Jed McCaleb is the Co-Founder and CTO of Stellar, an organization that is using cryptocurrency to change the financial system. Before he could manage to build this company, he had worked with other companies and therefore had accrued some experience of running a company in this industry. It has however been a challenging experience trying to make it in this industry. It is an infant industry, and therefore the challenges that come with it are many. Only those determined to make it in the industry are going to make it. Jed McCaleb is one of the innovators of the industry who have made a great difference by launching unique projects that have potential to change the industry.
When Jed McCaleb appeared in an interview with CNBC, he outlined the things which have been happening in the industry and predicted what he hopes will happen in the years to come. One of the things he talked about is the possibility of creating a cross-border payment system that will be used to make payments using digital currencies. One of the challenges facing the industry currently is the lack of a payment system that can be used to facilitate transactions. Lack of a payment system has made some people and banking institutions to stay away from them. The payment system that Jed McCaleb is talking about will be universal meaning that everyone in the world will be able to use.
In the next one decade, Jed McCaleb sees a scenario where there will be a hybrid system where the whole financial sector will be running on blockchain technology. The stock market and other non-asset securities will be handled under the system. Stellar is working on a network that is secure enough to be used for transacting money. Security is a major cause of concern for the digital currencies. Cases of hacking have been detrimental to the industry as it results in prices sinking.
Jed McCaleb is setting the right trend for the industry, and hopefully, in the next few years, there will be much more acceptability of the digital currencies. Jed McCaleb is urging those interested in the industry to make efforts to work on the technology as this is where the strength of digital currencies lies.
More on Jed McCaleb’s background on LinkedIn