Shyft Network creates identity solution in Bermuda

Shyft Network, a decentralized identity platform, has partnered with the Government of Bermuda and Perseid to create a digital identity solution for the Bermuda market.

The first phase of the project is now underway. This involves building the base layer infrastructure that will be managed on the Shyft Network protocol, so that smart contracts, interoperability, data portability, and compliance requirements can be enabled and made useable by Bermudian enterprises, citizens and government bodies.

“Governments and enterprises will benefit from an efficient, robust and low-cost solution whilst individuals benefit because it will be easy to use, provide better transparency and place them in control of their identity-related data,” said Joseph Weinberg, Chairman at the Shyft Network.

Bermuda is an early mover in the race to develop a scalable, compliant digital identity program. As the world becomes increasingly digital, governments and businesses are working to develop safe, secure and fair methods to deliver digital services to citizens. Identity solutions have the potential to solve some of the complex challenges facing the financial services industry such as reducing the burdens of compliance while exceeding global regulatory standards.

“When e-IDs are used in conjunction with a compliance-based regulatory framework and paired with best-in-class technology solutions, e-IDs can create a digital identity authentication mechanism and bridge for the residents of Bermuda to permission the exchange of data attached to that e-ID,” said Bruce Silcoff, CEO, Perseid.