Bermuda’s blockchain identification system recently kicked off. This project is currently under development with the main partners being Perseid and Shyft Networks.
The blockchain i.d ecosystem is set to leverage decentralization in keeping records for the citizens of Bermuda. This small Island nation joins Catalonia who is also creating a digital ledger for i.d record keeping.
Both Shyft and Perseid Networks are experienced with smart contracts and blockchain technology. The two firms will work together in designing efficient e-ID’s which can prove other data requirements as well. According to Shyft Network, the initial phase involves creating the Perseid base layer. This is in turn expected to allow for the deployment of smart contracts such as the Financial Action Task Force designed by Shyft to oversee compliance.
Perseid’s CEO, Bruce Silcoff, noted that the integration of e-ID’s with the smart contract regulatory intelligence would allow for efficiency in data authentication. In addition, data sharing within Bermuda’s ecosystems is expected to grow given the ease of verification. Perseid will oversee the base layers that facilitate integration by external stakeholders to enable Bermuda’s government to get maximum utility from the project.
Shyft, on the other hand, will be handling the blockchain technology designs involved in this project. Joseph Weinberg, the current chair of Shyft, added that his firm will provide its public key infrastructure for identification. Furthermore, the company will also provide other blockchain features to entities and individuals on-boarding the ecosystem once the project is complete.
The Prime Minister of Bermuda, David Burt, said that Perseid’s infrastructure is a good example to highlight the value of blockchain. He noted that modern technology is without a doubt a pacesetter in achieving global compliance standards at ease. This efficiency also reduces the cost of governments and firms incur in implementing compliance standards and procedures.
So far, the island nation has been welcoming to digital currencies with it’s latest being the USD Coin (USDC) in tax payments. A step towards a blockchain pegged nation is, therefore, a strategic move in line with modern Tech payment solutions.