# Shyft Introduces Revolutionary Blockchain-Based KYC/AML Network For Global Economy Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-02-09 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Shyft Network: Streamlining Compliance with Blockchain Meta Description: Discover Shyft Network's disruptive and secure blockchain framework for regulatory compliance. Unlock new data sets and enhance consumer data security. URL: https://financedigest.com/shyft-introduces-revolutionary-blockchain-based-kyc-aml-network-for-global-economyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fdz090218-3-1736842991485-compressed.jpg) _Disruptive and more secure infrastructure to streamline compliance_ Shyft, the leader in KYC/AML infrastructure for the global economy, today announced an open and unified blockchain framework for the standardization of regulatory, compliance, and due diligence mandates for Know Your Customer (KYC) and Anti-Money Laundering (AML). The Shyft Network’s blockchain-based system will let users securely obtain, store, inquire into, and work with compliance-satisfying data, helping them reduce costs and increase effectiveness while deepening consumer data security. Shyft Chairman Joseph Weinberg said: “In recent years, financial technology has been evolving by leaps and bounds. Unfortunately, at the risk of disruption or even catastrophic failures like terrorist financing, [industry players](https://www.financedigest.com/glazes-market-overview-key-players-industry-overview-trends-size-application-and-analysis-till-2022-2029.html "Glazes Market Overview: Key Players, Industry Overview, Trends, Size, Application and Analysis till 2022-2029") have been struggling to keep pace with the advancements. Financial institutions are facing an increasing number of [compliance obligations with heightened complexity](https://www.financedigest.com/managing-compliance-complexity-will-deliver-security-rewards.html "Managing compliance complexity will deliver security rewards") and rigor, where failure to comply can result in significant legal penalties and reputational damage. The current processes used by financial institutions to handle regulatory [compliance are broken and highly ineffective in stopping money laundering](https://www.financedigest.com/are-compliance-and-anti-money-laundering-aml-regulations-hurting-your-sales.html "Are compliance and anti-money laundering (AML) regulations hurting your sales?"). Identity is being looked at in an improper manner and the [industry](https://www.financedigest.com/popcorn-containers-market-important-changes-in-industry-dynamics-during-2017-2027.html "Popcorn Containers Market  Important Changes in Industry Dynamics during 2017-2027") is ready for a seismic change.” The Shyft Network aims to provide a new paradigm for [digital identity](https://www.financedigest.com/transparency-and-decentralisation-the-remedy-to-our-digital-identity-fears.html "Transparency and decentralisation, the remedy to our digital identity fears") — one focused on leveraging reputation as collateral and setting a new standard in the attestation process. Shyft is a reputation network that enables base layer identity anonymization and KYC data-anchoring. Shyft assigns individuals and [businesses with Creditability](https://www.financedigest.com/employee-retention-tax-credit-is-a-lifeline-for-businesses.html "Employee Retention Tax Credit is a lifeline for businesses") scores, defining their reputation, plausibility, believability, and likelihood that they are creditable. On the Shyft Network, creditability or reputation becomes collateral and user identities act as anchors on which bridges and gateways are created into new [data sets that enable](https://www.financedigest.com/seenthis-launches-emissions-dashboard-to-enable-advertisers-to-analyse-data-reduction-and-emission-savings-on-campaigns.html "SeenThis launches Emissions Dashboard to enable advertisers to analyse data reduction and emission savings on campaigns") reputational creditability. A team of [industry innovators](https://www.financedigest.com/the-industrial-hemp-market-to-sail-through-innovation-based-turbulence.html "The Industrial Hemp Market To Sail Through Innovation-Based Turbulence") and leaders advise and provide strategic direction to the Shyft project. Shyft’s board of advisors include Joseph Weinberg (Paycase CEO, [Think Tank](https://www.financedigest.com/fed-chief-powells-record-mixed-think-tank-says.html "Fed chief Powell’s record ‘mixed,’ think tank says") Specialist to the OECD, &Shyft Chairman), Chris Forrester (Shyft CTO), FredricoNassire (Shyft COO), Advisor Anthony Di Iorio (CEO & Founder at Jaxx& Decentral, Co-Founder of Ethereum), Ben Gorlick (Previously Director & Head of Product at Blockstream), Loretta Joseph (Chair of the Australian Digital Chamber of Commerce Advisory Council and OECD Think Tank Leader), Jeremy Bornstein (Senior Vice President & Group Head at Mastercard in Canada), and Bruce Silcoff (Chairman of Fairlane Group). Anthony Di Iorio, CEO & Founder at Jaxx and Decentral, and Co-Founder of Ethereum said: “I have identified Shyft’s [solution to KYC as the reform that many of my partners and the wider industry](https://www.financedigest.com/geospatial-solution-market-one-of-the-most-booming-industry-in-upcoming-years.html "Geospatial Solution Market One of the Most Booming Industry in Upcoming Years") 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](https://www.financedigest.com/hybrid-cars-market-projected-to-rise-at-a-cagr-of-16-5-during-the-forecast-period-set-between-2016-2024-tmr.html "Hybrid Cars Market Projected To Rise At A CAGR Of 16.5% during the Forecast Period Set Between 2016-2024 | TMR"). 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](https://www.financedigest.com/imfs-georgieva-sees-darkening-outlook-for-global-economy-rising-recession-risks.html "IMF’s Georgieva sees ‘darkening’ outlook for global economy, rising recession risks") economy.” Shyft Senior Advisor Bruce Silcoff adds: “A [digital security](https://www.financedigest.com/taming-the-new-wild-west-how-biometrics-can-help-the-ecb-deliver-a-secure-digital-euro.html "Taming the ‘new wild west’: how biometrics can help the ECB deliver a secure digital euro") epidemic is upon us. Billions of consumer identities have already been compromised. The Shyft Network will be pivotal in remedying a broken financial system and restoring [consumer](https://www.financedigest.com/asian-shares-rise-after-consumer-confidence-boosts-nasdaq-to-record-high.html "Asian shares rise after consumer confidence boosts Nasdaq to record high") confidence.” For more information about the Shyft Network visit [www.shyft.network](http://www.shyft.network) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---