Shyft, a blockchain-based solution that is building a trusted ecosystem to enable secure and private data transfers, has announced its first group of companies that have signed an expression of interest to become Trust Anchors, including EnStream, BDO, Paysafe Group Plc (LON:PAYS), Polymath, and Aion, with more than one billion data points across key sectors around the world. These companies represent a variety of use cases for the Shyft ecosystem, and are joining Shyft as partners at a pivotal time for the company.
Shyft also unveils its private testnet release this week, with the public testnet release to follow later this month. The private testnet reflects Shyft’s KYC/AML focus, contains documentation of Trust Anchor operations, sign up, and attestation flow, and will be released to the current group of Trust Anchors like EnStream, Polymath, Agora, and many others who have joined Shyft’s private beta.
Trust Anchors represent the key building blocks of the Shyft ecosystem. These organizations will act as a trusted source of verified data, and they could operate as nodes on the Shyft Network, as dApp builders, or simply integrate with Shyft through an API and take a larger role in the ecosystem.
Shyft Chairman Joseph Weinberg said:
Trust in institutional data collection and storage is unfounded, and the system is completely broken. At Shyft, we understand the need to reinvent the identity network to solve a global problem in a changing global economy. Shyft is undertaking an ambitious plan to build a global ecosystem that securely defines and attests data to the benefit of global consumers and institutions. We are leveraging the power of blockchain to help build reputation identity from this data that can be used globally, transcending borders. The caliber of global institutions we have on board so far is incredible, including governments and regulators, central banks, financial institutions, telecom companies, social networks, traditional and cryptocurrency exchanges, NGOs, retail and supply chain organizations, and hospitality and travel companies. These organizations will provide our ecosystem with high volumes of trustworthy data points for the benefit of all.
Daniel Kornitzer, EVP of Paysafe, added:
Shyft’s goals to create a decentralized, blockchain-based KYC network, federating government and industry, and to deliver a massive gain in security, compliance and cost are beneficial and needed in the space. We’re keen to explore the leveraging of blockchain-based technologies to deliver more value to Paysafe’s consumers, merchants, and partners. This is a unique opportunity to do so alongside industry visionaries.