This article is written for The WORBLI APP Idea Contest last week. I am happy to share with you guys here.
As stated in the web site of Worbli, it is on a mission to develop the world’s most cost-effective and developer-friendly, consumer and enterprise blockchain platform. Worbli tell us that it is offering a user-friendly financial services ecosystem where users, developers, and businesses can access a huge range of powerful applications with limitless possibilities.
In order to achieve Worbli’s goals, any dapps running on it can focus on providing services which can enhance users’ experience for all the sections not only within the existing banking, financial, insurance, tax and assets management but also the coming interactions and applications between Banking and blockchains sides.
Image any existing customers of banking industry who want to interact with blockchains investment opporunities like ICO, Cryptos trading via any exchanges, etc KYC is the first step and is almost necessary and the KYC process will need to be done by the customers and it repeated again and again.
Therefore, I suggest an Universal KYC DAPP for Worbli is needed. Investors just need to do the KYC once through this Dapp, a whole set of proved data will be encrypted and stored for future use. Any future dapps running on Worbli which needed KYC can use the same date with authorization. With specific design of date structure, the data can be stored and kept in a decentralized manner. Smart contract can be utilized in order to make it happen. On the other hand, an separate API may be needed in order to let the Dapp innteracting with different blockchains and Cryptos projects. Inside the smart contract or API, we can even specify the time period of authorization.
Beside eliminating the repeated doing of boring KYC process, there are other advantages. For example, customer can also have a full record of which institutions have obtained a copy of the KYC data. KYC data can be updated in future if any information inside has been changed. A dynamic customer profile can be maintained inside the dapp.
In the future, the Dapp can also evolve to become a personal data company. With the permission of customers, personal data can be authorized to be used by any 3rd parties marketing companies. Customers in return will be compensated with fiat or Worbli.