Blockchain e-ID Network Planned By Trunomi, Shyft

Blockchain, News | June 1, 2018 By:

Trunomi, a Bermuda-based global data rights company, has partnered with blockchain identity solution provider Shyft to develop an innovative electronic ID (e-ID) network.

Trunomi provides customer consent and data rights management technology. It enables customers to digitally control and share their personal data via a personal data store in compliance with data privacy regulations. The company also offers secure messaging and document sharing for financial institutions, and digital rights management over personal data for customers.

Shyft is a multi-layer blockchain network enabling users to securely obtain, store, inquire about, and work with “regulatory-compliance-satisfying” data. Shyft leverages off-chain know your customer (KYC) processes within a shared ecosystem, using diverse types of data to build credible consumer profiles, including credit, reputation, and regulatory due diligence.

Under the agreement, the two companies will work together on the development of a blockchain e-ID framework. The companies will leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to develop the solution. The blockchain e-ID framework will be designed to enable companies and individuals to conduct business globally and empower individuals to share personal data more easily. It will also be designed to ensure compliance with know your customer (KYC), anti-money laundering (AML) and anti-terrorist financing (ATF) rules and procedures. The goal is to initially launch the solution in Bermuda and then expand to other countries and Fortune 500 companies.

“Global data privacy laws now firmly put the customer in control of the relationship and ultimately their own data and identity, which can only be shared with the consent of the consumer, for a specific purpose and they need to be able to easily revoke this consent,” said Bruce Silcoff, CEO of Shyft. “Trunomi is capturing, tracking, proving and sharing these data permissions to all parties and providing real time tools to adjust these rights.”

Last month, Shyft signed a memorandum of understanding (MOU) with the government of Bermuda to support local blockchain projects. Shyft pledged to invest $10 million over three years to support the people and government of Bermuda, create new jobs, help re-skill labor, invest in local businesses, education and infrastructure.