This article was first published on eosio - Medium
We spoke with Domenic Thomas, CEO of WORBLI, a blockchain network and financial services platform built on EOSIO.
Could you introduce your blockchain network for us?
WORBLI is a financial services oriented blockchain network. We are built entirely for decentralized finance (DeFi) with an embedded compliance layer offering, that offers additions like know-your-customer (KYC), and anti-money laundering (AML) services. Most financial applications globally require these to meet compliance standards.
To most, Distributed Ledger Technology (DLT) and cryptocurrencies are exciting but bewildering. Our desire is to take away that bewilderment and help people discover how they can use DLT daily, both professionally and personally.
WORBLI’s infrastructure was built using EOSIO technology, so it’s fast and cost effective. The combination of this high performance and our comprehensive compliance tools will help to break down technical barriers for financial technology (FinTech) entrepreneurs and businesses, resulting in innovation and new ideas.
What is WORBLI’s use-case and what benefits does it offer?
Any individual, business, or organization that needs a safe, financially compliant, and fast platform to host their application can benefit from using WORBLI. We have a big focus on the FinTech industry — financial companies are highly regulated, with compliance being a large cost and time burden.
Through our calculations, we are confident we can save companies around $250,000 and six months of time to deployment on average. Most financial applications will have similar compliance requirements. This includes finding a KYC provider, implementing AML transaction monitoring, and various watchlist checks. WORBLI offers these typical but necessary things all in one place.
WORBLI eliminates the need to send identity documents and personal information for every new service or application. This means, a user can undergo KYC once, then use it for as many different applications as they like — massively reducing friction.
What inspired you to create your blockchain network?
With inevitable oncoming ...
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