Problem: Data Siloing
Each time you use a new service (cell phone contract, credit card, personal loans) you must digitally verify your real-world identity. Not only is this time consuming and inconvenient, but it opens up your identity to breach.
Solution: Shyft Score
On the Shift Network, you will no longer have to prove your identity to each service provider or institution through digital documents in order to create new accounts. Anyone can verify your identity through your Shyft profile, which includes verifications from other services you've signed up for in past. Your personal data is shared less and less, helping you retain control of your own digital identity.
Problem: Centralized Databases
Antiquated centralized storage and security systems don’t protect KYC user profiles; they are easy targets open to single attack vectors. Your profile is collected and stored again and again, without adequate protection. Once hacked, your identity is open to criminal fraud.
Using decentralized, blockchain-based distributed ledger technologies, your identity and reputation is not stored in one place, open to security breaches. Identity and historical verifications are stored in cryptographically secure blockchains.
Problem: Fragmented Results
When service providers run a compliance check on a new customer, they aren’t getting a look at their entire identity profile and historical reputation. They only have access to fragmented pieces, potentially resulting in higher interest rates or lower borrowing potential.
On the Shyft Network, a history of good behaviour through verifications will give more creditability. This will result in increased access to services, better borrowing rates and faster application approvals for new services.