Distilled Analytics, Shyft Network partner to fight identity theft

As per the agreement with Shyft Network, Distilled IDENTITY will be integrated into the blockchain-based Shyft Network. Distilled IDENTITY applies advanced biometrics and predictive identity analytics to verify customer identity and provide match capabilities using new data sources and methods.

Shyft Network is building a blockchain-based network to enable distributed identity verification that will drive efficiency around the very costly and cumbersome anti-money laundering (AML) and know-your-customer (KYC) compliance process. Its privacy-centric data-sharing framework enables service providers in regulated industries to meet compliance standards as well as provides a way around the currently insurmountable barriers for the underbanked and unidentified global citizens to access global financial services

In addition to partnering to offer identity verification, Shyft is making an equity investment in Distilled Analytics as it provides a significant level of differentiation to the Shyft ecosystem. The terms of the investment were not disclosed.