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10/20/2017
The Gates Foundation Just Launched a Blockchain-Powered Mobile Payment System
Futurism
INTEROPERABILITY IS KEY
The Bill & Melinda Gates Foundation is no stranger to blockchain. Since 2015, the foundation has been working on ways to use the decentralized digital ledger of transactions through its Level One Project. Now, they’ve launched Mojaloop, which is an open-source payment platform designed for people who lack access to the usual payment services.
Mojaloop’s mobile payment software, built as part of the Level One Project, is powered by the Interledger technology, which in turn was built by distributed ledger technology (DLT) startup Ripple. It “establishes a blueprint for connecting today’s financial services sector, and can be used as a solution to barriers that banks and providers seeking interoperability have traditionally faced,” the foundation’s announcement said. In short, Mojaloop wants to link financial institutions, payment providers, and other companies that provide payment services and share information using blockchain.
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