BABB: Bank Account Based Blockchain
The financial system is falling apart including banking system because its dynamics were built on an outmoded basis which are no longer applicable in this microeconomic era and don’t serve the needs of services availing customers. The main draw-backs are old-fashioned technology, conventional banking is only available to limited number of global population and it is expensive even for availing customers. How would you feel if your credit/Debit card will get stuck in ATM machine and you are in a desperate need of money to buy house hold products? Certainly, you will feel bad, even start chanting about your trust-worthy bank.
On the one hand many rising companies are striving to breakthrough and developing strategies to completely change banking system with their innovative ideas in the world, No doubt they have effective ideas but their ideas has limited threshold. On the other hand BABB (Bank Account Based on Block-chain) has something unique to offer which is more ideal, up-to-date and sustainable than thriving innovative companies and existing banks. BABB ideology reflects that its approach will re-nourish the dying economic system from its roots and decentralized autonomies will be favored instead of higher end entities. BABB approach is to combine biometrics and artificial intelligence with block-chain technology just to create a design which is not available in the world before. Eventually, everyone will be able to open UK bank account with rapid access hence local economies will also generate revenue.
There are a lots of flaws in existing banking systems due to the lack of fairness in services and products even innovative e-wallets and new digital currencies have their own limitations. It a piety more than 1.4 billion people in the world have no access to bank account apart from 40% of the adults in the world can’t have bank accounts, furthermore freelancers and entrepreneurs can’t lend money from banks easily. The main idea of BABB is to bring life a decentralized banking system which is based on blockchain technology and it will reserve most of currencies all over the world in circulation. Decentralized banking system will be equipped with biometric and artificial intelligence system. It sounds great “it doesn’t bother about anyone’s background, earning and location, BABB will provide UK bank accounts with all benefits to increase outcomes and social benefits.
More rapid features include the acceptance of black BABB credit card at ATM in all over the globe, even BABB account holders will be able to transfer funds in any currency form to each other and would be able to facilitate with loan scheme. Moreover funds can be transferred without any third party inference. This is the ultimate facility of using blockchain technology. Security application will save the users from because it has many features including validation of password at one time only and facial recognition system. BABB will introduce fair banking system by adopting compliance and regulations including anti-laundering systems.