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Shyft Network has announced a partnership with PARSIQ, a blockchain company whose solutions connect on-chain and off-chain systems via Smart Triggers. The two companies will combine to further fortify user identities on the Shyft Network as it seeks to bring ownership of data back to the people.

The two companies have seen rapid growth in recent months in their respective fields. Shyft Network has continued to build solutions that seek to protect user identity in an era where identity theft has become a real concern. Its credentials verification platform enables sender identity authentication and unlocks new economies of trust.

Shyft has attracted some major partners and customers across the world. One of these is Binance, the world’s largest cryptocurrency exchange. The Changpeng Zhao-led conglomerate chose the Shyft Network to help address the FATF Travel Rule that requires financial firms to share user data when handling digital asset transactions. Most recently, it announced that it would soon become an identity layer for the highly popular Polkadot blockchain network.

PARSIQ, on the other hand, has continued excelling in connecting on-chain and off-chain systems through its Smart Triggers technology. This allows blockchain developers to create endless possibilities in real-world applications at a fraction of the cost.

Creating the future of multichain DeFi

The partnership between the two is an ideal match as both are building the future of decentralized finance. PARSIQ’s Smart Triggers allow DeFi platforms to account for off-chain triggers in an automated manner while Shyft’s identity platform allows users to authenticate themselves seamlessly and protect their identity.

Tom Matta, the head of business development at PARSIQ commented, “Digital identity authentication and verification is core infrastructure for the future of multichain DeFi, and PARSIQ is excited to create smart triggers to protect users and platforms.

He added:

PARSIQ’s position as a push-based data system is very valuable for protecting digital identities because our triggers can be structured as alarms. If a user identity is compromised or under attack, PARSIQ can monitor for strange activity and provide real-time updates to users and platform compliance teams.

Shyft Network co-founder Juan Aja is just as optimistic about the partnership. He commented, “We are a decentralized network and look for exciting and powerful tools that enable our developer community to do more on the Shyft Network. PARSIQ’s technology has a natural fit with our identity and compliance-related partnerships.”

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