Currently, every country has its payment system with different currencies that only apply within the boundaries of a specific state. The controlled system makes it hard for people to transact business whereby they have to change the money before negotiating. The process of changing currencies is tedious, time-consuming, and sometimes leads to loss of monetary value due to the difference in strength of the currency between countries. Jed McCaleb is looking forward to finding a solution to this problem by implementing a system of payment that will be applicable across the world.
According to Coin Telegraph, Stellar is a technology that has similar characteristics with Ripple where the two techniques use Blockchain mechanism to enable payments across the world. The international payment method will use the digital token to accomplish its purpose. Jed McCaleb is so confident that future transactions will heavily rely on Blockchain technology where the world will transact with a single currency. Speculators will be in a position of buying stocks and other assets using this technology in different companies.
It appears that large multinational financial institutions believe that both Ripple and Stellar systems of payments will change the order of payment around the world. They have been investing their resources in readiness for full commercialization of these technologies. The entry of other players creates a perception that entrepreneurs believe in the new technology. The entry of South Korea’s Woon Bank as a financier is a clear indication that international payment model is a reality in waiting.
It also seems that McCaleb’s predictions, changing the way shares and fundraising, will come to pass. The creator of Mt. Gox and Stellar CTO has proven consistent and reliable in the technological field. He is not to be ignored, owing to his knowledge and skills in cryptocurrency. Jed predicts that the next ten years will be the determining factor of blockchain technology where the world is expected to use one mode of payment to conduct transactions. However, the technology will need to formulate and implement strategies that will filter out fraudsters who have been invading the area to rob investors their money. Admittedly, this technology will be a game changer in one of the most regulated industries around the world.
Get in touch with Jed McCaleb on LinkedIn.