BanQu is a groundbreaking for-profit / for-purpose blockchain-as-a-service software company solving the toughest global problem – Extreme Poverty.
As the world’s first and only non-cryptocurrency blockchain platform—we help lift people out of extreme poverty by connecting them to the global supply chains they participate in and the brands, organizations, and governments that power them. Nearly 2.7 billion people worldwide do not have access to credit and services by banks or other formal financial institutions due to lack of an Economic Identity.
This identity consists of the digital or electronic credentials that define a person’s history of economic interactions in the world economy. Lacking a credit history or verifiable Economic Identity, these “unbanked/underbanked” individuals (mostly refugees, the displaced, and the world’s poorest) are excluded from the global economy. As a result, the poor and the disenfranchised stay poor and disenfranchised, while billions of dollars of aid continues to flow to conflict zones, areas struck by natural disaster, and regions of extreme poverty, with no solution in sight…until now. Through the implementation of BanQu’s cutting-edge blockchain platform, we provide benefits to the businesses, organizations, and governments that interact with the world’s poorest on a daily basis. Each of these interactions are captured through a secure, immutable, and distributed ledger of financial and personal records using blockchain technology—in turn building the Economic Identities necessary to connect the “unbanked / underbanked” to the global economy, thus helping to lift them out of poverty. BanQu works by connecting the unbanked to the global economy through a secure, immutable, and distributed ledger of financial and personal records using blockchain technology. Since 60% of the 2.7 billion unbanked people already own mobile phones, these devices make the best platform for these people to connect to the global economy.
BanQu allows the unbanked to set up a personal digital identification profile while connecting them to the global supply chains they participate in (i.e. brands/ companies they work for, banked network including family, friends, small businesses, and associated NGOs). As they start accumulating a transaction history on the BanQu blockchain, the unbanked also develop a trackable, vetted financial and personal history. Our blockchain platform allows people to record a variety of transactions including business exchanges, remote purchases, funded wallets, term purchases, cash disbursements, property records, health records, education records, and credit histories among others. This Economic Identity provides a baseline for the unbanked to participate in the global economy.
In return—BanQu’s platform provides benefits to the businesses, organizations, and governments that interact with these unbanked individuals on a daily basis.
Keywords: Enabling Access to Resources Essential for Development, Blockchain for human rights, SaaS for human rights, Digital Identification technology for human rights