Shyft Network is a public blockchain protocol for aggregating, verifying and validating data that is stored in private and public ecosystems, as well as permissioned and permissionless networks. Shyft turns raw data into meaningful information by bridging siloed datasets. Thus, the Shyft Network instills trust in this data, plus creates a reliable level of transactions for the industry and the public sector of the economy. The idea of the project developers is to create an easy-to-use and secure platform for KYC/AML identification and user certification (which can guarantee the safety of data) and via blockchain, reduce storage costs and increase efficiency.
Shyft encourages clients to work on adding context to data, thereby creating authentic digital structures of reputation, identity and creditworthiness. The Shyft Network creates regulatory-compliant tools for decentralized finance (DeFi), bridging the gap between centralized and decentralized organizations and making it easier for them to enter the blockchain world. Their goal is to aid mainstream financial institutions into DeFi and participate in a compliant manner. This could potentially attract large capital inflows and millions of users from mainstream markets into crypto.
Veriscope is Shyft’s blockchain-based compliance framework and smart contract solution for virtual asset services providers (VASPs), such as crypto exchanges, non-custodial wallets and brokerage firms. This is to comply with the Financial Action Task Force (FATF) Travel Rule. FATF is an intergovernmental organization focused on countering money laundering and terrorism financing.
