News

Shyft to develop blockchain-based KYC-AML network

February 14, 2018

Shyft, a provider of KYC-AML infrastructure, has announced an open and unified blockchain framework for the standardization of regulatory, compliance and due diligence for know your customer and anti-money laundering mandates.

The Shyft Network blockchain-based system will allow users to obtain, store, inquire into and work with compliance-satisfying data with less cost, greater effectiveness and heightened consumer data security, according to a press release.

"The current processes used by financial institutions to handle regulatory compliance are broken and highly ineffective in stopping money laundering," Shyft Chairman Joseph Weinberg said in the release. "Identity is being looked at in an improper manner and the industry is ready for a seismic change."

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.

"A digital security epidemic is upon us," Shyft senior advisor Bruce Silcoff said in the release. "Billions of consumer identities have already been compromised. The Shyft Network will be pivotal in remedying a broken financial system and restoring consumer confidence."

The Shyft reputation network enables base layer identity anonymization and KYC data-anchoring. Shyft assigns individuals and businesses creditability scores that define their reputation, plausibility, believability and the likelihood that they are creditable.

On the Shyft Network, reputation and creditability become collateral furthered by user identities the act as anchors for bridges and gateways into new data sets, according to the release.

" … Shyft's solution to KYC [is] the reform that many of my partners and the wider industry have been waiting for," said Anthony Di Iorio, CEO and founder of Jaxx and Decentral and co-founder of Ethereum. "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."