Humaniq Blockchain Biometric Banking For 2 Billion Unbanked
Humaniq is an ambitious blockchain biometric based banking project and application with a mission to reach and aid the 2 billion unbanked people in world most of them from emerging economies.
Humaniq’s primary goal is to create a fintech Ethereum blockchain based mobile banking app that can be offered to the over two billion people with no current access to banking and in same cased identification services. In addition to the banking service, the app will also provide the necessary infrastructure to allow third party insurance providers, p2p lenders, and data security services to use it. The blockchain banking platform is designed by accounting for different perspectives presented by people from various countries and cultures.
As it is widely known the world’s over 2 billion unbanked adults live in developing economies. According to the Global Findex data, from 2015, 89 percent of adults in high-income economies report having an account at a formal financial institution; in developing economies, 41 percent of adults do. World Bank Group’s Douglas Pearce says he’s most intrigued by the number 2 billion. That staggering sum and all related issues represents the “unbanked”; people without access to conventional transaction accounts.
Another number and fact is important to highlight. In the 2 billion number about 1.5 billion people don’t have any identification documents. They are doubled excluded from the global economy and not reachable or interesting for traditional economy and banking.
Regionally, according to the Global Findex data database, the rate of unbanked adults is highest in the Middle East and North Africa, at four out of every five adults, followed by Sub-Saharan Africa and South Asia. In several developing economies, more than 95 percent of adults do not have an account at a formal financial institution.
The challenge if that financial inclusion has various levels of disparities that also exist by gender. As a fact among adults in developing economies living below the $2-a-day poverty line, women are 28 percent less likely than men to have an account at a formal financial institution. Indeed, there is a persistent problem related with gender gap of six to nine percentage points across income groups within developing economies.
Financial inclusion efforts are critical and the it should aim not only to serve the unbanked, but also the underbanked. These are perhaps the core people who have poor or unreliable access to formal financial services – for example, customers who open a bank account to receive government payments, but withdraw all of the money immediately and thereafter operate in cash.
Humaniq has the big mission to offer and answer to this problem. How?
Why Humaniq? A blockchain biometric new fintech banking platform for the unbanked?
Launched in 2016, the Humaniq fintech blockchain new generation biometric distributed ledger platform is the brainchild of Alex Fork’s discussions with Vitalik Buterin and the UN representatives on a later date at the ICT Conference in Moldova. Alex Fork a prolific thought leader has also interacted with over 500 representatives from the Russian finance industry.
Humaniq has started a long journey that aims to create solutions for this issues and has been working closely with the head of Satoshi Centre in Botswana, Alakanani Itireleng and other partners from developing nations. They will function as regional and local leaders responsible for making the community understand the platform’s importance. Itireleng is also one of the principal authors of “The African Blockchain Opportunity” and has been a tireless advocate for Blockchain in developing nations.
With the goal of including over 2 billion unbanked people into the global economy, Humaniq is already off to a great start. The focus is in connecting unbanked people while creating a new “blue ocean” for 3rd-party businesses and start-ups around the world. It’s a powerful billion new potential users and employees connected to global financial ecosystem.
The Humaniq platform has been successful in its initial crowdfunding campaign in December 2016. The startup also has an ambitious agenda for 2017 that started putting in practice.
Among other activities Humaniq is sponsoring a startup competition at the BlockShow Europe 2017 in Munich, Germany. The contest schedule coincides with the ICO launch on April 6, 2017. The event will see six finalists competing for a €10000 prize which will be offered half in Bitcoin and rest in Humaniq tokens.
Humaniq is creating basic financial instruments accessible to over 1 billion unbanked people in developing countries in Africa, South America, and Asia, opening an untapped market for innovative firms to deploy their services. Humaniq platform combines blockchain with biometrics and a visual mobile app easy to use. Humaniq team is working on creating the most clear, minimalistic and intuitively intelligible tools to make the use of financial services as simple as possible for users and the unbanked.
Humaniq created an innovative method for incentivising user adoption by offering them tradeable tokens that can be exchanged for local currency through mobile cashiers or traded for ether, bitcoin, or other cryptocurrencies.
Humaniq business model is based on Metcalfe’s Law, which states that the overall value of the network grows at a squared rate to the number of users. By making the foundation of their audience users the registration and authentication based on biometric data, and designing the UI to be intuitive enough for non-literate people to use, Humaniq are trying to go directly to the audience of this substantial part of teh global population removing two of the traditional barriers to mobile and fintech technology adoption.
The key is that the Humaniq central app will be focus on a strong UI and UX and rather simple to use. Based in biometric ID for registration and verification of transactions, and an image based interface rather than text based, making Humaniq very easy and inexpensive to introduce the app to regions and countries with wide variations in written languages and literacy.
Is it possible to create a global circular economy? Humaniq is a next generation banking fintech platform that is building on the major open-source blockchain Ethereum platform with a shared API for quickly integrating new startups and services from existing companies. Humaniq is utilising Blockchain technology to open up the vastly underserved market among the unbanked people of the world economy and society.
The challenge is now how to make Humaniq adopted in a complex and full of contradictions economies that still rely on cash and with huge technology and wifi issues. The goal and strategy is so far extraordinary and notable!
Learn more about Humaniq at –
Learn more about BlockShow Europe 2017 –
Humaniq on Twitter – https://twitter.com/Humaniq_co
Follow Humaniq’s blog at –
Humaniq on GitHub –
Humaniq on YouTube: https://www.youtube.com/channel/UCXatRidLHbngYUtF8JXICPA