Polymath, Shyft to expedite global financial ecosystem progress via blockchain
Shyft, a worldwide blockchain-based network that helps secure sharing of attested and compliant data, and the world’s first security token development platform, Polymath, have signed a Letter of Understanding, according to which, the latter will become a functioning ecosystem partaker and data provider for the former’s network, acting as both a decentralized application (dApp) developer and a Trust Anchor on the network.
“We’re pleased to announce this partnership with Polymath, which further builds on Shyft’s goal of revolutionizing our global economy through facilitating the secure sharing of trusted and compliant data,” said Shyft chairman Joseph Weinberg in a press release CoinReport received from Wachsman, Shyft’s PR agency.
“Building the platform that tokenizes securities is a vast and pivotal vision, making the addition of Polymath’s technology and data to our network a key partnership. This partnership builds upon our common vision to improve access to capital and build a more financially inclusive future for everyone.”
To deal with regulation and compliance requirements around Know-Your-Customer (KYC)/Anti-Money-Laundering (AML) and user identity, the Shyft Network is developing a new, more secure framework, working on the idea of “Creditability,” which provides complete understanding of an individual’s credibility, without revealing or compromising their identity. Although conventional screening systems like credit scores frequently offer unsurmountable obstacles to worldwide economic services for the 3.5 billion global citizens who are thought of as “underbanked” or “unbanked,” Creditability, says the release we received, will be able to act as a better substitute that offers an equilibrium between the requirement for global financial services access, privacy of user data and financial institution risk tolerance. As part of this mission, Shyft is collaborating with third-party Trust Anchors such as Polymath, in addition to exchanges, governments and other KYC/AML compliance-centered firms that are utilizing conventional collection strategies to attest the data, to allow for multi-stakeholder data sharing on Shyft network.
Polymath co-founder & CEO Trevor Koverko said, “Polymath operates in the highly regulated space of financial securities.
“One of the integral pieces of securities regulation revolves around identity and ensuring that only authorized participants are holding certain securities. Shyft provides an elegant and intelligent approach to the problem of identity and we are thrilled to work together.”
Security issuers are able to swiftly and simply create blockchain-based financial securities like LP shares and equities because of Polymath and its unique Security Token Standard ST-20. The complex regulatory and technical requirements of a successful security token sale can be quite simply navigated using the Polymath platform.
Image credit – Profoss (CC BY-SA 3.0)