Distilled IDENTITY Biometric ID Blockchain Becomes Real As Shyft Network And Distilled Analytics Partner
Shyft Network And Distilled Analytics Introduce Distilled IDENTITYTM To Combat Identity Crisis
A seventh of the world’s population lack a legal identity according to the World Bank as the threat of illegal immigration, human trafficking and exploitation continues to be on the rise. The rise in lack of legal identity has seen an increase in identity theft and verification which causes systemic issues of fraud and abuse across a wide array of financial transactions. Reports of an increasing cost to banks due to identity theft is also an issue facing financial institutions. McKinsey reported banks accrue costs of up to $270 Billion USD in customer identity verification measures and it is shocking that the value will grow by 5% in the coming years annually till 2022.
Speaking on the overall problems of identity theft, Distilled Analytics CEO and Founder David Shrier remarked that the global identity systems crisis is at epic proportions. He added that the costs associated with managing identity and compliance in financial services alone are stifling the industry while increasing year on year.
To address the multi-decade problem, David suggested that New solutions, based on advanced data science techniques and machine learning innovations, are needed to solve this issue completely hence the partnership with Shyft Network. Speaking at the partnership with Shyft Network, David said,
“New solutions, based on advanced data science techniques and machine learning innovations, are needed to not only stem the tide, but tackle the issue at the root cause. Our unique partnership with Shyft Network will help to finally deliver a reprieve from these bad actors while simultaneously creating the opportunity for greater digital and financial inclusion.”
Partnership Between Distilled Analytics And Shyft Network
The partnership between Shyft Network and Distilled Analytics was announced this Wednesday September 19, 2018 during the first Blockchain Policy Forum held by the Organization for Economic Co-operation and Development (OECD). The two companies, led by their founders David Shrier of Distilled Analytics and Joseph Weinberg of Shyft Network, will introduce highly advanced biometric identity solutions based on blockchain technology, AI and big data analytics to solve the problems relating to global identity crisis.
Distilled Analytics is a predictive identity company that has been built on research of various top universities in the world including MIT, University of Oxford, and Imperial College London to enable clients to track AML/KYC regulations and provide more efficient compliance measures improving its clients revenue, security, and mitigate risk exposure through tailored insights using proprietary advances in biometrics and predictive analytics.
The company released the Distilled IDENTITYTM , one of its projects in collaboration with Shyft Network to integrate the latter’s blockchain-based federated identity network to financial institutions, to improve the efficiency of the system and robustness of the identity solution’s security. The release of Distilled IDENTITYTM in July provided clients with a future advanced predictive identity network.
Shyft Networks is a blockchain based digital identity ecosystem to improve its client’s data transfer through compliant systems. The company aims at minimizing the risks involved with identity crisis while improving the efficiency of data collection, security and privacy on the system. By building a more financially-inclusive future, Shyft Network will tackle the persistent problems faced with AML/KYC compliance costs in financial institutions. Furthermore, more companies require data prevention from cyberattacks which can be easily be provided for through a decentralized blockchain system. Speaking on the partnership, Chairman of Shyft, Joseph Weinberg remarked,
“Enterprise data needs are quickly evolving, and companies are seeking innovative solutions that can tackle the arising challenges around rapid data growth, data security threats, and reliable recovery systems. By leveraging a distributed network and storing a pool of attestations on the blockchain, Shyft Network can provide Distilled Analytics with the highest level of personal data protection.”
In its part, Shyft Network will acquire equity of Distilled Analytics and will build a blockchain-based network to enable distributed identity verification that will drive efficiency around the very costly and cumbersome anti-money laundering (AML) and know-your-customer (KYC) compliance processes. In a bid to counter the increasing identity fraud and theft, Shyft Network and Distilled Network will build a blockchain based system enabling service providers to meet all compliance standards destroying the barriers set mainly on developing economy financial institutions around the globe in meeting compliance standards.
Furthermore, the Shyft Network system will adopt the Distilled IDENTITYTM AI analytics research to provide advanced biometrics and predictive identity analytics to verify customer identity and provide superior match capabilities using new data sources and methods.