Data rights management solution Trunomi has officially announced its partnership with blockchain digital ID startup Shyft.

Under the partnership, the companies plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to implement an innovative e-ID (electronic ID) network. The solution will be initially launched in Bermuda and then expanded to other countries and Fortune 500 companies who are signing up to join the network.

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 ensuring compliance with Know Your Customer and Anti-Money Laundering (KYC/AML) and Anti-Terrorist Financing (ATF) 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), which 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).

“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,” Bruce Silcoff, CEO of Shyft said.

The government of Bermuda signed a Memorandum of Understanding (MOU) with Shyft last month. Under the MOU, Shyft will support local blockchain-based initiatives and build local capacity in the areas of education, job creation and repatriation of Bermuda's international workforce.

“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 Premier of Bermuda, the Hon. E. David Burt, JP, MP said.