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The government of Bermuda has teamed with Shyft Network to develop a blockchain-based national identity system.
CoinDesk reported that the project, called the Perseid e-ID project, is being carried out in collaboration with identity program Perseid Network.
“Perseid is a phased, highly scalable and data-privacy compliant nation-state level identity program built to benefit its government, citizens, residents and companies based on the key tenets of trust, transparency and security,” the description on the official website reads.
The phase 1 of Bermuda’s national identity system is being kicked off and will involve establishing the Perseid base layer to enable smart contracts such as Shyft Network’s Financial Action Task Force (FAFT) solution, data portability, and regulatory compliance.
“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 for the residents of Bermuda to permission the exchange of attested data attached to that e-ID,” Bruce Silcoff, CEO at Perseid, said.
Joseph Weinberg, Chairman of Shyft Network, told CoinDesk that Shyft will handle the underlying blockchain technology of the identity system.
“All identities and all records are encrypted across Shyft’s public key infrastructure,” he said. “The core blockchain facilitates and coordinates all cross participants such as enterprises, institutions, services and citizens.”
Expressing his enthusiasm for the initiative, David Burt, Bermuda’s prime minister, said:
“The Perseid identity solution can be a great showcase of how this technology can be applied to solve complex challenges facing the financial services industry such as reducing the burdens of compliance while exceeding global regulatory standards and expectations.”
Just recently, the government of Bermuda has started accepting USD Coin (USDC), a USD-backed stablecoin from Circle and Coinbase, as payment for taxes, fees and other government services.
