Blockchain app will replace bank accounts

Blockchain app will replace bank accounts

The Bill & Melinda Gates foundation, working on solving global problems, announced a new software product. It was created to help poor people from Third World countries who do not have bank accounts.

Support for poor people all around the World is one of The Gates Foundation areas of work. As part of this work, the Fund has launched Mojaloop app, which provides access to financial services for those who do not have a bank account.

The open source application works with Ripple Interledger blockchain platform. It allows you to conduct transactions between different financial systems: from banks to mobile operators.

The Gates Foundation is exploring decentralized systems and their opportunities for connecting unrelated financial systems since 2014. To create the application, four companies engaged in blockchain development and financial technologies were invited, including Ripple and four major mobile device manufacturers.

The Gates Foundation management already released a statement with an invitation for banks and other companies to explore Mojaloop.


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