Shyft Network is a public protocol that validates identity and integrates compliance directly into blockchain data, enabling secure and private data transfers between centralized and decentralized systems. By utilizing consent frameworks and proactive security measures, Shyft addresses the risks of data exploitation and breaches while ensuring user control over personal information.
Funding
Funding not disclosed
Founders
Product
Problem
Current blockchain ecosystems lack built-in mechanisms for identity validation and compliance, hindering secure and private data transfers between centralized and decentralized systems. This absence of integrated compliance increases the risk of data exploitation and breaches, while also limiting user control over personal information.
Solution
Shyft Network provides a public protocol that validates identity and integrates compliance directly into blockchain data, enabling secure and private data transfers between centralized and decentralized systems. The network utilizes consent frameworks and proactive security measures to address data exploitation and breaches, ensuring user control over personal information. By facilitating the transfer of verifiable data, Shyft Network delivers meaningful user information that institutions can utilize to secure cryptocurrency while maintaining privacy. The platform allows companies to request consent from their users before sharing personal data, in compliance with privacy standards such as GDPR, and submit incentivized requests for data to current and potential users.
Target Audience
Shyft Network targets institutions, exchanges, and Virtual Asset Service Providers (VASPs) seeking to secure cryptocurrency transactions while adhering to privacy standards and regulatory requirements.
Features
- Consent frameworks and codified rules of engagement applied to digital ecosystems.
- Proactive security features designed to detect and deter threats through a bridge watcher system.
- Strict opt-in user consent framework, offering granular control over what data is shared, with whom, and for what purpose.
- Smart contracts that facilitate KYC/AML checks, satisfying the needs of cross-jurisdictional regulators and compliant entities.
- OAuth2-type interface for Web 2.0 and 3.0 applications with 2FA applications.
- Incentivized data exchange rails enabling counter-parties to negotiate exchange of information.