According to a press release submission from Shyft on Wed, phase 1 entails any establishment of the Perseid found layer to begin onboarding fashionable contracts such as Shyft Network’s Financial Action Task Strain (FTAFT) solution, as well as important information and compliance criteria.

The initial phase along with Bermuda’s national blockchain-based smokeless identification program is environment sail, one of very few kind initiatives anywhere.

A digital ID solution when it comes to citizens, businesses and regulators, the  Perseid e-ID without is being carried out in partnership  with identity program Perseid Network and decentralized credential verification protocol Shyft Network .

Bruce Silcoff, CHIEF EXECUTIVE OFFICER at Perseid, said:

“When e-IDs are used in conjunction with a compliance-based regulatory framework and paired with best-in-class technology solutions, e-IDs can create a digital identity authentication mechanism and bridge on the residents of Bermuda to successfully permission the exchange regarding attested data attached to that do e-ID. ”

While  Perseid does build the  higher level identity management infrastructure, effectively taking the base-layer smart contracts and  infrastructure of external partners to make a packaged deployment physique for the government,   Shyft is handling the underlying blockchain tech, according to its chief Joseph Weinberg.

“All identities and all documents are encrypted across Shyft’s public key infrastructure, ” he told CoinDesk. “The core blockchain facilitates but coordinates all cross objectives such as enterprises, institutions, alternatives and citizens. ”

David Burt, Bermuda’s prime minister, said on a statement that Perseid “can be a great showcase showing how this technology can be placed on solve complex challenges looking at the financial services industry such as reducing the burdens pointing to compliance while exceeding overseas regulatory standards and things. ”

Our Atlantic island has taken a definite forward-looking approach to cryptocurrency and furthermore blockchain systems. It also  announced Wednesday the ability to pay income tax in the Circle-led dollar-pegged stablecoin, USD Coin (USDC).

Bermuda isn’t individual in developing a blockchain personal identity platform. In Sept. 2010, Catalonia too began building an STATE IDENTIFICATION solution based upon distributed ledger technology.

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