Shyft Network: KYC Blockchain Technology For Cryptocurrency?
Shyft is being called the Credibility Network by people all over the world. The reason is they are a network that is working for the world’s economy as a whole. Shyft came about because of the digital security hack epidemic that is upon us. And there has been an unreal amount of consumer identities being compromised and used to steal money, take out loans, get credit cards and a number of other illicit activities as well. Th breach in security that has occurred is absolutely horrific, even catastrophic. Essentially, the system is broken; Shyft is the solution.
How Does Shyft Network Work?
The network is changing the way the game is played by setting a new standard in the world’s economy. And with the new identity verification platform they are using it shouldn’t be very hard. Shyft has the network up with the primary goal of setting the new standard higher than anyone else.
The system will allow users to use the KYC verification, thereby cutting the rates of quality compliance while at the same time making any personal data completely safe and secure without any risk of being hacked by fraudulent people. Basically, the network is unbreachable and the consumers on the platform can count on their privacy and ultimate security when it comes to their identity on the network.
The KYC Compliance Challenges in the past have been in regard to the global financial institutions. They’ve been facing some challenge with the growing amount of KYC Compliance. Other issues have included Anti Mone Laundering or AML and obligations they’ve had to upkeep that create more complexity than a lot of institutions can handle.
Any center that fails to comply with the regulations will be the target of serious penalties. The penalties are not just of a financial nature either, legal ramifications are also implied as are any reputational damages. The standard for KYC/AML procedures as of now are incredibly expensive and almost entirely ineffective. The problem with personal identities being compromised is not being addressed or even approached in any way effective. The industry is in dire need of change on a global scale.
Three things need to change for personal data to remain safe. The first is the cost of compliance needs to be significantly reduced. The second is the use of data as collateral needs to be operated more effectively and safer. And the third thing is that there is distrust in the systems that needs to be eliminated, so they will work together better.
The Shyft Network has solutions to each of these problems. They will standardize the KYC validation procedure, and at the same time give the highest level of protection for personal data for consumers all over the world.
The network doesn’t just benefit specific people, they help everyone who is concerned with proving and protecting, as well as safely securing KYC identities that have been provided. And this also refers to government, regulatory bodies and financial institutions, as well as end-user consumers.
About Shyft Network ICO
At this time, no ICO or crowdsale has been announced. I’m not sure if they already have private investors, or if they are waiting to make an announcement. At any level though, money to fund the project has to be coming from somewhere – the team just isn’t telling us where that is just yet.
Who Is Behind Shyft?
The team is said to be composed of industry leaders; tech advisors, ecosystem advisors, and global leaders are the main body of the team at Shyft. Joseph Weinberg is the Shyft Chairman, CEO, and also CEO of Paycase. Frederico Nassire is the Chief Operating Officer, and Chir Forrester is the Chief Technology Officer. Each of them has verified credentials you can see for yourself on their LinkedIn Profiles, which can be reached from their profiles on the Shyft Homepage.
Along with the normal team, Shyft also has a team of global advisors. Bruce Silicoff is one of the senior advisors and believes Shyft’s KYC-enabled Blockchain Technology is the ideal fix for the broken KYC and AML world that is currently in place.
The vision of Shyft is to remove borders placed around personal identities through the use of the blockchain. They realize the full influence they will have on the entire economy, and that’s exciting.
Anoter ofteh advisors is Anthony Di Lorio, CO & Co-Founder of JAXX. He sees the network as being valuable because they are fixing one of the biggest issues that the industry is facing right now. And that is keeping people’s identities secure on the blockchain. These are just three of the ten total advisors on the Shyft network who are helping the platform come to completion and avoid any unwanted hang-ups.
Shyft In Conclusion
Ultimately, the Shyft Network is improving the security of data on blockchains, specifically when it comes to keeping personal information and identities safe. Compromised identities is a common problem that is happening within the industry. And Shyft looks like they are going to be one of the platforms to change that. If you’re a company that deals with private data, Shyft may just be exactly what you have been looking for. Learn more about the network at Shyft.net.