BABB has an exceptional vision for banking future. The key vision is to empower their customers either as individuals or companies in microeconomy. This platform intends to bring a new paradigm by implementing new technology and using ‘first person’ approach. This platform has a great prospect to develop in the future as it has three excellent products. They are BABB mobile app, Black Card, and social KYC. In order to develop their platform, BABB uses BAX token. Token sale collects fund to develop and distribute liquid. By purchasing BAX token, you will be a part of their future. BAX token as a crucial role in this platform. BABB with its BAX is trying to give a bigger contribution to microeconomy world using blockchain technology and advanced financial system.
All entities participating in computer network use a ledger database called blockchain for the more secure transaction. BABB relies on blockchain for their main services. It serves various purposes. In addition to record digital transactions, blockchain also keeps a record of identity data and functions to protect users’ data inside or outside the network. Due to the crucial role of the blockchain, all digital platforms try to find a way on how to use this technology properly and effectively.
BABB account holders manage their own fun in blockchain and users can have a transaction in BABB caption without explicit agreement from the centred entity or any other mediators. In other words, the one who gets access to the private key is the account holder. As long as they obey rules written in the smart contract who manage the network, all account holders can use their own fund for a transaction. Access and transaction to personal data like user identity required a private key that can be used only by the user. Third party services cannot get the access to users’ private key. They cannot do something under the users’ name either. Moreover, they also cannot access users’ data unless explicitly is passed by users.
There are indeed challenging to ensure privacy in the blockchain. In order to ensure privacy protection in the blockchain, BABB uses data encryption, zero-knowledge evidence, and hashing cryptography. In a case where users’ personal data are needed to share, users’ explicit authority is required. The one who can give such authority access with private key only users. Keep in mind that users should keep the private key only for themselves. If you lost your smartphone or there is a problem with your smartphone, there will be a potential risk. One of the main goals of BABB is to build the decentralized ecosystem that can survive to serve many customers involved. This goal is not easy to be achieved without new technology as the existing technology today cannot manage a large amount of data securely.
The main aspect of BABB is managing the data and identity of all their customers. It is definitely not an easy task as customers’ data can be very complicated. BABB finds a way to makes it simpler with particular data architecture. Here, the federated blockchain environment is used to store a unique digital ID. A private key then is stored on their smartphone.
A system is defined as components that interact in some relations. From this definition, it is easy to understand that a system can consist of some complex components and how each component relates to one another. From software development perspective, it is found out the complexity is a big problem for a system to run well. That is why BABB designed their system carefully to ensure that they are simple thus easy to use by anyone. A simple system is also considered as safer. In short, a simple system is easier to understand and manage.
The system is broken down into smaller units that can be described, designed, used, and maintained. The simple system also means when one component does not work, it will just influence a few other components. As a result, it is easier to fix when there is a problem with the system. It does not take much time to check all components in the system. This approach is actually not easy to do but BABB can successfully design such system.
- Rushd Averroes - Founder / CEO
- Jorge Pereira - CTO
- Adam Haeems - COO
- Dean Refaat - Head of Research
- Adi Ben-Ari - Lead Technical Advisor
- Leonard Seelig - NE Director
- Rotem Hayoun-Meidav - Technical Advisor
- Ani Alexander - Head of Marketing
- Annabel Mellor - Head of Communications
- Jingwei Li - Researcher
- Mai Abdel-Aziz - Middle East Communication Manager
- David Devia - Video Content Creator
- Jocellin Lee - Marketing Manager (Asia)
- January 2016
Applied for two patents: facial and voice recognition for opening a bank account
- April 2016
Seed funding: $1M
- June 2016
Accepted and moved in Level39 Incubator in London
- November 2016
Biometrics tested. Start MVP development. UX of the app designed
- December 2016
Applied for a patent: Prepaid bank account smart card
- January 2017
Dinancial model + Investor business plan
- May 2017
Moved into new office. MVP development
- September 2017
Filed application pending for two more patents: unique bank account based blockchain technology, microeconomic digital currency issuance and exchange protocol
- October 2017
Black card concept design
- January 2018
Pilot: Central bank (MENA region). Develop the Black card channel. Deliver MVP with simple backend
- February 2018
V1 App launch with Proper backend