change for the better or for the worse.

 

“In the next 10 years I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere,” McCaleb said.

 

Stellar, McCaleb’s company, is working hard to become the worldwide network that McCaleb talked about.

 

There are hundreds of different blockchain companies in existence at the moment, some of them fraudulent and some of them legitimate. The market is so competitive right now that prices of bitcoin are at a long-time low. When the bubble pops, it is quite possible that there will be only one blockchain company left standing. This company will have door wide open, ready to corner the market.

 

About Stellar

Stellar was created in a joint effort between McCaleb and Joyce Kim. McCaleb has had tons of previous experience in the blockchain world and in other methods of decentralized transfers like peer to peer file sharing. Stellar has been focusing on providing banking options to countries that previously lacked them. Stellar also works to bring cheaper financial options to large companies like IBM.

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