Ripple Technology to help Bill Gates’ Foundation in serving the unbanked
Ripple is indisputably one among the best Blockchain projects in the industry. The Blockchain start-up has proven its worth via several use cases. Moreover, with their aim to make cross-border payments easier, they’re expanding their partnerships almost every week. Their ever growing list of star-studded collaborations include industry bigwigs like JP Morgan, Banco Santander and Western Union among others.
The Bill and Melinda Gates Foundation is also among the many collaborations that the Fintech company has made. The foundation announced their partnership with Ripple at the Swell conference in Toronto which was held in October 2017. The foundation had said that Ripple’s Technology will be implemented in their Level One Project. The project’s motto is, “everyone benefits from an economy that includes everyone.”
The foundation released an open source software called Mojaloop soon after they partnered with the Blockchain company. It used Ripple’s underlining technology and Interledger protocol to transact between different financial networks. The software is supposed to help the 2 billion unbanked people in the world. It also provides an interoperability layer between financial institutions, payment providers and other companies offering similar services.
Mojaloop ensures that funds can be transferred to any account. So it allows transfer of money to anyone and not just account holders in one particular bank. The software ensures that the cost of developing inclusive payment platforms for users can be simplified and reduced. It provides a way for financial providers, governments, and mobile to do this via Ripple’s Interledger protocol.
Customers, banks, merchants, the government, and other financial institutions of a country can be connected via the Mojaloop technology. Consequently, the country’s economy will see growth and progress. The software is available for use at no cost. Moreover, the Gates Foundation and Ripple encourage developers to use the software to build or adapt products and services to the financial tool.
Though it’s built using Ripple’s Interledger protocol, development of the software itself was a combined effort. Mojaloop was built in collaboration with ModusBox, Software Group, and Crosslake Technologies with funds from the Gates Foundation.
Image via Bitcoin
Join our Telegram group