Distilled Analytics and Shyft Network partner to combine multimodal biometrics with blockchain
Distilled Analytics and Shyft Network have announced a multi-year partnership to deliver next generation biometric solutions, which leverage technologies including blockchain, artificial intelligence, and advanced analytics to combat identity theft, exploitation, and human trafficking.
Distilled IDENTITY, which was launched in July, is integrated with Shyft Network’s incontrovertible blockchain-based federated identity network to provide next-generation identity systems for financial institutions, governments, and others. Shyft is also making an equity investment in Distilled Analytics as part of the deal.
The companies cite recent findings by McKinsey that the cost for banks of ensuring customer identity and compliance is over $270 billion a year and climbing at five percent annually, while the World Bank estimates that more than a billion people lack legal identity.
“We are experiencing a global identity crisis of epic proportions. The costs associated with managing identity and compliance in financial services alone are spiraling up despite a multi-decade effort to address the problem,” said Distilled Analytics CEO and Founder David Shrier. “New solutions, based on advanced data science techniques and machine learning innovations, are needed to not only stem the tide, but tackle the issue at the root cause. Our unique partnership with Shyft Network will help to finally deliver a reprieve from these bad actors while simultaneously creating the opportunity for greater digital and financial inclusion.”
Distilled IDENTITY is based on AI analytics research conducted at MIT, Oxford, and Imperial College, and applies multimodal biometrics with the predictive power of Social Physics. The Shyft Network provides a privacy-centric data sharing framework, and improves the efficiency of costly and cumbersome KYC and AML compliance processes.