BABB: The New Way to Bank

The technology of blockchain has managed to develop in multiple ways. Its unique system of the public ledger has made it appealing to businesses and investors alike. The blockchain is a decentralized system that uses a public ledger to track monetary transactions.

BABB (Bank Account Based Blockchain) is a new decentralized bank that uses the technology of blockchain to provide a global bank to individuals and investors. It is a very different version of the conventional banks that are currently being used and can be used to empower individuals. With the help of the distributed ledger technologies, biometrics, and machine learning, BABB will be able to create a financial ecosystem that is transparent, safe and efficient.

About BABB

According to BABB’s whitepaper, BABB is a decentralized bank for the micro-economy, providing individuals with a UK bank account, powered by blockchain technology. Through BABB, users will be able to access their account through their mobile application on their smartphone and use a decentralized payment card. Moreover, BABB’s partnership with central banks will enable it to integrate and issue other cryptocurrencies from all over the world. This process will, in turn, ensure stimulation of micro-economies and further expansion of BABB.

The current banking system is not very inclusive and lacks the required infrastructure that’s needed to serve the micro-economy as a whole. 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. The initiation of BABB will help in establishing a solution for this particular problem by serving people globally and including transparency.

BABB plans to restructure the current economy by transforming it from a rigidly hierarchical and exclusionary system with the help of blockchain technology, biometrics, and artificial intelligence. This will result in the creation of a unique platform that is radically different from what the world has seen before.

Problems & solutions

Post the financial crisis of 2008, banks have become increasingly stringent towards providing loans to individuals, freelancers and small and medium-sized enterprises. This has made people really hostile towards the current banking system and hesitant towards approaching banks for financial support. Moreover, this prevailing system has led to many being excluded and not being able to pursue their ambitions due to less or no financial support.

The banking services have a great power in a life these days as they have become ingrained in our day-to-day activities and have access to personal data. Moreover, this system has led to over-reliance and dependence on the part of consumers.

Also, currently 2 billion people in the world have no account bank account or mobile money services. These individuals hence have limited access to saving, credit, mortgage and insurance products that are common in developed marketplaces, implying that consumers cannot fulfill their financial needs effectively and firms miss out on opportunities to utilize untapped financial resources.

The system even faces disparities and inefficiencies in several processes. It is vastly inadequate and has unfair practices ingrained in its system due to the power that lies in the hands of the banks. The system is unable to keep up with the current needs and demands of the consumers and will have to be redesigned to incorporate a user-friendly platform. And this is exactly what BABB has to offer. Its unique features include high efficiency, transparency, decentralization, autonomy, accessibility, and safety.

How it works

With the help of the smartphone technology, BABB will be able to use a mobile application to allow users to control and supervise their bank account. This account will take mere seconds to be set up with the help of a selfie and passphrase. The user’s account will be issued an IBAN for international payments alongside an account number and a sort code for UK transactions.

The main advantage of BABB lies in the fact that it is already an Authorized Payment Institution regulated by the FCA, which will enable it to carry out all possible banking operations except treasury operations.

Moreover, the BABB account has been created in such a way that it can be set up in a matter of mere seconds with the help of a selfie and a passphrase. It will act as a portal to a connected world of crowdfunded financial services. Moreover, the BABB account holders will be nodes in a peer-to-peer network managed by smart contracts, connecting people with money to people with ideas, who could possibly use that idle money.


BABB is an ecosystem that will help mobilize idle money and inculcate around 40% of the unbanked people of the world. This it will achieve by creating a platform that essentially has no boundaries and increased accessibility and efficiencies. The advantage of being automated and boundary-less will allow it to reach to a vast number of people.

BABB will prove to be a successful endeavor as it will be providing banking services to a lot of people and will be correcting the flaws of the current financial sector. Its uniqueness and several advantages will help in making it a successful investment for individuals.

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