There are many great charities and foundations across the world. They have great intentions and do their best, but sometimes they need outside help to deliver their aid in a more effective manner.
Blockchain technology has numerous features that could be applicable to the charity space. It would create a more transparent setting for people making donations too as they can see where their money is going.
The Bill and Melinda Gates Foundation has now teamed up with Coil and Ripple. This is so they can work together to create and deploy Mojaloop that is an open source software that is used to create payment platforms. This was released in October 2017.
This is part of the foundation’s Financial Services for the Poor approach. They hope to make it more accessible for people to have reliable and affordable financial services. This will help cater to the needs of the poor.
It will help to elevate financial inclusion for all, something that currently does not exist. For example, there are more people in Africa with mobile phones than bank accounts. Having access to forms of digital finance will rapidly increase the rate of progression for people and their countries as a whole.
The foundation wants their system to be accessible, reliable, valuable and affordable for these people.
Mojaloop was launched by the foundation last October. This helps unbanked people globally to access digital finance services. They built this with the help of Ripple, as well as four different FinTech partners.
Now they will also be working with Coil, a fintech startup started by the old Ripple CTO Stefan Thomas.
There have not really been many specifics released since this partnership was announced. It certainly is a strong team that the foundation has put together and no doubt it will only be a positive for the foundation going forward.