Joey Bertschler, a former employee of OpenAI, is at the forefront of revolutionizing the payroll system with his new startup, Volante Chain. This innovative platform aims to offer employees same-day access to their wages using blockchain technology, addressing the pressing issue of financial delay faced by many workers. With the rise of the gig economy and an increasing number of people living paycheck to paycheck, Bertschler’s initiative comes at a crucial time.
During an insightful interview, Bertschler shared his motivations for transitioning from a leading AI company to the financial technology sector. He expressed dissatisfaction with OpenAI’s internal culture, particularly concerning advancement opportunities and benefit structures for non-US employees. This sentiment has fueled his desire to create a more equitable system through Volante Chain, allowing individuals to take control of their finances.
How Volante Chain Works
Volante Chain’s platform offers a sophisticated solution by employing blockchain to ensure seamless record-keeping through a verified ledger. This technology not only facilitates faster wage access but also significantly reduces transaction costs, which enables low fees for both employers and employees. Bertschler explains that the platform aims to liberate workers from the conventional constraints of monthly pay cycles.
Additionally, Volante makes use of artificial intelligence to predict employer defaults and assess risk in real time. The platform is described as hybrid, utilizing AI for pattern detection while maintaining human oversight. Bertschler insists that while AI plays a critical role in streamlining operations, it is not fully autonomous. There is always a layer of legal review and human intervention to guarantee compliance and accuracy in wage distribution.
The Future of Wage Access
Currently, Volante Chain is in the testing phase, with plans to deploy to a couple of thousand users spread across Vietnam and Japan. With an initial funding of approximately $2 million, Bertschler aims to sustain the operation for about five years without needing additional capital. This efficient model is designed to ensure substantial growth while adapting to the rapidly evolving financial landscape.
As Bertschler embarks on this path, he remains critical of OpenAI’s shift towards a profit-driven agenda, which he views as contrary to the organization’s founding principles. His experience serves as a reminder of the importance of transparency and ethical practices in technology-driven companies.
The launch of Volante Chain not only showcases the potential of blockchain technology in transforming the payroll system but also reflects the growing desire for financial freedom among employees. As the market continues to evolve, innovations like Bertschler’s will likely play a crucial role in shaping the future of work and compensation.
