Unlocking trust, identity, and creditability networks for humanity.

Shyft Network is a public blockchain protocol designed to aggregate and embed trust and validation into data stored on public and private ecosystems, and permissioned and permissionless networks. By facilitating bridging across siloed datasets, Shyft allows for layering of context on top of data, ultimately turning raw data into meaningful information.

By allowing and incentivizing individuals and enterprises to work together to add context to data, Shyft unlocks the ability to build authentic digital reputation, identity, and creditability frameworks.

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Network Principles

01. Public networks should not be designed to store sensitive data on-chain.

Shyft Network is a public network that facilitates bridging of data across existing data ecosystems. The network does not engage in the transaction or custody of data itself, instead allowing data contributors to share encrypted attestations against externally-stored data to network participants of their choice. All sensitive data remains stored on external databases; only encrypted metadata is stored on-chain.

02. Data has value and individuals deserve to be compensated for sharing it.

Every day, individuals are exploited for their digital data. Shyft Network will allow companies to request consent from their users before sharing personal data, in compliance with privacy standards such as GDPR, and submit incentivized requests for data to current and potential users. Shyft Network offers users an interface on which to view and manage interactions with their data, and store rewards from sharing.

03. Nothing should happen without consent.

Shyft operates on a strict opt-in user consent framework, offering granular, accessible control over what is shared, with whom, and for what purpose. The owner of the data always has visibility and is always in control.

04. Security isn’t just about good defense and damage control.

Data leaks and hacks are now an almost daily occurrence. Shyft’s proactive security features are designed to detect and deter threats before the network is ever compromised through the bridge watcher system.

The Story of Trust Online

Online communication and commerce has evolved dramatically since the dawn of the web, but no one has solved the fundamental lack of verifiable trust online at scale — until today.

01. The Beginning

In the early days of the internet, the ability to verify credentials wasn’t possible; if you claimed you were someone online, nobody could truly prove otherwise.

02. Light Verification

As users started to come online at an exponential rate, the username/password system was devised to secure email and other online services. Login pairs could not be ported across ecosystems, and were stored on private (sometimes encrypted) databases. This centralized approach enabled trivial attack vectors, resulting in many compromised accounts. Without a consolidated identity, users are forced to consent to data sharing agreements every time they perform actions such as visiting a new website, making an online purchase, etc., yet have no interface through which to manage these agreements.

03. The Rise of ID Managers

Major companies like Google and Facebook began offering one-click authentication via universal login APIs. This approach reduced on-boarding friction and improved user experience, however it did not meaningfully reduce attack vectors or put any visibility or control of digital identities or agreements in the hands of users.

04. Bitcoin Blockchain

Satoshi Nakamoto launched the Bitcoin network as a scalable, secure, and decentralized protocol enabling financial transfers between parties. Bitcoin’s protocol catalyzed the rise of sovereignty-focused decentralized systems, including Shyft.

05. Shyft Technology

Shyft Network enables the next step in the evolution of online trust by applying consent frameworks and codified rules of engagement to digital ecosystems.

Shyft Initial Use Cases

FATF Travel Rule Compliance Solution

The recent Financial Action Task Force guidance requires sharing of sender and receiver data by transacting Virtual Asset Service Providers (VASPs), such as cryptocurrency exchanges. There is no platform today that enables VASPs to comply with this guidance. Shyft Network has partnered with several of the top 10 cryptocurrency exchanges to implement an industry-wide solution using Shyft’s database bridging and data attestation infrastructure.

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Government Digital Identity Systems

For a decade, jurisdictions have been looking for secure and efficient software for managing and sharing citizen data within a consent-based framework. Shyft Network has partnered with 3 governmental bodies to build a user-facing interface through which citizens can complete KYC process with legacy institutions, track custody as their data moves between these institutions, and consent to borderless data-sharing with new custodians, bringing transparency, security, interoperability and efficiencies to highly-regulated, legacy services. Participating institutions added to the network by these government partners include:

  • Financial institutions
  • Healthcare providers
  • Telecoms
  • Government service providers.

This solution will be fully transparent and auditable by regulators (subject to relevant privacy laws).

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Dive deeper into Shyft specs.

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News & Articles

FATF Joins BIS in Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns

19/10/18

Bermuda Premier David Burt On Stablecoins, Crypto, Blockchain ID, Libra, Big Tech, And Privacy

19/10/17

Bermuda Starts Development of a Blockchain-Based National ID System

19/10/16

Shyft Network: The Next 12 Months

19/09/06

CipherTrace and Shyft Partner to Address the New FATF Virtual Currency Travel Rule

19/07/02

CipherTrace, Shyft Unveil ID Protecting Solution to FATF Crypto Guidance

19/07/02

Partnership series: Harmony X Shyft Network

19/07/02

G20 Gives Official Support to FATF Crypto-Regulation Guidelines

19/07/01

FATF's Crypto Guidelines Could Pose Serious Financial Privacy Issues: OECD Blockchain Advisor

19/06/21

FATF Recommendation 16 Could Send Bitcoin “Back To The Dark Ages”

19/05/24