Recently, Gates Foundation’s Deputy Director and Principal Technologist, Miller Abel has tweeted that the Bill and Melinda Gates Foundation (BMGF) is joining hands with Ripple Labs and digital payments firm, Coil. The reason behind this collaboration is to implement the Interledger protocol for benefiting the poor.

Using Ripple Interledger Protocol, ledgers from different banks are easily connectable. This method doesn’t require the involvement of any central authority, as per Abel’s tweet. It can also facilitate instant cross-border payments. Hence, it is considerably a cost-effective option, as per the company.

Mojaloop, an open source payment platform was designed by BMGF for facilitating mobile payment system for poor people. The alliance will aim to explore ways by which Mojaloop can serve better, says the tweet.

The Gates Foundation had launched the platform in October, last year. Using the blockchain platform, the company enables underbanked users to have a digital identity of their own. This specific digital identity is usable for banking purposes with their smartphones. The data can then be verified and uploaded using biometrics.

Moreover, this initiative will entitle users to get financial services from various government bodies. The Government regulators, financial organisations and other FinTech firms can also use this platform to promote mobile payments for the unprivileged.

On the other hand, Coil is focusing on a number of things to achieve through blockchain. That includes financially supporting content creators, controlling ads and providing a streamlined paywall process for the better experience of its users.