Shyft And Bitt Have Partnered To Create Safe Data Ecosystems In The Caribbean Region.
Shyft has announced a partnership with Bitt to provide a secure data ecosystem for the Caribbean region. Shyft is a global network of information that provides a blockchain based ecosystem for secure and safe sharing of private data among consumers, institutions and government agencies. Bitt is a Barbados based company that enables P2P trades through its mobile money platform mMoney.
As a result of the partnership, Bitt will become part of a safe ecosystem that utilizes Shyft technology to transfer data. Shyft’s network allows the financial establishment to act as trustworthy sources by executing verifications and sharing the information with customers. The two companies intend to leverage their strengths to reduce the charges associated with KYC and AML. With a safe environment for data transfer and the use of applications such as mMoney, Shyft and Bitt will propel Barbados to seamless transactions and efficient digitization of the economy.
CSO of Shyft Network Fredrico Nassire expressed his confidence in the agreement stating that the companies enjoy strong synergy and as a result, are capable of propelling Barbados and other emerging markets in the Caribbean to boost economic growth. The goal is to create a secure and inclusive financial environment for citizens in Barbados and the Caribbean region.
Simon Chantry, the co-founder and CBDO of Bitt says that as long as Bitt continues to create in-roads within the Caribbean, Shyft will deliver its services to clients that need it. According to him, the partnership comes handy with the deployment of mMoney, where institutions are looking to influence the wide KYC verification roles of mMoney together with Shyft’s secure KYC storage network.
Bitt is a fintech company that uses blockchain and distributed ledger technology to facilitate peer-to-peer transactions with seamless mobile money across Bitt software. The company operates a wallet that enables cash transfer over the internet, to pay for goods or services or directly to friends and families. Bitt is also the first company to launch a cryptocurrency exchange in the Caribbean, and supports the buying and selling of digital currencies.
Their latest product, mMoney is a mobile money application that allows easy transfer and storage of money, and also allows clients to pay for products and access their money anywhere. Clients can pay registered mMoney merchants on the application.
Shyft operates a network that allows the secure transfer of trustworthy data across borders while protecting user privacy. The company uses strict verification methodologies to ensure that users understand the information they are sharing, who they are sharing it with, and how the information can be used.
Shyft does not store personal data on the blockchain. Instead, it relies on “trust anchors”- third party institutions that have verified data. On the blockchain, the trust anchors confirm that the data has been submitted by a user, and attest to the validity of the data. Data owners hold private keys which allow them to grant access only at will. All transfers are done with the full consent and approval of the owners’ consent.