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Shyft Launches Veriscope System, A “Decentralized Version of SWIFT”
Summary: On Tuesday, Shyft debuts its blockchain-based system Veriscope to help crypto companies meet Financial Action Task Force (FATF)’s identity and data sharing requirements, as reported by Coindesk. The FATF travel rule demands that the originators and beneficiaries of all transfer of digital funds must share personally identified information and “know-your-customer” data. Instead of focusing on ...
On Tuesday, Shyft debuts its blockchain-based system Veriscope to help crypto companies meet Financial Action Task Force (FATF)’s identity and data sharing requirements, as reported by Coindesk.
The FATF travel rule demands that the originators and beneficiaries of all transfer of digital funds must share personally identified information and “know-your-customer” data. Instead of focusing on how to move data, Joseph Weinberg, the co-founder of Shyft, says they give attention to build a discovery layer.
Calling the system a “decentralized version of SWIFT”, Weinberg explains their technology as “taking the entire central clearing and transaction order base” and "using the blockchain as a way to allow all the counterparties to onboard, register and go through their own discovery creation process.”
Weinberg says FATF seems to be impartial on its decentralized solution as long as it can prove to be effective.
Yi Yang
Tags: FATF
Link: Shyft Launches Veriscope System, A “Decentralized Version of SWIFT” [Copy]
