If you ever visited South East Asia or maybe Africa, you must knew that most of the people there are living in poverty. And if you ever bought something in the traditional market in Bangkok or Vietnam, you must noticed that most sellers are selling cheap products in return for cash. The dependency for cash is absolutely amazing seeing that most people still live below poverty line.
More than 50 million people in South East Asia still live below the poverty line. With 90 percent of Southeast Asia’s poor live in Indonesia and the Philippines. Approximately 40% of the entire population remain vulnerable of falling into poverty, as their income hover marginally above the national poverty line.
If we look at India, we will get a heartbreaking number. It's been estimated that 23.6% of Indian population, or about 276 million people, lived below $1.25 per day on purchasing power parity.
I believe we all agree that the answer is no. It is just about opportunity and equality in a balanced system. Unfortunately we still witness a corrupt financial system that prevent the poor from getting a fair and good treatment.
And that happens because we still rely on centralized "powerful" authority that we have no control over.
Thanks to blockchain, now the people, have full control over their rights which leads to a fair opportunity to change their life.
BABB is a bank-account based blockchain, which offers anyone the opportunity to open a UK bank account, no matter where they live and what their status are. Anyone can register for a UK bank account by using an app specifically built for a robust financial services through blockchain, ensuring transparency, fairness and also security.
We should understand that UK is the oldest country in the world and one of the powerful economy around the globe. The economy of the United Kingdom is highly developed and market-oriented. It is the Sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest measured by purchasing power parity (PPP), and nineteenth-largest measured by GDP per capita, comprising 3.9% of world GDP. It is the second-largest economy in the European Union by both metrics.
BABB wants to make sure that people from less fortunate countries can also benefit from this modern economic system.
Imagine when a woman from Africa, which never enjoy the benefit of a modern banking system for her whole life, now can easily open her own bank account without worry of being restricted by government. She can then share this experience with her family and neighbors so that anyone can send and receive money through BABB app in a most secure way with lower fees compare to current traditional banking system.
Even though there are still many people living below poverty line in Africa, Asia and rest of the world but research has shown that these people have access to smartphone or a fully working mobile phone. Thanks to cheap smartphone, anyone can now own one. Aside from communication tool, these people use smartphone as a medium of entertainment where they can access social media and any kind of entertainment channel which not available on traditional media like TV or radio, for example YouTube, etc.
BABB sees it as an easy way for greater market adoption, since most people already familiar with how to install and use apps, then there is no reason that people will find it hard to use BABB application.
Different with traditional banking platform, BABB leverages blockchain and digital identity technologies to build a borderless global network in which everyone participates freely, using their social connectivity to transact, trade, innovate, issue digital currencies, lend money, or raise funds for business ventures.
These features will empower the world’s micro-economy with new tools and opportunities, helping accelerate global growth, creating wealth, encouraging entrepreneurship, unlocking human innovation and lifting millions out of poverty.
The unbanked revolution will begin at February 6th, 2018. Join the revolution now: https://getbabb.com
