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Blockchain arrives in Bermuda to a digital national ID

2019-10-17 08:18 am | Resource: News Section | No Views : 25

Blockchain arrives in Bermuda to a digital national ID The first phase of Bermuda's National Blockchain-based e-Identification program has begun operation, one of the very few initiatives anywhere.
The digital identity solution for citizens, businesses and government agencies is important, and the Perseid e-ID project is implemented in partnership with Perseid Network and Shyft Network.
According to a press release from Shyft, on Wednesday, October 16, the first phase requires the creation of the Perseid Layer to launch smart contracts such as the Shyft Network's Financial Task Force (FTAFT) solution, as well as data and compliance standards.
Bruce Selkov, CEO of Perside, said:
“When e-ID cards are used in conjunction with a regulatory framework based on compliance and coupled with the best technology solutions in its class, e-IDs can establish a digital identity verification mechanism and a bridge for Bermuda residents to allow their certificates to share the data attached to this e-ID.”
While Perseid will build an identity management infrastructure at the highest level, effectively taking into account contracts and smart infrastructure for external partners to create a government-filled deployment system, Shyft deals with core block chain technology, according to its president Joseph Weinberg.
He told CoinDesk:
"All identities and all records are encrypted via Shyft's public key infrastructure."
He added:
"Blockchain core technology facilitates and coordinates all cross-cutting participants such as businesses, institutions, services and citizens."
David Bert, Prime Minister of Bermuda, said in an official statement that Perseid “can be a great showcase of how this technology is applied to solve the complex challenges facing the financial services industry such as reducing compliance burdens while exceeding global regulatory standards and expectations.”
The Atlantic Island has taken a forward-looking approach to cryptocurrency systems, as well as Block Chain technology, as it announced on Wednesday, October 16, as well as the ability to pay taxes in a dollar-pegged, dollar-led stable currency, USD Coin (USDC).
Bermuda is not alone in developing a digital identity platform based on emerging Blockchain technology. Last September this year, Catalonia also began to create an identifier solution based on distributed ledger technology.

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