It is no secret that the blockchain industry is going through a rut at the moment. Governments are cracking down regulations upon the industry, despite the fact that the governments know little to nothing about the technical side of cryptocurrency. Many people believe that cryptocurrencies are a scam, and while some blockchain companies are fraudulent, there are many companies that are working to implement blockchain in a positive way.
Stellar, co-founded by McCaleb, is one of the many blockchain companies looking to improve the world. Jed McCaleb and his company are working with the banking industry, partnering with institutions all over the world, attempting to cheapen the cost of services for the consumer. McCaleb and Joyce Kim started Stellar together because they believed the banking industry was teaching the poorer members of society unfairly.
McCaleb is a big name in blockchain. Typically, when McCaleb speaks people listen. In an interview with CNBC, Jed McCaleb made a very bold prediction concerning blockchain and banking.
“I think it’s pretty clear to me there will be a universal payments network that will operate,” according to McCaleb.
For those who have no context for the statement, or those who lack the understanding of the nomenclature, McCaleb said he believes that in the future one system will be operational that has the ability to accept, send, and exchange currencies of all types.
McCaleb believes this because that is his goal with Stellar. He wants to unite banking institutions together in an attempt to make banking services more accessible, cheaper, and faster. For example, Stellar is able to complete transactions in outstanding speeds: 5 seconds or less. This is a giant leap forward for the banking industry; currently, it can take days for certain transactions to be approved.
McCaleb went on to say that he wouldn’t be surprised if all equity is recorded with blockchain in the next 10 years.
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