Stellar is the newest and most efficient blockchain technology designed specifically for the banking industry. Jed McCaleb is the CTO, co-founder, and the leader of technical development at Stellar. Along with Joyce Kim, Jed McCaleb created Stellar in order to potentially provide poor individuals with the same financial options that high class citizens have.
Stellar intends to accomplish this by providing a seamless protocol for banks and other financial institutions to communicate through. Stellar is able to do this because of blockchain technology.
If you haven’t heard of the blockchain, you have probably heard of Bitcoin. Blockchain is the technology behind Bitcoin that makes the alternative currency safe, secure, and reliable. Instead of records being stored in a centralized location, blockchain allows the records of all transactions to be stored across multiple machines. This means that a fraudulent user would have to hack into every machine in the world enable to change or alter records.
Stellar and its blockchain technology is not only secure, it is also cheaper. Jed McCaleb has created a protocol that connect several financial institutions together in such a way that expensive charges and fees have nearly been eliminated. This is what McCaleb and Kim hope will lead to cheaper banking options for citizens all across the world.
McCaleb states that even though Stellar is already being used by such companies as IBM, the main focus of their marketing strategy is in developing countries. Many of the individuals in these countries have next to no options for banking. If Stellar can bring options to these areas, it could stimulate further growth and help the countries in their developmental process.
Who is Jed McCaleb?
Jed McCaleb is a true innovator in the world of computers and tech. He is an expert programmer and an expert in blockchain technologies.
As well as being involved with Stellar, McCaleb has been involved in other tech industries such as P2P file sharing, video games, and other cryptocurrency platforms.
Jed McCaleb is a graduate of MIT and Stanford.