How this tech startup is bringing banking to the world

2017 was a major year for cryptocurrency and the blockchain. They were massive gains and incredible losses, what really stood out was just how much blockchain technology had developed and improved into something more useful. Rather than simply using computing power for mining meaning was values and hashes, the cryptocurrency companies of the future will be using this computer power for something more meaningful and productive.

 

This potential is where Jed McCaleb believes he can change the world. The probably recognize programmer and blockchain expert is most known for his immense contributions to the cryptocurrency world, including his work in establishing Mt. Gox, the world’s first bitcoin exchange. This combined with his experience with eDonkey, the global filesharing platform makes Jed McCaleb a perfect fit for a new distributed computing technology.

 

Jed McCaleb’s vision of the blockchain goes beyond currency alone. Ultimately, he recognized the blockchain as an open-source distributed database designed to facilitate the transfer of a “currency”. While many imitators are doing the same thing, Jed McCaleb is planning to take this a step further by using this open-source database technology to connect financial institutions in an inefficient and globally standardized way.

 

The benefit of linking these organizations together is massive. Not only can transactions become more efficient and inexpensive, Stellar’s model can also bring these benefits to the developing world. With more than 2.5 billion unbanked people in the world, there is a clear opportunity to help those in need. Bringing these impoverished people into the digital world will allow them to access the global market, allowing them to produce and sells goods internationally. This opportunity represents a significant chance for the poorest few to create income for themselves and run their own businesses.

 

What’s most notable about this ambition is that it is completely feasible and the product has been proven to work. Stellar has already been used as financial infrastructure in many businesses and non-profits and is currently on a growth path. There was little reason to assume this cannot be expanded and reduced in price even further for these developing countries.

 

It’s safe to say that Stellar will keep Jed McCaleb busy for quite some time. It will be interesting to see just what the company is able to do next and how they can better connect people across the world.

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