Blockchain technology could power a “universal payments network” and let all equity be tokenized within 10 years, Stellar CTO Jed McCaleb says.
“In the future, I think it’s pretty clear to me there will be a universal payments network that will operate,” McCaleb said.
A halfway house situation may evolve, facilitating continued use of fiat currencies via Blockchain, letting people “use things they’re used to, like dollars and euros,” he adds.
McCaleb’s comments come as more and more legacy financial institutions reveal they are considering both Stellar and Ripple as a major shake-up of their remittance models. Ripple is currently due to be implemented on a commercial basis by South Korean Woori Bank later this year.
In future, it may not just be payments, but traditional assets such as stocks that go digital using Blockchain tech, McCaleb meanwhile said, the change potentially occurring before 2028:
“In the next 10 years I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere.”
Today, March 21, Twitter and Square CEO Jack Dorsey went further than McCaleb in terms of specificity, making his own prediction for the future of Blockchain and crypto. Dorsey said he sees Bitcoin in particular becoming the world’s “singular” currency within the same timeframe.
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Author: William Suberg