The Bill andM MelindaGates Foundation is partnering with a California-based blockchainc company Coil, to increase financial access to the underprivileged and non-bank communities. Initially the novelty was announced by the principal technologista and deputy director of the Foundation, Miller Abel, and later the development was confirmed by Coil, founded by Ripple’s former chief technology officer, StefanThomas.
“Proud to confirm that we are working on https://t.co/tbV0COdx3T with the @gatesfoundation – Technologies like @Interledger and #micropayments are not just for media. They also increase #financialaccess and we want to do our part. https://t.co/LUjJo57OgY – Coil (@Coil) October 18, 2018”
In addition to implementing Ripple’s Interledger Protocol, ways were also explored to use MojaLoop open source payment software to enable payout systems targeted to the needy public. The Gates Foundation provided funding for the development of MojaLoop. In addition to Ripple, Crosslake Technologies, Software Group, ModusBox and Dwolla were also involved in the development of this payment system. The interoperability problem a year ago, when it was launched, MojaLoop was praised as the answer to increasing financial inclusion as it solved the interoperability problem that was identified as a major hurdle in expanding access to basic financial services:
“The interoperability of digital payments has been the most difficult hurdle for the financial services industry to overcome. With Mojaloop, our technology partners have finally got a solution that can be applied to any service, and we invite banks and the payment industry to explore and test this tool. ”
At the time, the Gates Foundation used statistics obtained from the World Bank and found that about two billion people in developing countries did not have access to bank accounts and therefore could not enjoy the security and benefits offered by basic financial services. For good In addition to this collaborative action with the Bill & Melinda Gates Foundation, Ripple has also announced some philanthropic initiatives recently. At the end of last month, the company launched a social impact program known as “Ripple for Good,” which had already received donor collaborations in excess of $ 100 million.
The Ripple for Goodp program will also focus on nonbank communities, and will fund educational projects aimed at increasing financial inclusion around the world. Ripple CEO and co-founder Chris Larsen underscored the importance of this action:
“We have to stop being arrogant disrupters and focus on building things that solve real-world problems. If we focus on the blockchain movement, more than two billion non-bankers can become full economic citizens.”
Like or hate ripple, like or hate Mr Gates, let’s hope we can bank the unbanked with real value money as opposed to fiat.