For the first phase of Shyft Network’s development, we’re targeting partners in industries where the data is the most valuable, because this is where users are the most vulnerable. During the first phase of Shyft Network, we’re partnering with:
We aim to make it easy for organizations to interact with their users in the context of private data for the first time, increasing global accountability and trust between users and organizations.
Phase 1 Use Cases
The recent Financial Action Task Force guidance requires sharing of sender and receiver data by transacting Virtual Asset Service Providers (VASPs), such as cryptocurrency exchanges. VASPS are the central point of user-onboarding in the cryptocurrency ecosystem, however there is no platform today that enables VASPs to comply with this guidance.
Shyft Network has partnered with several of the top 10 cryptocurrency exchanges to implement an industry-wide solution using Shyft’s database bridging and data attestation infrastructure.
We’re actively onboarding partners that may be subject to this guidance, including:
For a decade, jurisdictions have been looking for secure and efficient software for managing and sharing citizen data within a consent-based framework.
Shyft Network has partnered with 3 governmental bodies to build a user-facing interface through which citizens can complete KYC process with legacy institutions, track as custody as their data moves between these institutions, and consent to borderless data-sharing with new custodians, bringing transparency, security, interoperability and efficiencies to highly-regulated, legacy services. This solution will be fully transparent and auditable by regulators (subject to relevant privacy laws).
Participating institutions added to the network by these government partners include:
For organizations that already hold compliant data, the Shyft ecosystem allows you to monetize that data and offset some of the extreme costs of data collection, storage and compliance.
The sharing of data can be based on your organization's needs - Shyft can provide the bridges that allow you to better share data, both internally and externally.
At mainnet launch, Shyft Network will launch the Shyft Portal which allows individuals to make an account and create a Shyft ID for use in the Shyft Network ecosystem. All network partners, such as cryptocurrency exchanges that process and custody KYC data, will interact via this Shyft ID.
VASPs regulated under the FATF Travel Rule guidance, including cryptocurrency exchanges, OTC desks, custodial wallets, etc.
More coming soon.
Shyft partners with governments to build digital identity solutions, and works closely with technology partners to build relevant components on Shyft’s public network infrastructure.
More coming soon.
Shyft provides a public infrastructure oriented around data attestation and validation.
More coming soon.
Partners that provide data and network analytics services.
More coming soon.
Ecosystem expansion and market creation partners, and core network infrastructure partners.
More coming soon.
Suppliers of data to the Shyft Network. For example, KYC providers and identity verification companies play a crucial role in providing additional identity-related data sources to contextualize Shyft identities and enhance the reliability of the network.
More coming soon.
Shyft Network has partnered with the Government of Bermuda and Perseid Network to build and deploy a national blockchain-based identification system. Perseid will build the higher level identity management infrastructure to be deployed across Shyft Network's base-layer infrastructure. All identities and records will be encrypted across Shyft Network’s public key infrastructure, and the core blockchain will facilitate coordination across participants such as enterprises, institutions, government services, and citizens.
We're incredibly excited to have partnered with such an innovative jurisdiction to build out the first blockchain-based national identity system on top of the Shyft Network, and see the development of the digital identity space as a massive opportunity for global financial empowerment.
Shyft Network to Build FATF-Compliant Identity Layer for Polkadot - CoinDesk
Binance Joins Blockchain Network for Cross-Industry KYC Data Sharing
FATF Joins BIS in Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns
Bermuda Premier David Burt On Stablecoins, Crypto, Blockchain ID, Libra, Big Tech, And Privacy
Bermuda Starts Development of a Blockchain-Based National ID System
Shyft Network: The Next 12 Months
CipherTrace and Shyft Partner to Address the New FATF Virtual Currency Travel Rule
CipherTrace, Shyft Unveil ID Protecting Solution to FATF Crypto Guidance
Partnership series: Harmony X Shyft Network
G20 Gives Official Support to FATF Crypto-Regulation Guidelines
