A blockchain framework for the standardization of regulatory, compliance, and due diligence mandates for Know Your Customer (KYC) and Anti-Money Laundering (AML) was today launched by credibility blockchain network Shyft. The company lists crypto evangelist and Ethereum cofounder, Anthony Di Iorio among its advisors. He offered a ready endorsement:
“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.”
Through assigning individual users a creditability score, which defines their reputation, believability and likelihood that they are creditable, Shyft offers a solution to the multiple compliance checks firms and financial institutions must currently perform, says the company’s statement. Personal data is distributed, reducing transaction execution costs while protecting consumer identities, with banks and other entities able to use their current processes to onboard users.
The Shyft Network aims to provide a new paradigm for digital identity, says the company’s statement. Creditability or reputation becomes collateral, instead of personal information, setting a new standard in the attestation process.
“Financial institutions are facing an increasing number of compliance obligations with heightened complexity and rigor, where failure to comply can result in significant legal penalties and reputational damage, said Shyft Chairman Joseph Weinberg, in a statement. “The current processes used by financial institutions to handle regulatory compliance are broken and highly ineffective in stopping money laundering. Identity is being looked at in an improper manner and the industry is ready for a seismic change.”
For more information about the Shyft Network visit www.shyft.network.