BABB: Blockchain based decentralized banking ecosystem

“The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” – Franklin D. RooseveltBanking has become the part of our day to day life and it is impossible to imagine our life without banking facilities. We need it for almost everything we do, from paying for goods and services to borrowing for our personal and business requirements. But in this era of the digitalization and globalization, there are still 2 billion people in the world which are underbanked and does not have access to banking facility through any medium like web or mobile. Around 20% of this unbanked adults still uses cash as the medium of exchange in daily life. Financial inclusion is very important for the empowerment of these people and banking is key in that.

With the emergence of technologies like Blockchain, which can provide the necessary infrastructure to build the decentralized and accessible for all Banking system that can run without the need for any centralized mechanism. Blockchain has the power to transform the banking system which is now unable to serve people in lower income segment due to its outdated infrastructure. The project BABB is step towards the change in the currenct Banking ecosystem through the power of Blockchain.

What is BABB?

BABB wants to become the World Bank for the micro money and wants to transform the entire banking system by making it decentralized and accessible to all with the recent technologies like Blockchain, biometric and artificial intelligence (AI). It will use the Blockchain smart contract to provide banking facility to the people by socially connecting them with the help of smart contracts in fully decentralized and trustless manner. BABB aims to offer UK bank account to any person in the world through its infrastructure.

Problems with the Legacy banking system

  • Bank has centralized infrastructure and controls both money and identity of the person. We have seen the 2008 banking crisis where people lost money due to the inefficiencies of the banking system. When it comes to privacy, person’s data with the bank is not private and sold in markets to insurance, credit card companies etc.
  • People who live under the bottom of the pyramid does not have sufficient income. Banks cannot afford to provide them access to banking facilities as they cannot maintain a minimum balance.
  • Onboarding customer to the bank is costly due to an outdated system of the banks. They do not onboard people with low-income as they don’t see any business benefits in them due to their very low purchasing power. Intact, they can’t even afford to operate in the villages and remote areas due to high infra and maintenance cost involved.
  • Transactions costs in banks are high due to lot of intermediaries involved in the process which eats away the money of the businesses and customers. When it comes to the cross-border transaction, the cost can be as high as 3% to 5 % of the total transaction amount.
  • Lobbying of the banks is very common in many countries which takes power away from the customers.
  • The traditional banking system is centralized and many times have trust issues with customers.

Offerings of BABB

BABB will enable social banking by leveraging Blockchain technology and offering UK Bank account to anyone in the world irrespective of location and income, truly borderless and decentralized. As it uses the Blockchain technology, the user is in total control of his funds and private data. No middlemen are involved due to peer to peer transactions in the system and no problem of trust as everything is managed through smart contracts.

Opening a BABB account would be also very simple which will require proving your identity through a passport or any national ID card. BABB account will be able to hold its own currency known as BAX and fiat currencies like EUR, GBP etc with the help of tokenization. Some features of the BABB are described below.

  • BABB issues the International Bank Account No (IBAN) and Sort Code and Account number for the UK Account which will support payment schemes like SEPA & UK Faster payments. BABB will be also compliant with latest innovation like PSD2 which opens up the new era of connection between banks and third parties with the help of APIs.
  • Mobile application to easily open a bank account from anywhere in the world.
  • BABB offers the Black card which can be used to spend your funds in real time form BABB bank account. Cards have high-security standards and bypass the payment processors like VISA and MasterCard with its unique QR code scanning facility.
  • If any central banks plan to launch its own digital currency in the future then they can leverage BABB’s infrastructure.
  • Privacy of the user is maintained in the system and will not be shared with anyone without the consent of the user.
  • All the legal requirement like KYC and AML will be taken care by BABB which will ensure no unlawful things can take place in the system.

BABB enables people to exchange cash amongst themselves without needing a bank account. Peer to peer borrowing and fundraising is also possible with BABB application. Here, the important point to notice is that it does not require any third party to facilitate the transaction and charge the fees, it is all done with the decentralized infra of BABB. Fundraising is also truly decentralized and can easily be done in the BAX. Funds can be raised privately and publically without any trust issue.

BAX Token sale information

BAX is the native currency of the BABB’s ecosystem and will be issued during the token sale. BAX is standard ERC20 token and uses the Ethereum Blockchain. BAX token will be required to use the platform and its services like paying fees for opening BABB account, exchange currency, remittances, forex transaction etc. BAX will be also required by banks to pay for Licensing fees, fundraising, and data access.

Final words

BABB surely has great potential to change the current banking system by introducing the all-new model to serve the unbanked population with the help of Blockchain technology. BABB ecosystem looks self-sufficient and fulfills all the needs of the customer from banking standpoint which can be otherwise served by the traditional banks with high costs and its own problems.

To know more about the project and token sale visit:



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