Last Update
Jan 25, 2018
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 The existing banking system is built on an outdated infrastructure which no longer serves the interest of its retail customers or the microeconomy as a whole.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.
BABB leverages blockchain, biometrics and machine learning to offer revolutionary decentralised banking services for people across the globe. Regardless of background, location or income, BABB will offer a UK bank account to anyone in the world, helping increase financial inclusion and social integration, while also empowering local economies to generate wealth for themselves.
We will connect people and businesses to a frictionless new global financial system which revolutionises the existing micro-economic ecosystem through advanced technological, social, economical and regulatory capabilities.
By combining social connectivity with accessible banking (social banking), we are building a global banking network fostering international collaboration and inter-community engagement.
In essence, BABB is building a decentralized bank powered by the blockchain, operating a full reserve and integrating digital currencies all around the world.
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Verified 8%
Attention. There is a risk that unverified members are not actually members of the team
Verified 0%
Attention. There is a risk that unverified members are not actually members of the team
Summary
To conclude, Babb is the future of decentralized banking. Not only does it use blockchain technology to ensure that all of the money is stored securely, it helps nonbank account holders find an easy way to get set up with their own bank account. Thus, it could have some good value if it continues to follow its plans set out on its roadmap.
Positives
Decentralized Banking: Using blockchain technology, BABB creates a bank account that’s not limited by physical location.
UK Based: Since Babb has gained the right to act in the UK legally, it has a high chance of expanding to more regions in Europe.
No Competition: There are no other ICOs that have the same vision and product as Babb. This means that they have little to no competition.
Negatives
Confusing Roadmap: On the roadmap, it states that Babb will be releasing a product in 2018, but we haven’t seen one as of yet.
Legality: We wonder if Babb is going to be able to expand to the US. The innovation of this ICO might be banned in other major countries outside the UK.
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