Devika Ventures backs the Shyft Network in standardizing KYC/AML

Devika Ventures backs the Shyft Network in standardizing KYC/AML

Devika Ventures is proud to be partnering with the Canadian technology company, Shyft. Our collaboration has been established to help them scale into the Asia-Pacific market. Our shared objective is to implement their technology locally. Specifically, their offering focuses on KYC/AML and the improvement of data protection.  

Shyft’s expansion plan for Australasia aligns with our goal; which is to demonstrate Australia’s competitiveness and talent as a technology hub. Collaborating with industry leaders on a global scale will contribute to the achievement of this goal. This vision is reflected in our partnership with Shyft as they are eager to build quality projects alongside our Australian based teams.

Shyft

Shyft was founded in November 2017 and was officially launched 8th of February 2018. Two companies, BlockUnity and Paycase, contributed to Shyft’s development. BlockUnity is an asset-backed cryptocurrency technology company. They focus on developing Enterprise Blockchain Solutions. On the other hand, Paycase specialize in decentralized financial services and utilize blockchain technology to participate in the global economy.   

Shyft is developing the world’s first modern, secure, multi-stakeholder blockchain-based digital identity ecosystem. It will enable KYC/AML attested data transfers while simultaneously providing, “The highest level of personal data protection for businesses, consumers, and governments across the globe”. More simply put, Shyft eliminates the need for centralized data storage, which means that users have sole control of their digital profiles. 

Shyft's Product

The goal for Shyft is to create a protocol that leverages blockchain technology. This will enable users to obtain, share, store and access personal data securely. Through this system, customers will be able to authorize the distribution of their personal data. For example, when a user needs to share their data, (such as when joining a new bank), they authorize the banks access to their data. This new process will enable financial processes to become more efficient for users and businesses. This is as users don't have to re-enter personal data and businesses solely pay for the transfer of data. Through partnerships, this will become possible not only within Australia, but internationally. As part of this solution, Shyft has focused on providing individuals who are participating in the global economy with data protection.

Here at Devika, we are not only excited by Shyft's cutting edge technology but resonate with their values. One value includes working to develop a global economy which is secure and accessible for all. Part of the solution includes implementing Shyft’s technology to protect the 3.5 billion consumers who currently lack ‘identities’ by today’s standards. This refers to customers current lack of control over their data. Shyft provides data protection through the provision of credible profiles, which ensure that the individual's reputation remains intact.   

Shyft and Devika Partnership

The collaboration between Shyft and Devika was finalized in succession to our recent visit to Canada. This was thanks to Ken Kencevski, Founder, and CEO of Devika, and Alexander Bechelli, Devika Venture Co-founder, who were both present to discuss the partnership.

Alex will be leading the project with the aim to bring Shyft’s new technology to the Australasian market. His responsibilities include assessing and overseeing the global corporate development of Shyft. This is alongside Joseph Weinberg (Shyft Chairman) and Loretta Joseph (Shyft Advisor).  

Alex is excited by Shyft’s, "KYC enabled blockchain solution which is a perfect fix for a broken KYC/AML world. Blockchain's revolution is in its use cases rather than its software code."

To date, Shyft has raised US$70 million which has made the scale to Australasia and global accessibility of this technology a plausible goal. We are thankful for the opportunity to join Shyft on their journey and are excited to see their subsequent growth.

We are always willing to collaborate with businesses who are striving to push their boundaries and utilize innovative technology to assist individuals and the wider community. If this sounds like you, contact us here.