Barbados-based Shyft announced on Thursday the launch of its new blockchain-based KYC/AML network, which will allow users to securely obtain, store, inquire into, and work with compliance-satisfying data, helping them reduce costs and increase efficiency while deepening consumer data security. The company revealed:
“The Shyft Network aims to provide a new paradigm for digital identity — one focused on leveraging reputation as collateral and setting a new standard in the attestation process. Shyft is a reputation network that enables base layer identity anonymization and KYC data-anchoring. Shyft assigns individuals and businesses with Creditability scores, defining their reputation, plausibility, believability, and likelihood that they are creditable. On the Shyft Network, creditability or reputation becomes collateral and user identities act as anchors on which bridges and gateways are created into new data sets that enable reputational creditability.”
Shyft also explained that a team of industry innovators and leaders advise and provide strategic direction to the network project. Shyft’s board of advisors include Joseph Weinberg (Paycase CEO, Think Tank Specialist to the OECD, & Shyft Chairman), Chris Forrester (Shyft CTO), Fredrico Nassire (Shyft COO), Advisor Anthony Di Iorio (CEO & Founder at Jaxx & Decentral, Co-Founder of Ethereum), Ben Gorlick (Previously Director & Head of Product at Blockstream), Loretta Joseph (Chair of the Australian Digital Chamber of Commerce Advisory Council and OECD Think Tank Leader), Jeremy Bornstein (Senior Vice President & Group Head at Mastercard in Canada), and Bruce Silcoff (Chairman of Fairlane Group). Di Iorio stated:
“I have identified Shyft’s solution to KYC as the reform that many of my partners and the wider industry have been waiting for. Shyft’s underlying vision and the fact that it’s supported by a global network of KYC regulators is what sets this project apart from any other in the market. When I learned of Shyft’s vision to remove borders around personal identity using blockchain, I realized the full influence they will have on the entire global economy.”
Shyft Senior Advisor Bruce Silcoff added:
“A digital security epidemic is upon us. Billions of consumer identities have already been compromised. The Shyft Network will be pivotal in remedying a broken financial system and restoring consumer confidence.”