The Bill and Melinda Gates Foundation is partnering with Ripple Labs and digital payments firm Coil to implement the Interledger Protocol, the Foundation’s Deputy Director and head technologist Miller Abel announced in an official recent tweet. However, the foundation itself has not revealed any legid announcement concerning this partnership.
Apart from the implementation of Ripple [XRP] Interledger Protocol, that is intended to attract completely different payment ledgers and modify the quicker process of cross-border transfers, the partnership is ready to explore the ways that Mojaloop could support “pro-poor payment systems.”
Mojaloop was launched by the Gates Foundation in the month of Oct. last year and employs Interledger technology. It’s an open source mobile payment platform for monetory organizations, govt regulators and fintech business players geared to market mobile payments within this developing world and offer financial services for unbanked individuals globally.
In line with the data provided by the World Bank back in year 2017, there have been around 1.7 Bln individuals that were technically unbanked, that is roughly above 30% of the worldwide population. Most of them reside low and middle financial income developing markets and don’t have literal access to regular banking because of an absence of clear identification info.
With blockchain-powered platforms, underbanked people will reportedly receive a digital identity to be used in their banking, merely with the assistance of their smartphones, whereas biometrics can process the remaining work.
Coil, that was formed by former Ripple CTO ‘Stefan Thomas’, is based on the Interledger technology. The subscription platform permits users to monetarily support content creators additionally to dominant ads and streamlining the web site paywall method.