Blockchain Universal Payment Network

Imagine this. All banks in the entire world using one payment system. As crazy as this may seem, Jed McCaleb envisions this. He perceives that shortly, there will be a global payment system that will be blockchain powered. Jed McCaleb is the creator of Mt. Gox and the Chief Technology Officer of Stellar Development Foundation. He says that he sees the possibility of there being a hybrid system which will facilitate flat currencies payments using the blockchain.

His prediction of the future is close to fulfillment. Ripple, an international payment system that is blockchain powered and uses a digital token, is to be used by Woon Bank of South Korea to be implemented commercially later in 2018. Additionally, financial institutions already consider Stellar and Ripple to be an overhaul of the institutions’ remittance models.

Jed McCaleb goes on to state that the Stellar blockchain technology could be the engine behind the global payment network by 2028. The payment network will be not only responsible for payments, but also for traditional assets such as shares and stocks.

He also claims that the current trend of Initial Coin Offerings is not tapping the market fully. However, according to Autonomous Next, the ICOs have led to the raising of $9 billion in four years. Fraudsters have also taken advantage of the ICOs to raise funds while leaving investors without their money.

With a resume like Jed McCaleb’s, his prediction is not to be taken lightly. He has been in the crypto world for a long time as a crypto developer. He is also the creator of eDonkey, which at its time of development, was one of the largest file-sharing networks. He also created Mt. Gox, the pioneer of the Bitcoin exchanges as well as Ripple in 2011. In 2014, he went on to co-found Stellar Development Foundation. This is after he realized that the financial infrastructure of the world was broken and that in most cases, way too many people are often left without any resources. Aside from being a crypto expert, he is also an advisor to MIRI. This is an organization that researchers in the field of artificial intelligence.

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