Jed McCaleb, the programmer, is making some bold predictions with regards to blockchain technology. The tech and finance entrepreneur helped create the Mt. Gox bitcoin exchange. It was one of the biggest cryptocurrency exchanges in the world. McCaleb eventually sold off his share in the Mt. Gox bitcoin exchange. After he left, the exchange suffered a massive hack, which had left it in bankruptcy and ruins.
Today, Jed McCaleb is working at a financial technology company called Stellar. He serves as the chief technology officer there due to his strong technological background when it comes to finances. The company is trying to develop a virtual network that can process cryptocurrency transactions across borders.
Mr. McCaleb firmly believes that there will be a global online payments system sometime in the future. This system will be powered by blockchain technology he says. The blockchain technology will act as a sort of public ledger. This will assure people that the value in these exchanges and cryptocurrencies is real. A public ledger in accounting is a record of transactions that assure people that there is money or assets in a company.
In an article from the Global Coin Report, McCaleb says that the new online payments system will be compatible with the various currencies we use right now. A trader or investor should be able to see the value of a transaction in either euros, dollars or whatever currency they may use in their country.
The company that Jed McCaleb is now working for is trying to improve and develop such a novel idea. Its network is said to be able to complete transactions in about five seconds. This is a whole lot faster than Bitcoin transaction rates. Money can even be exchanged into major currencies such as US dollars and euros. Companies such as International Business Machines have already started using Stellar’s online payment network to deal with financial institutions.
Another bold prediction by Jed McCaleb is that he thinks that assets such as stocks and even bonds can become fully digitized like cryptocurrencies. Many stocks are already issued without certificates and so are bonds. It would no doubt be interesting if blockchain can be used to trade and sell stocks and bonds on the stock and bond markets in the future. Check out more facts about McCaleb on Bloomberg.
Related post: https://cointelegraph.com/tags/jed-mccaleb