Jed McCaleb: Banking and Blockchain

He is the creator of Mt. Gox bitcon exchange and a well known founder of Stellar. Jed McCaleb has a prediction that fast growing blockchain technology will ultimately change the banking industry. He states that blockchain will become a payment network on a universal scale. McCaleb points out that the markets are not at all trapped in our financial systems. In addition, he sees non-cryptoassets to be digitized with the blockchain technology. McCaleb has been a developer of cryptocurrency for a very long time and sees the future of our markets regarding stock and handling payment will change forever.

Jed MaCaleb says it very clear to him that a universal payment system is coming. It will possibly be a ledger the public can use and see but can’t change. He goes on to say that it will let them use different types of money such as dollars and euros. His company, Stellar, is currently working on solutions. Transaction times could be settled in 5 seconds or less, which is not too far off from bitcoin. It also gives users the opportunity to have a fast exchange with government currencies. Stellar’s network is helping IBM in its effort to create cross over payments with the big banks.

Research shows that coin offerings raised up to $9 million in four years as reported by Autonomous Next, a financial research firm. However, many fraudsters have leeched on to the coin offerings and brought about regulator’s attention to the system. Some say the sales are simply a new way to raise funds. In the world of seeking venture capital, token sales can go to retail investors who can buy digital coins. The tokens allow investors great access to a new future platform.

McCaleb believes that all equity funds are basically tokenized in blockchain. He further says that people will want to trade several things and it will be important to control the exchange. Maryland-based, Securrency, is now helping investors buy their stocks with bitcoin. This is one startup already striving to connect digital tokens when it comes to investing. As for McCleb, he sold his exchange in 2011 where it was eventually hacked.

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