In the modern economy, social and financial systems are increasingly globalized. This means efforts to combat money laundering and secure personal identity data must also be global. Blockchain enables new ways of storing, sharing, and accessing personal data, making reliable and global identity systems possible.
The existing data security model is broken. Currently, consumers must give up control of sensitive, personal information to access even the most basic services, involuntarily exposing themselves to data breach and identity fraud. As the digital economy grows, these databases multiply, and breaches seem inevitable. Shyft's blockchain-based network aims to take back control of our data, increasing personal information security, while satisfying complex compliance requirements and reducing reputational risk for organizations.
We believe identity is a right, not a privilege. Yet more than 6 billion people face barriers to participation in the global economy due to unstable political and social systems. Shyft's blockchain-based system will allow consumers to conduct financial transactions and access services, even if they are not verified by traditional financial institutions.