Jed McCaleb’s Vision for the Future of Banking

Jed McCaleb is one of the founders of Stellar, a blockchain company that brings banking services to impoverished areas all across the world. Along with Joyce Kim, McCaleb created Stellar to provide financial options to individuals who previously had no way to complete international transactions. Even people without basic banking have been provided these services thanks to Stellar.

 

Prior to entering into the blockchain industry Jed McCaleb worked to create a decentralized system of downloading. This system created some of the groundwork to software that is still used today. Thousands of people, each day, use decentralized protocols to obtain files they want.

 

Jed McCaleb has also worked on a bitcoin exchange network called Mt. Gox. It was the first network of its kind;however, it was first used as a trading platform for Magic: The Gathering Online players.

 

Many blockchain technology are busy trying to ink deal with financial institutions to provide an international safe, secure transaction platform. None of these platforms are available on a one-hundred percent worldwide scale as of yet, but that is exactly what Jed McCaleb believes will happen in the next ten years. As a matter of fact, McCaleb believes there will be only one network to serve the entire world.

 

McCaleb says that the popularity of initial coin offerings mean their are many markets still untapped by the financial system. This market gap may soon be closed with blockchain technology.

 

Right now, companies are fighting inside this gap to secure the best deals possible. A competitor of Stellar, Maryland-based Securrency has already created the possibility for investors to purchase stocks with cryptocurrencies.

 

Stellar, instead, can say that they work with one of the most popular, most successful tech companies in the world: IBM. IBM uses Stellar in its transaction system to conduct business all over the world. Stellar has some of the fastest transaction speeds in the entire industry; Stellar can complete transactions at less than five seconds. Normal bank transfers can take days. Banks also use a centralized ledger system; Stellar uses a decentralized, un-hackable system that is much more secure.

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