Blockchain is what makes digital currencies work. It’s a decentralized platform that keeps track of every transaction a bitcoin or other cryptocurrency makes. The blockchains can’t be altered and so they show precisely who owns what. Jed McCaleb is a veteran at using blockchain and a thought leader in the digital currency industry. He says that he thinks blockchain will completely alter the financial landscape within a decade.
Jed McCaleb says that he sees banks and stock markets embracing blockchain more and more as time goes on. He foresees a universal payment network which everyone can use. He says a lot of people can’t currently access the global banking industry which incredibly holds them back from fighting success in life. He sees this increasingly changing. He has even come up with a solution himself which is Stellar.
Stellar Development Foundation is an organization that Jed McCaleb co-founded in San Francisco in 2014. He is the chief technology officer of this organization and he says its a joy to go to work each day and work with incredibly smart people. He says that Stellar solves many of the problems other cryptocurrencies have, like bitcoin.
Many digital currencies have really long transaction settlement claims times. Jed McCaleb says that Stellar transactions take place in just five seconds at most which is a vast improvement and makes Stellar usable out in the real world, unlike bitcoin. Another really big improvement he made was that it’s easy to exchange Stellar with government-backed currencies. He says that IBM is now using the network he developed to enable some big banks to make cross-border payments easily and efficiently.
Jed McCaleb says that he expects at some point in the coming decade that stock markets and other equities will all be tokenized on a blockchain. This will all need to be handled in a decentralized manner, he says, because it would be too much data for any centrally controlled exchange to process. Some companies are already involved in this such as Securrency. This Maryland-headquartered firm is developing a platform which will give people a way to buy stocks with bitcoin, for example.