Bermuda will develop a system for identifying citizens on the blockchain

Bermuda announced the start of the development of a national blockchain-based digital citizenship identification system.

The project is called Perseid e-ID and is being developed in partnership with Perseid Network and Shyft Network. It is reported that the system will issue electronic identification cards to citizens of Bermuda, private companies and government organizations.

At the first stage, it is planned to develop a basic level capable of executing smart contracts. Then they will begin to implement various smart contracts, including the Shyft Network solution to comply with the recommendations of the Financial Anti-Money Laundering Measures Development Group (FATF).

“When digital identities are used in conjunction with the regulatory framework and are based on the best technological solutions, they can create a mechanism for authenticating citizens and enable them to exchange data attached to an electronic identity,” said Bruce Silcoff, CEO of Preseid.

Perseid will work on the identity management infrastructure and deployment of the system, and Shyft Networks will be responsible for the core of the system, a decentralized data authentication protocol.

“All credentials and records will be encrypted through the Shyft public key infrastructure. The basic protocol will bring together and coordinate all project participants: companies, institutions, services and ordinary citizens, ”said Joseph Weinberg, chairman of Shyft Networks.

According to Bermuda’s Prime Minister David Burt, the system will show how technology can be applied to solve a wide range of problems that financial institutions face. It will help reduce costs and efforts to meet regulatory requirements, as well as increase safety and efficiency.

Read This Now: Oil prices fell after the deterioration of OPEC demand forecasts

Note that such blockchain systems are already being developed in several countries. So, the Sierra Leone authorities plan to introduce a national blockchain-based identification system by the end of 2019. They also plan to deploy such a system in Buenos Aires.