Even most of us born in the western countries are not aware of this, a big number of persons in other parts of the world is having problems obtaining even basic financial services. And when I say a big number, then I mean billions of people worldwide. Just imagine your life without an option of opening a banking account, or getting a loan for your business and your only paying option to be a cash payment. It would feel like you are living in the 19th century, would be much harder going through life without banking and financial services in it.
It is great news that in last few years technology is impacting this area of life and making it better for all those people. Blockchain technology provided numerous options for financial services to be developed on it, and that is exactly what is happening at this moment. Today I am presenting you one interesting and potentially very successful project, based on the simple idea of solving financial problems for all those billions of people.
BABB -Bank Account Based on Blockchain
We could explain this project in just that one sentence: Everyone is the bank! Or at least can become the bank using Bank Account Based on Blockchain platform and that way offer his financial services in crowdsourcing manner to people all over the world. By making banking services simple, accessible and, user-friendly BABB can offer its services for just a fraction of the price when compared to classic banking institutions. There are several main parts of this project perfectly merged into one body created to deliver financial services to masses of unserved or underserved persons worldwide.
- BABB Smartphone App.
Even such a big number of people don't have access to financial services most of them have smartphones and internet connection. For this reason, the smartphone app is representing a perfect solution, providing them with streamlined mobile banking service that is always available in their hand.
- BABB Global Bank Account.
It is created easily in a user-friendly manner, and this system of authentication may become real game changer and attract millions to start using BABB platform. To create bank account compliant with UK regulations person may use his valid ID document, but even by using only biometric authentication and peer verification from someone fully identified with his document anyone will be able to create and use an account with basic banking services.
- Tokenized Payments.
BABB will use one of the best and most useful blockchain features, tokenization, to provide safe, fast and not expensive use of any fiat currency by its users. The platform will be connected to the web of the financial system and provide onboarding and offboarding of funds by issuing an IBAN for international bank wires. This way all users of the platform will have an acess to fast, safe and reliable payment services.
- BABB Credit Card.
BABB Black Card is so cool by its name and appearance that I am sure anyone would like to see it in his wallet. This multiple function card can be used as a debit card or prepaid card, plus will be equipped with QR code to allow a peer to peer spending in the easiest way possible. This function similar to cryptocurrency paper wallet gives the owner of the card one extra layer of security if the card is lost, and option to even print it on a simple piece of paper and still use it with absolute functionality. One more special thing about Black Card is related to the anonymity of card users because there is no any personal information printed on it.
If it is still not clear to you what kind of revolution is this, for billions of people, then stop and think for a minute how this project can change their lives. I will just conclude with - Welcome to the future of financial services boys and girls.
Easy access to the fully operational banking system.
The user-friendly, fast and secure way of making payments by smartphone.
Multifunction Credit cards usable all over the world not just by consumers, but also by millions of SMEs not able to obtain POS systems in their shops.
No bureaucracy and tons of paperwork when opening account.
Much lower costs for both sides in the ecosystem.
As BABB team is concluding it their WHITEPAPER:
"Essentially, with the Black Card we create a new universal physical payment system."
I am not saying that there is no competition for BABB, but they are developing a product that is at least equal and in some segments even more progressive and better than other projects aiming at the same market. It is good to underline that we are talking about few billions of new clients waiting to be served, so if even the small percentage of them start using BABB platform that will make them super successful and profitable.
In few days I will write about BABB ICO and token economy, by then you can get more info about this promising project on their WEBSITE.
- TWITTER
- FACEBOOK
- TELEGRAM
Well put together article, Cant wait for the ICO review. Kiva.org is a great platform for the unbanked to access loans at the moment. Its a peer to peer lending program that help mostly people in developing nations access funds. You also have to think that lots of these unbanked people work mostly on a barter system in developing nations and cannot afford proper identification to even get on to a system like. I'm sure many many people will take advantage of this but the market maybe a bit exaggerated.
Thank you for introducing Kiva... I will look into it... There are several blockchain banking related projects aiming at billions of unserved, but I think this could be my favorite at the moment...
Yes, I've read of quiet a few myself. This one does look very promising, i see on their road map that they have been working at this project for a bit now and have made some good progress. Also their site is very well done and professional. I'm tempted to buy in but there are soo many ICO's out there that i don't have enough funds for them all. lol
Really a very useful post, I like this post.
Posts that motivate me to work better.
Good job @kriptonoob
Very-very good thank information
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