Ripple’s UBRI partners with IIT Bombay and other universities to solve the world’s remittance problem

Ripple’s business of cross-border payments using blockchain technology has spread throughout the world, including India. Ripple’s University Blockchain Research Initiative [UBRI] had added the Indian Institute of Technology, Bombay [IIT-B] to its list of universities back in 2018.

Ripple’s Managing Director for South Asia and MENA (Middle East and North Africa), Navin Gupta, mentioned that Ripple had more plans for these universities. He said, “The idea is to create the next generation of students and entrepreneurs.”

Partnerships with universities under the UBRI focus on enabling students with the opportunities for research and development into blockchain technology and by extension, cryptocurrencies. This in turn, could add value to the global blockchain ecosystem, such as the fin-tech industry, said Director of IIT-B, Professor Devag V. Khakar.

According to Factor Daily, an anonymous source from IIT-B has said that the Indian government is planning on implementing a blockchain-based solution in governance with digital certification of educational degrees. The pilot trials for the aforementioned project are to begin soon and once these are successful, there are plans to issue digital certificates on the blockchain named, “IndiaChain.” The trials are reportedly being done under NITI Aayog which is the government’s policy think tank.

Furthermore, land titles are also on the list which could be implemented on the blockchain but, this would take a lot of time since most of the land records in many states are yet to be digitized.

The main aim however, of the partnership with IIT-B is to work on reducing the remittance coming into India, which could save India, “billions of dollars,” said Gupta. Additionally, Gupta even mentioned that all of these universities could possibly team up together on blockchain and eventually “solve problems in other countries too.”

As per World Bank reports, India receives remittances worth $80 billion, making it the top target, followed by China with a total of $67 billion. With Ripple’s UBRI and its other blockchain based payment technologies, every country including India could potentially save billions of dollars.

Further, NITI Aayog and Oracle plan to start a drug supply chain blockchain ledger which is aimed at fighting the counterfeit drug problem in India.

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