Trunomi, a consent framework and data rights management solution, today announced an official partnership with Shyft, a comprehensive blockchain-based digital ID solution for Know Your Customer (KYC) and Anti Money Laundering (AML) compliance.
Together, they plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to implement a new e-ID (electronic ID) network. It will initially be launched in Bermuda and then expanded to a growing list of nation states and Fortune 500 companies.
“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind. This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process, and protocols”. The Government has proven this to the market already by passing comprehensive ICO and Digital Assets regulations which, when combined with the new comprehensive digital ID framework, will ensure a world-class bedrock for global interoperability and regulatory efficiency.
This fully interoperable e-ID framework will enable companies and individuals to conduct business globally and empower individuals to share personal data cross-border more easily while adhering to the strictest KYC/AML and Anti-Terrorist Financing (ATF) compliance rules and procedures.
Trunomi provides consent and data rights management technologies that allow data privacy compliant sharing of personal data and identity information between businesses and their customers enabling them to request record and immutably prove customer consent to the use of their personal data. At Trunomi’s core is an advanced distributed ledger that captures consent in real time, generating auditable and immutable consent receipts (TruCerts™), that allow data rights to be integrated across enterprise systems using the Trunomi Data Rights building blocks (APIs).
TruCerts can be shared or made accessible between customers, exchanges, regulators, and digital businesses to complete critical data sharing tasks such as customer account opening, onboarding, KYC/AML, data sharing all in compliance with the strictest global regulations, including the recently enforced E.U. General Data Protection Regulation (GDPR).
“Trunomi’s immutable consent framework and data rights management technology is an integral part of our global ID and KYC vision by enabling privacy by design, and proving accountability in data use and full transparency and interoperability across multiple markets and systems. Global data privacy laws now firmly put the customer in control of the relationship and ultimately their own data and identity, which can only be shared with the consent of the consumer, for a specific purpose and they need to be able to easily revoke this consent. Trunomi is capturing, tracking, proving and sharing these data permissions to all parties and providing real-time tools to adjust these rights.”