BANK ACCOUNT BASED ON BLOCKCHAIN: EVERYONE IS A BANK
To this day, there has been limited progress made by the financial technology in terms of completely improving the banking system so that it incorporates the entire population of the world.Some of the challenges of the present banking system include;
- Difficulty for individuals and small and medium sized enterprises (SME’s) to get funding that is affordable
- Inability of individuals to effectively fulfil their financial needs due to limited access to credit, mortgage and insurance products etc., leading to the inability of governments to collect tax and monitor peoples’ expenditure
- Being exposed to banking risks due to our over-reliance on the bank for basic daily duties such as payment of shopping expenses, buying properties etc
Other challenges include poor service to microeconomy, power imbalance due to a bank having more information than another bank, selling of customer data by banks to third parties, competition etc.
However, in combination with blockchain technology, artificial intelligence and biometrics, BABB hopes to decentralize the financial technology system, thereby serving everyone in the world, retail customers inclusive, by offering everyone in the world a UK bank account regardless oflocation, background or income. We believe this will help increase financial inclusion as well enable local economies to generate wealth, among others. The UK bank account will be on the BABB platform and will comply with UK regulations even without the need of a UK address or credit history. A valid passport or National ID or any other valid means of identification is all that is needed to open a UH bank account on BABB platform. Those without a valid means of ID will also have access to basic account services by using biometric authentication and peer-verification from a fully identified person.
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
- Ease of distribution
- Non-presence of entry barriers
BABB’sPLAN TO WORK WITH CENTRAL BANKS
Because some banks worldwide are contemplating launching their own digital currency as seen in the second half of 2017, we believe we can work with them in two ways;
- Issue new Central Bank Digital Currency
- Integrate with existing Central Bank Digital Currency
The BABB technology has features such as; Recovery & Succession, Privacy, Control and Self Determination, FIAT Fund Tokenization, Smart Contracts and Regulation, and Federation.
- Smart Contracts and Regulation
To ensure a straightforward and transparent transaction, rules (also compliant with central banks) for operating BABB accounts will be coded into smart contracts.
The BABB platform will manage initial participation in its network through its validating nodes while major participants will also be able to run their own validating nodes, leading to a more transparent system.
- FIAT Fund Tokenization
Existing FIAT funds in the banking system will be represented as token in the blockchain so as to store the ledger. Users can then transact without any third party being involved, once existing funds are converted to token.
- Control and Self-determination
Without approval from any entity or intermediary, BABB account holders can transact on the blockchain provided they meet the smart contract rules
Features such as cryptographic hashing and data encryption will ensure only users are able to authorize transactions. Should a user’s private data be required, an openly shown authorization is requested from the user with them being the only one that can authorize it.
- Recovery and Succession
Because of the possibility of devices being lost and private keys being lost also in the process, we use the Schnorr Signatures which allows a private key to be split into different pieces in such a way that A out of B pieces are needed to determine the original keys.
BABB’s KYC enables individual to expand the banking services that they can have access to by providing a photograph of their passport or other identification means. The BABB ‘social KYC’ feature enables users with validated documentation to open a basic account for others, thereby giving an invitee the access to basic functions even without identification document.
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
Under our structure, we will separate concerns from liabilities, and regulatory compliance. Our structure will feature;
i). The BABB platform
ii). The BABB App (The Bank)
iii). BABB Labs Limited (Software Development)
BABB TOKEN (BAX)
The BABB token (BAX) will be implemented as an ERC20/EIP20 on the Ethereum blockchain.
USES OF BABB TOKEN
– International payments
– Liquidity of foreign exchange
– Onboarding and offboarding
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
January – Applied for two patents (Patent GB1601328.6 for opening bank account using facial recognition biometrics, and Patent GB1600905.2 for opening bank account using voice recognition biometrics)
April – $ 1 million for seed funding
June – Accepted and moved in Level 39 incubator: One Canada Square, Canary wharf, London
November – Biometrics tested, development of start MVP, design of app’s UX
December – Applied for patent GB1622281.2 for prepaid bank account smart card
January – Financial model and Investor business plan
May – Moved into new office Level 39 Incubator High Growth Space (42nd floor), and MVP development
September – Filed pending application for two more patents; Unique bank account based blockchain technology, and Microeconomic digital currency issuance and exchange protocol
October – Black card concept design
January – Pre-sale
February – Token sale
November – App launch
Q1 – Second phase of token sale
Q2 – Releasing new features on the BABB app
Q3 – Implementation of advanced social KYC using AI and behavioral biometrics
Rushd Averroes – Founder/CEO
Jorge Pereira – CTO
Adam Haeems – COO
Ani Alexander – Head of Marketing
Dean Refaat – Head of Research
Paul Johnson – CIO
Annabel Mellor – Head of Communications
Leonard Seelig – NE Director
Luis Fraga – Lead Product Manager
David Devia – Content Creator
Luis Oliveira – Creative Director
Jingwei Li – Researcher
Joao Goncalves – Senior Software Engineer
Nuno Rocha – Head of Engineering
Mai Abdel-Aziz – Middle East Communication Manager
Professor Paolo Giudici
Please visit our website and whitepaper for more information about BABB and also connect with other participants from all over the globe by clicking on the following links below.