Bill Gates Foundation Uses Ripple’s Interledger Technology

Ripple’s Interledger Tech to be Used by Gates Foundation for Pushing Mobile Payments

The Bill and Melinda Gates Foundation who has been actively involved in working for the underdeveloped sections of the society has recently released an open-source software for the unbanked people who are currently using the technology developed by Ripple.

Mojoloop, as it is known, is a software that will facilitate and interoperability layer between payment providers, financial institutions and several other firms offering such services to the unbanked and poor. In order to accomplish this goal, the software will make use of Ripple’s interledger protocol in order to transact between different financial networks.

Also Read: Ripple is Posing a Direct Competition to SWIFT in Global Payments

 The Gates Foundation is said to be working on this project since 2015. This app is the first stage of development within this project which aims to help the unbanked poor with the newly adopted decentralized blockchain technology. In addition to Ripple, three more financial companies participated for developing this software.

 In a statement, Kosta Peric, the foundation’s deputy director of financial Services for the poor, said: “Interoperability of digital payments has been the toughest hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally achieved a solution that can apply to any service, and we invite banks and the payments industry to explore and test this tool.”

Apart from working on Mojoloop, four other mobile phone technology providers – Huawei, Errricson, Telepin and Mahindra Comviva are developing an API which will speed up the integration process.

Also Read: Ripple Set’s Up New Office in Mumbai, India.

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