Shyft Network Partners with Blockchain Healthcare Company BurstIQ
Two of the Most Prominent Companies in the Blockchain Space Aim to Revolutionize Identity Management for the Healthcare Industry and Beyond
Shyft Network, Inc., the global blockchain-based network that facilitates identity verification and compliance with know-your-customer (KYC) and anti-money laundering (AML) regulations, announced today a new strategic partnership with BurstIQ, Inc., the leading provider of blockchain-based, secure data management and sharing for the healthcare industry. The partnership will allow governments and healthcare institutions to securely manage, share and access healthcare identity data while maintaining full compliance with individual privacy and consumer protection laws.
Shyft Network’s blockchain-based platform streamlines identity verification, know-your-customer (KYC) and anti-money laundering (AML) compliance. BurstIQ provides blockchain enablement services for the health and healthcare industry, including blockchain-based HIPAA- and GDPR-compliant data management, sharing and monetization. The two companies will combine forces to allow trust anchors on the Shyft network to securely manage and share identity data through BurstIQ’s secure blockchain data management platform, to allow healthcare institutions to establish themselves as identity trust anchors on the Shyft network, and to allow BurstIQ’s healthcare partners to leverage Shyft’s identity verification, KYC and AML services within health-related applications and services.
The partnership will be initially rolled out as part of a broad-based and nationwide initiative for the country of Bermuda, to be followed by additional deployments for other sovereign nations.
”Healthcare institutions need modern and reliable solutions for managing patient and provider identity, and the health data they manage can be invaluable in anchoring an individual’s broader identity,” says Bruce Silcoff, CEO of Shyft International. ”We’re partnering with companies like BurstIQ to help these institutions streamline patient verification and provider credentialing, reduce misidentification errors and fraud, and play a key role in building universal ID networks.”
”Our partnership with Shyft represents a critical solution for both government and industry to increase transparency and accountability while reducing the incidence of errors, fraud, and waste,” says Frank Ricotta, CEO of BurstIQ. ”In the healthcare sector alone, health insurance fraud costs the US healthcare system at least $68 billion annually. This partnership represents a significant step towards eliminating these unnecessary costs.”
BurstIQ™ is an industry-leading blockchain enablement company, offering enterprise-level blockchain solutions for the health and healthcare industry. The company offers a HIPAA- and GDPR- compliant platform that seamlessly leverages blockchain, advanced security, Big Data capabilities and machine intelligence to enable a global health data network through which healthcare businesses and individuals can access, control, monetize and gain insights from their health data. The company provides platform-as-a-service (PaaS) solutions to healthcare institutions, insurers life sciences/pharma companies and government agencies at the state, national and international level.
About Shyft Network
Shyft is building the world’s first modern, secure, multi-stakeholder Blockchain-based digital identity ecosystem that enables KYC/AML attested data transfers. Combining privacy of data with the efficiency of attestation, Shyft technology will radically streamline and simplify data collection, reduce cost and minimize the cybersecurity risks inherent in traditional compliance systems. In addition, Shyft is working to make the global economy accessible for all by creating credible reputations for the 3.5 billion consumers who are lacking ”identities” by today’s standards. Through participation in the Shyft ecosystem, Shyft is building a more financially-inclusive future for everyone.