Mt. Gox exchange creator and co-founder of cryptocurrency platform "Stellar" Jed McCaleb says blockchain technology can change the universal payments network over the next ten years.
He believes that the entire markets are not tapped right now by the financial system, going by the performance of the Initial Coin Offerings (ICOs).
Other financial assets such as stocks will also become digitized using the blockchain technology in the next 10 years, McCaleb said.
McCaleb was sharing his views with CNBC.com on the future of cryptocurrency and the underlying blockchain technology over the next few years.
The universal payments network will involve a public ledger that people can see, but can't change arbitrarily, he told CNBC. The system would allow people to use things they are familiar with such as dollars and euros.
McCaleb, who founded Mt. Gox bitcoin exchange that failed in 2014 after a major hack, was also one of the co-founders of Ripple in 2011. He left the company in 2013 and founded another open source protocol "Stellar" in 2014. He is now the chief technology officer at Stellar.
Stellar is currently focused on developing a cryptocurrency network for cross-border payments. It already has an international remittance setup with its own cryptocurrency Lumens (XLM) and is currently attempting to create a universal payments network.
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