Blockchain Firm Shyft Signs MOU With Government of Bermuda

Announcements, Blockchain, News | May 16, 2018 By:

Blockchain identity solution provider Shyft has signed a memorandum of understanding (MOU) with the government of Bermuda to support local blockchain projects.

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 MOU, Shyft will commit $10 million to create new jobs, help re-skill labor, and invest in businesses, education and infrastructure, as well as collaborate on creating a robust legal and regulatory framework. It will also support the training of Bermudians in blockchain technology and software development through the Department of Workforce Development.

“Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate,” Shyft Chairman Joseph Weinberg said. “We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the government of Bermuda.”

Recently, the government of Bermuda has been collaborating on a number of blockchain initiatives with the purpose of establishing the country as the regulated hub for blockchain business and digital assets. It signed MOUs with Medici Ventures and Binance Group.

Bermuda Premier David Burt said that his country has decide to “lead the way and build interoperability into legislation, in essence, approach regulatory frameworks with exportability in mind.”

“This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and anti money laundering (AML) compliance,” said Burt. “As a result, the country is able to accelerate economic growth, create jobs and attract global interest.”

Shyft also announced a separate MOU with Trunomi, a Bermuda-based global data rights company. Together, they plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to support Bermuda in its vision by implementing an electronic ID framework.