In addition to solving many pain-points and creating efficiencies, another benefit of building on blockchain is data privacy and security.
We wanted to delve into the possibilities further so spoke with Suzanne Ennis, Head of Glogal Partnerships and Business Development at Shyft, a company that helps businesses transfer attested and compliant data between platforms and chains.
The crypto space has built an entire ecosystem on the pillar of trust. But when we get right down to it, there is a way to do ‘trust’ better. We have built Shyft as the new trust protocol— we wanted to effectively change the model from the centralization of regulatory compliant information to distributed, compliant frameworks.
Tell us a little about yourself?
My name is Suzanne Ennis, head of global partnerships and business development at Shyft Network. I am a cryptocurrency investor with background in wealth management, capital markets and traditional finance. I made the move into blockchain when I realized that I was working in an industry that was about to drastically change.
What is Shyft?
The crypto space has built an entire ecosystem on the pillar of trust. But when we get right down to it, there is a way to do ‘trust’ better. We have built Shyft as the new trust protocol— we wanted to effectively change the model from the centralization of regulatory compliant information to distributed, compliant frameworks. Shyft is a blockchain-based trust protocol that enables users– businesses, governments and individuals– to access and work with attested data, quickly and securely.
While Shyft is widely known for solving Know Your Customer (KYC) and Anti Money Laundering (AML) compliance frameworks, we have taken this one obvious use-case to build out an information superhighway. Shyft can handle transfers of any regulatory or compliant data, and it was built to mitigate the current scalability and security challenges other blockchain protocols still grapple with. We have also designed the Shyft Network to enable fluid coalitions between organizations, like exchanges and ICOs, or any enterprise organizations with significant overlap in customer data. We did this to facilitate better data sharing and access frameworks, which lower costs across the board and massively decrease organizational risk profile.
How is Shyft facilitating data access and security?
We have built an efficient attestation and data labeling mechanisms to power next-generation user-data markets, which balances security risks while upholding high privacy standards for end-users. Shyft protocol allows for any number of user-centric blockchain smart contract applications to be utilized upon it, as it facilitates unprecedented interoperability across chains. We’re effectively ERC 20/ERC 223 on steroids.
What companies are you working with?
Shyft has signed MOU with the Government of Bermuda, multiple partners in the crypto space like Polymath, EZ Exchange, Crypto KABN, as well as financial platforms like Distilled Analytics and others out of Europe, South America, and healthcare providers in the UAE and Africa. We’re also in discussions to provide the plumbing for the safe transfer of customer data with some of the largest crypto trading platforms in the world.
Where do you see the regulation of blockchain and cryptocurrencies going?
I think financial institutions and lawmakers will continue to move towards creating progressive regulations for blockchain and the crypto ecosystem; otherwise, they risk not only losing first-mover advantage but also miss out on the innovation that comes with disintermediation. Shyft has recently presented at the OECD Blockchain Forum, where in front of representatives from over 70 countries, we’ve discussed digital assets regulations. We can see how regulators and governments are already coming around: Bermuda, Malta, London, South Korea, and Australia are among the countries making big strides to innovate and collaborate with companies in this space.
Blockchain is a new set of rules that unlocks new value assets, and potentially, brings us to a more inclusive financial future for everyone. It’s an exciting time to be doing the kind of work we do.
We agree, it is an exciting time in the tech and financial space and we will keep an eye on Shyft’s developments. Thanks Suzanne for your time!
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