Blockchain-based Identity Verification System Will Contribute Significantly in the Development of Blockchain Technology

— says Yao Qian, Director of the Science and Technology Supervision Bureau of China Securities Regulatory Commission

Sina Finance, Luohan Academy and AntChain co-conducted an interview a couple of days ago with Yao Qian, Director of the Science and Technology Supervision Bureau of China Securities Regulatory Commission, who pointed out that Blockchain technology is expected to play an important role in the future by enabling Chinese citizens to acquire electronic certificates they need when paper certificates witnessing the dawn of its golden age. And it’s recently been noticed that the construction of a blockchain-based identity system has attracted favorable attention from front runners in the industry.

Blockchain technology is conducive to improving the efficiency of public services. Government has to ensure the credibility of information and data technically, which is the reason why it is a key area for blockchain applications.

People are often asked to offer all kinds of proofs in daily life, and some of them are not necessarily reasonable. Blockchains are trust machines, as The Economist recognized in a cover story over three years ago. The data on the blockchain itself is a kind of credible certificate. Therefore, the use of blockchain technology can make full use of every certificate and facilitate citizens’ life dramatically. The information owned by public services, enterprises, and the masses are put on the chain to form a digital certificate that cannot be tampered with, and is safe and reliable. It allows Chinese people to not have to obtain certification materials from various institutions, and repeatedly provide original certificates and licenses. All they need to do is to scan the code for authorization using their mobile phone, log into the platform of Blockchain + Public Service, and retrieve digital certificates. It will also make government services more intelligent, eliminating the need to repeat identity verification.

If information stored in government sectors is not transparent, falsification and corruption and illegal behavior will tend to happen. 242 student identity thefts that took place in Shandong province between 2002 and 2009 are exposed by recent media reports. If there is no credible and convincing technical guarantee, such things may happen again. Uploading information to blockchain can protect public and credible credentials. Once on the chain, important information cannot be changed and can be tracked, thus make sure citizens’ rights are protected.

Blockchain technology is also expected to become a new generation of universal digital technology. Some believe that blockchain will completely reshape the form of human social activities such as the Internet and realize the transformation from the Internet of Information to the Internet of Value. As a trust machine in the digital age, blockchain technology is an indispensable support for digital empowerment and the motion of the high-quality development of the digital economy. Therefore, it naturally rose to the strategic level of the nation, and it inevitably becomes an important part of the “New Infrastructure”. And as a matter of fact, the country is focusing on laying foundation for a credible digital economy through the development and construction of blockchain. Therefore, the industry standards of the blockchain must be strictly controlled to prevent junk data and low-value data from being uploaded.

Nowadays, Blockchain technology has become a brand new track of industrial transformation on which many countries are making efforts and accelerating deployments. Among which, China will also gather pace and battle for its space in the industry.

Check the full interview at the link:

https://v.qq.com/x/page/c3130b9vd2a.html

About THEKEY

THEKEY is a decentralized ecosystem of Identity Verification (IDV) tool integrating national big-data and the blockchain. THEKEY’s proprietary Blockchain-based Dynamic Multi-dimension Identification (BDMI) platform has been using Personal Identity Information (PII) exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method to settle smart contracts across THEKEY Ecosystem, which is tradable on HitBTC, KuCoin, etc.

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