Shyft Network and Harmony partner up
Harmony has partnered with Shyft Network enabling anyone to develop applications and infrastructure for global citizenship, trusted data and regulatory privacy
Shyft, a blockchain startup building a decentralised network of networks, leverages the participation of these parties and their ability to onboard users in accordance with existing compliance while adding the ability to broadcast attestations of relevant information about user data to other parties by request, assuming user consent is present.
Since the Internet’s inception, one issue persisted is “How can you prove you are who you say you are”. As a result, application developers implement an identification check requiring proving individual identify either using email or social media login or validating using ‘ID” proof like a passport.
The problem is sensitive users information is stored in centralised servers which becomes an attractive place for hackers to target. By partnering with Shyft, developers can integrate Shyft’s opt-in framework in Harmony dApps to protect users identification data by encrypting and saving it in the blockchain.
Joseph Weinberg, the Chairman of Shyft Network, said: “We have always believed that the crypto space will become stronger and widespread through collaboration to build a foundational platform with deep cross interpretable protocols to solve fundamental problems affecting the world today. By Integrating with Harmony, we believe to be much closer to that reality.”
dApps which need KYC/AML verification. Instead of going through the lengthy process of verification which also adds high operation cost to store user KYC information, developers can integrate Shyft protocol in Harmony based dApps enabling secure user identity verification.
Therefore, Instead of users data and KYC information stored in central servers, it is saved as an attestation proof on the blockchain and encrypted. Only with users consent the required information gets shared with organisations.
This also removes the pain for users to go through the verification process for all applications they use. Instead, they store identification information once and can verify their identity with a click of a button in any Harmony based dApp which uses Shyft Network.
Nick White, the co-founder of Harmony, said: “Shyft Network will be a key resource for Harmony’s ecosystem to keep people information secure and in full control. Integration with Shyft Network will allow developers to tap into this new possibility in Harmony based dapps”.