Jed McCaleb’s Vision for the Next 10 Years; The Struggles of the Blockchain Industry

Jed McCaleb believes that his company Stellar will soon create a better future for the banking industry.

McCaleb is the co-creator of Stellar, and he created it specifically to combat unfair banking practices. He believes that the banking industry unfairly distributes necessary costs to the consumer, like expensive transaction fees. He also believes that Stellar has the capability to save consumers a lot of money.

Stellar is able to connect banking institutions together for a very cheap cost. McCaleb and Stellar hope that one day these cost reductions will be passed on to the consumer, making banking services cheaper and more affordable to low income households.

As a matter of fact, Jed McCaleb believes that Stellar, or another similar blockchain company, will grow to become an international payment system, accepting all flat currencies and operating all over the world. Specifically, Jed McCaleb believes that a service like this will exist before 2028. This service could indeed be Stellar.

Right now, Stellar’s biggest partnership is with IBM, the tech and computer giant. Stellar is assisting IBM by helping them conduct transactions across borders. The services that Stellar offers are already implemented into dozens of banking institutions all over Asia and Europe. IBM is the first big partnership in the United States, and it could signal what’s in store for the future.

Blockchain technology is getting more and more popular everyday. In fact, in the last four years, blockchain start-ups, or ICOs (initial coin offerings), have raised over $9 billion.

Some governments are attempting to stand in the way of the progression of blockchain technology. Government officials have seen the risk associated with blockchain and are taking efforts to regulate the systems. It is true that some blockchain companies are fraudulent, walking away with million of dollars that belong to investors. If government regulation does tighten down on cryptocurrency, it could mean a safer, more secure investment world, but it could also mean a tougher time for legitimate cryptocurrencies.

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