BABB: Bank Account Based Blockchain


Introduction

The financial services industry is still ripe for radical disruption. The existing banking system is built on an outdated infrastructure which no longer serves the interest of its retail customers or the microeconomy as a whole. Based on decades-old technology, mainstream banking completely excludes a third of the global population and is very expensive for the other two thirds.
Many energetic startup companies with bright ideas and ambitious plans have sought to better serve a segment of the unbanked, the underbanked or the underserved people of this world. For the most part, they’ve attempted this using existing structures, templates, infrastructure and technologies. The progress made so far, by the fintech industry and financial inclusion initiatives, has been promising but limited.
BABB’s approach is different. BABB will redesign the economy from the ground up, transforming it from a rigidly hierarchical and exclusionary system into a decentralised and inclusive one. By combining blockchain technology, biometrics and artificial intelligence, we are creating the future of banking, radically different from what the world has seen before.
The World Bank serves the macroeconomy, whereas BABB is the World Bank for the microeconomy. Our ambition is a relatively simple one: everyone in the world should be able to open a UK bank account. The implications of a fully banked global society, however, are huge. This will be a global society of people using smart contracts to make deals, leveraging their social connectivity to make better use of their money.

What is BABB?

BABB is a startup developing a blockchain-based bank that aims to decentralize services and open up access to a bank account for individuals around the world. The company will deploy the use of smart contracts stored and transferred on blockchain, utilizing technologies like machine learning, artificial intelligence and biometrics to augment its services. BABB is also developing a mobile app.

BABB MOBILE APPLICATION

Our mobile application allows anyone to create a UK bank account without any ID document. A fully verified person on our platform can help you get access to your own basic bank account and users can control their money via an internet connection, regardless of location. Smart contracts enable the BABB platform to feature regular banking functions like payments, transfers, peer-to-peer transactions, etc,

BABB BLACK CARD

This card is a card that is linked with your BABB bank account that ensures secure payment. Being the first bank card that does not contain any personal information on it, the card allows you to carry out transaction in shops and to others. Business people can accept payments for a commodity using the BABB card by downloading the BABB app and scanning the QR code or through NFC and instant payment will be made into their account. The BABB card can be issued to your family and friends as a prepaid card and the card doesn’t need a pin or chip. The black card can be unlinked from your bank account when lost, with a new one being available for next day delivery from major online retailers. It can also be linked back to your account if found, by simply using your BABB app to scan the QR code on the black card.

BENEFITS OF THE BLACK CARD

· Availability
· Affordability
· Security
· Ease of distribution
· Non-presence of entry barriers

The BABB Idea

The basic concept behind BABB is that everyone should be able to open a Bank account in the world just with a Smartphone. Then, at the same time, the idea needed to be revolutionary which is not limited to a nifty, pretty Smartphone app.
BABB uses Blockchain, Bio-metrics, and machine learning for the Decentralized access to its Banking system. Anyone in the world can open an account with BABB regardless of his/her origin.
In short, BABB is building a decentralized digital bank over Blockchain platform which integrates digital currencies all over the world using Social Banking.

Bye Bye KYC & Welcoming Social KYC!

Traditional KYC is one of the biggest roadblocks for anyone to open a bank account. Having eliminated this with the advent of Social KYC in BABB ecosystem we have made opening a bank account seamless.
Importantly all BABB users will have a digital identity procured using Bio-metrics, Geo-location and AI. That means you always know who you’re interacting with.
Anyone will be able to open a Tier-1 account by saying a pass-phrase and uploading a selfie. Transitioning to Tier-2 account, however, will need someone from Tier-3 account vouching for you.
The functionality and different tiers of account are given below:
Tier one: full app functionality, modest balance, and transaction limits.
Tier two: full app functionality, generous balance, and transaction limits.
Tier three: full functionality, generous limits & the ability to vouch for others.

OUR SECURITY METHODS

· Multiple factors such as the following are allowed for user’s authentication purpose;
- a password and User ID
- a one-time-password (OTP) token or device ID
- a fingerprint, voice or facial pattern
- a behavior or gesture
· For users authentication purpose, we also use historical activity such as;
- Contacts transaction history
- Device and browser usage
- Geographical history
- Transaction size and relation to overall balance
· We also use user interface and experience, such as;
- Consistent written language
- Consistent visual language
- Other approaches to reduce errors and conscious mistakes
- Consistent confirmation prompts
      • Preview for critical actions

BABB INITIAL TOKEN SALE




50 billion tokens will be created by BABB, with the following percentage allocation;
60% — Public
18% — Platform Reserve
20% — Team
2% — Bounty

Roadmap




Team


Advisors

Details Information :

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