One of the brightest stars in the cryptocurrency world has weighed in on the future relationship of financial institutions and cryptocurrency.
Jed McCaleb has done innovative work in the tech industry at eDonkey and Usernet. He broke into the world of bitcoin with his company Mt. Gox. It was originally a market place for video game players, but Jed McCaleb had greater things in mind for Mt. Gox. His company became the first ever worldwide bitcoin exchange.
McCaleb is no the CTO at Stellar, a company that he founded alongside Joyce Kim. McCaleb and Stellar provide a cheap alternative for international payments and cash transfers. Recently, he shared his thoughts on how cryptocurrency and blockchain technology will become more prominent in the banking world in the next decade.
The blockchain expert believes that cryptocurrencies will one day provide a universal payment network that will operate across every border in the world. He says that the future network will provide people with a way to use the currency they are familiar with, but it will still use public ledgers that are impossible to manipulate. Only a cryptocurrency that meets these standards will grow to become a worldwide name.
McCaleb is attempting to meet this criteria with Stellar. Stellar boasts impressive speeds of only 5 seconds when it comes to completing transactions. It also provides an easy way to exchange currencies. IBM is the biggest company to date using Stellar technology, but countries all over the world are using the system. Stellar has business deals with not only IBM but also Deloitte, Le.com, Stripe, Moni, and dozens of others.
“in the next 10 years I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere,” McCaleb said. If McCaleb’s prediction here is correct, the stock market could one day be using blockchain technology to secure its records and complete transactions.