What is Blockchain?
The blockchain is the latest technology in the tech world. It enables safe and secure transactions to be made in absolutely any industry. Blockchain works by storing records on a wide variety of machines; blockchain’s record keeping ensures that no one is able to defraud the system by changing records. Blockchain enables any industry it is a part of to have stronger piece of mind in knowing that their business is secure.
Jed McCaleb’s Prediction
One of the top programmers in the entire world has made a bold prediction regarding the intertwined future of blockchain and the financial industry. Jed McCaleb, who has founded an impressive resume of companies during his time in the tech industry, says that blockchain and financing will one day work together to create a single payment system that works across all borders.
McCaleb’s prediction in this particular event doesn’t come out of no where. McCaleb is the co-founder and CTO of Stellar, a company that is working to fill the blockchain gap in the financial marketplace. IBM and Stellar have previously came to an agreement for IBM to use Stellar’s systems in their cross-border transactions.
Stellar, through the use of blockchain, provides a much cheaper alternative for cross-country transactions. It also has some of the fastest speeds available on the market today. With Stellar, transactions can be completed in 5 seconds or less.
More on Jed McCaleb
McCaleb first made a name for himself in the peer to peer file sharing world, but he soon created Mt. Gox, the first bitcoin exchange to operate across all borders.
Mt. Gox was eventually sold off to take a more direct approach in the blockchain and cryptocurrency worlds. Prior to joining Stellar McCaleb worked in another company very similar to Stellar, but he left it to create a better product. He created Stellar in 2014.