Jed McCaleb, the founder of Mt. Gox is trying to introduce a new world order where he wants to create a single mode of payment that will be used across the world. The current systems work in such a way that one has to convert his or her currency when buying products and services from a different country. This system gives an advantage to business partners from countries with stronger currencies while those from countries with weaker currencies find themselves in a disadvantaged position, especially when it comes to export and import trade.
Despite the currency strength imbalances, there several other challenges that face the current system such as time and lack of infrastructure in different countries when one wants to convert his or her currency. Jed McCaleb is solving these challenges by implementing a blockchain powered technology that will help people to conduct trade using a single payment system. It is unfortunate that, despite the tremendous growth in technology, the world does not have a single-payment system that would have facilitated the way people transact their businesses.
Coin Telegraph mentioned that Jed McCaleb envisions a situation where people in Europe will be able to buy shares and other units of ownership traded in New York Stock Exchange using a technology that heavily relies on cryptocurrency. Opening up of a universal system of payment would not only facilitate buying of goods and services but will also help fundraisers to get financing from different parts of the world through the system without converting their currency to suit the person on the other end. Jed believes that the new international single mode of payment is likely to be in place within the next couple of years.
Due to Jed’s vast knowledge in cryptocurrency, backed by what he has done in the same industry, multinational organizations are now embracing these types of technology, with a South Korea’s Woon Bank prepared to enter in commercial agreements with Ripple technology. The entrance of multinational corporations in the single payment system fiasco rises credibility of Stellar Development Corporation as it is geared towards revolutionizing the order of the world’s systems of payments, read more here.
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