Intro

Shyft Network’s journey has, so far, been incredible. We’ve had the opportunity to work with heads of state, international organizations, top business leaders, and the most influential blockchain companies around the world. As we continue on our path to the next milestone, we decided to take a step back and reflect on our audience: on those who follow us and look forward to our weekly posts and newsletters.

It’s time to Shyft the way we transact and manage data

Shyft Network is a blockchain protocol designed to aggregate and embed trust and validation into data across open parties transacting on the web and private permissioned networks, e.g.,enterprise intranets. By allowing and incentivizing individuals and enterprises to work together to add context to data, Shyft Network unlocks the ability to build authentic digital reputation, identity, and creditability frameworks.

How does Shyft Network work?

Shyft has created a layer for secure data sharing between organizations and individuals with 5 key features:

  1. Non-Custodial: The network and all players transacting on the network do not touch, transfer, or access private data. Shyft Network is simply a highway of encrypted proofs that denote that data, consent, or information exists on the network.
  2. Option for Sharing Data Off-Chain: If two parties the Shyft Network ecosystem wish to transfer data directly and go beyond simply the attestation or “stamp” of approval, they can do so off-chain in a private channel. We’re partnering with companies that can provide this encrypted channel for our use cases.
  3. Consent Frameworks: Easy for organizations to obtain consent from data owners directly or Trust Anchors who are acting on behalf of data owners.
  4. Increased Security: A highway that runs on proofs that data and information exist, and reduces costs and security liabilities as there is less replication of data and instead simply evidence that data exists. This framework can easily be incorporated into any system, strengthening incentives for people to properly handle data in transit as there is now a system agnostic and interoperable accountability trail.
  1. User Identity Verification and Onboarding Companies: Companies responsible for onboarding identities into the network and perform document verification functions.
  2. Blockchain Analytics Companies: Companies that provide blockchain data and analysis to government agencies, exchanges, and financial institutions, e.g., compliance and investigation tools that support customers obtain visibility into transactions and activity on the blockchain.
  3. Encrypted Data Transfer Rails: Companies that provide Trust Channels that connect to the network and facilitate the transfer of trusted data between enterprises, when actual data transfer or documents being transferred are required.
  4. Data Consumers: Companies that require data, and need consent to obtain it.

What does this look like in the real world?

I’ll use myself as an example. For 2020, I decided one of my goals was to start investing in the stock market, so I went to my bank to open a self-directed brokerage account. Now, I have been banking with my bank for over 10 years, have chequing, savings, and credit accounts, and solid credit rating with them. However, I still had to go through an entire KYC process to open my brokerage account. Which meant another department, at the same institution, processing and custodying a copy of my drivers license and my passport, and then taking 1–2 business days to verify and approve my account.

Conclusion

We at Shyft Network believe in thoughtful collaboration, and have designed our network as a response to where we think the world is going. We are not changing the way digital identity (DID) and decentralized identity specs work — we think that the open source community did a great job at this. We are simply making sure that, at a framework level, there is a means for identity interoperability across the board. An identity infrastructure that functions across both open (public) and private (permissioned) systems is paramount to the success, innovation, and optimization of distributed ledger technology, and for the success of all industries in an increasingly multi-stakeholder digitized world.

Shyft is the credential verification network with proof-of-sender protocol and that reclaims trust, identity and credibility for humanity. www.shyft.network