Sunday, August 25, 2019

Gates Foundation Forge Partnership with Ripple for Easy Banking in Developing Countries

In a bid to address issues of banking and stiff transactions in the developing countries of the world, The Bill and Melinda Gates Foundation is reportedly entering a partnership with notable blockchain company, Ripple Labs Inc..

Conveying the information in a tweet before an official statement, Miller Abel, Deputy Director and Principal Technologist of the Gates Foundation, revealed that the organization is on its way to forging a relationship with Ripple, and its new exciting platform: Coil.

The partnership has been set to integrate Ripple’s popular Interledger Protocol, and the recent open source blockchain app– Mojaloop– released by the same foundation to facilitate necessary backing for “pro-poor payment systems.”

We are partnering w/ @ripple and @coil to implement the #Interledger Protocol & explore ways #Mojaloop can support pro-poor payment systems. #githubuniverse

— Miller Abel (@MillerAbel_) October 17, 2018

The Interledger Protocol, which is also employed by Mojaloop, has been created to facilitate quick processing of cross-border transfers by connecting a large number of different ledgers together.

The late development as suggested by Abel, is on par with the vision of propagating efficient mobile payment platforms in the developing parts of the world especially in unbanked regions. The Gates foundation revealed the organization’s objectives last year October with its launch of Mojaloop, to help connect diverse financial organizations and platforms.

The ratio of unbanked people in the world according to the World Bank is not as healthy boasting numbers of about 30 percent: which totals almost 2 billion people in the world. One major factor responsible for individuals in emerging markets remaining without access to conventional banking could be the issue of identity, where blockchain platforms easily strike out the problem from the list, with ease-of-use digital identity.

The announcement by the foundation’s executive has not been made officially formal yet by the parent organization as of press time.

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