THEKEY Aroused Extensive Attention at the Huobi-Central Crypto Summit Forum
On May 19th, the Huobi-Central Crypto Summit, which was jointly organized by Huobi Pro and Central Digital Wealth, was held at the Four Seasons Hotel in Hong Kong. THEKEY, as a star project in the field of Identity Verification (IDV), was invited to deliver a speech titled “THEKEY — A Decentralized Ecosystem of an Identity Verification Tool Using National Big-data and Blockchain” and it aroused extensive attention.
Nowadays, without identity, it is impossible to own a bank account, to obtain social benefits, to receive any education, and not to mention to participate in politics. Likewise, if users with anonymous wallet addresses on the blockchain cannot prove their real identity, application scenarios of blockchain technology will appear to be practically constrained. Therefore, Blockchain-based IDV application indeed has a promising future.
THEKEY project is backed by PII (Personal Identity Information), which is government-validated identification data, and has developed Blockchain based Dynamic Multi-Dimension Identification (BDMI) technology in order to solve a fundamental issue of the digital world by providing “undeniable” and ”unalterable” identity verification (IDV) services.
On May 28th, THEKEY released the minimum viable product (MVP) progress report and technical report, stating that the MVP was accomplished on April 30th, significantly ahead of schedule and at the highest quality. The successful accomplishment verified the technical feasibility of BDMI technology and more IDV applications will undoubtedly be achieved in the near future. THEKEY has received extensive attention and recognition as soon as the MVP is accomplished. On May 16th, Catherine Li, Chairwoman and CEO of THEKEY, received an exclusive interview by CGTN (China’s new international media organization launched by the national broadcaster CCTV) at the First Shanghai Cooperation Organization Forum on Women. From May 17th to 20th, THEKEY was invited for a presence in the 21st China Beijing International High-tech Expo and becomes highlight of the exhibition. On May 27th, THEKEY was granted “Technology Innovation Award of 2018 Chinese Government’s Information Product” in the China International Big Data Industry Expo 2018. The expo was jointly hosted by the National Development and Reform Commission (NDRC), the Provincial Government of Guizhou and the Ministry of Industry and Information Technology (MIIT).
Right after the forum, Dr. King, spokesman of THEKEY, received an interview. The following are the main contents:
1. “THEKEY project is based on government ID data.”
Based on national big data, THEKEY has deeply and effectively collaborated with 6 national laboratories and national technology teams on the project. The key technologies and business models have been verified. THEKEY project has connected the personal identity data of 210 million people in 66 cities, which are authenticated by relevant government authorities. “Within one year the number will increase to 150 cities, and cover identity data of 600 million people.” Dr. King said.
Backed by the government’s database, THEKEY has the following three advantages:
1) More reliable results — The supporting data is gathered in real time, is comprehensive, accurate and reliable. The data is also validated in advance by government agencies or other public institutions.
2) Lower cost — Full use of existing data sources. Avoidance of duplicate work for data collection, processing and authentication.
3) Better user experience — It is not necessary for individual users to install any applications or upload any information.
When elaborating on why THEKEY would have obtained the authorization of the access to national data, Dr. King stated that it is because THEKEY can help the government by solving the fraud issues and realizing cost control of social insurance and medical insurance.
Meanwhile, THEKEY always abides by the regulation that the data never leaves the custody of the government, never be downloaded, and never be seen by unauthorized persons.
2. The Future with THEKEY
Nowadays, each of us carries a variety of cards, including ID card, entrance card, social insurance card, beauty salon VIP card, Metro Card, etc. And almost all of them can be linked to mobile phones, but what if the phone gets lost? This is one of the many problems that THEKEY can solve. THEKEY has connected to the government biometric database for identity verification.
For example, you need to re-queue every single time once you go to different units of hospital. This is a typical scenario of multiple IDV and it is such a waste of time.
In such a scenario, THEKEY will verify your identity by comparing with data from government’s database, and check your eligibility, fatality, crime record, GPS location through facial recognition, checking the finger print or your finger vain. The moment you make the payment of the medical bill, a “holographic projection” would be generated to verify the transaction.
What we are going to do is to collect and record your PII of every moment and upload them to the blockchain and put a time stamp on every single one of them. There are countless scenarios requiring IDV during a person’s lifetime. If all the IDV results are uploaded to the blockchain, it will just be like a “holographic projection”.
Every aspect of life is in need of IDV based on BDMI technology i.e. security check, access permission, medical treatment and shopping, etc. The existence of THEKEY Ecosystem will make the internet and the real identity integrated together to facilitate your life.
3. Technology development is our major task
As it is said that the journey of a thousand miles begins with a single step. Now THEKEY is focusing on the research and development of the technology to accomplish the great task, and plenty of achievements have been made:
THEKEY has obtained 38 patents and copyrights so far. It is the year when THEKEY technology makes breakthroughs and applies for a number of patents in the blockchain industry and related fields.
THEKEY has established partnerships with top commercial companies in the world such as Alibaba, China Unicom and Tsinghua Unigroup..
Six relevant national laboratories have been set up together with government agencies, banks, insurance companies and one university. The most important one is Government Data and Data Security Application laboratory, initiated and co-organized by Chinese government and THEKEY.
Personal identity data, authenticated by relevant government authorities of 210 million people in 66 cities, are connected on real-time basis, which constitutes a solid foundation of IDV.
THEKEY project team won six national-level and provincial-level awards in 2017.
THEKEY is a decentralized ecosystem of Identity Verification (IDV) tools integrating national big-data and the blockchain. THEKEY’s project team is now developing its identification verification (IDV) tool with blockchain using its proprietary Dynamic Multi-dimension Identification (BDMI) platform, uniquely using Personally Identifiable Information (PII) that has been exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method by which to settle smart contracts signed between all participants across THEKEY Ecosystem. THEKEY testnet was launched in May 2018, and its mainnet is scheduled to be released at the end of this year. TKY is currently tradable across a number of exchange platforms such as HitBTC, Bit-Z, KuCoin, Lbank, Coinrail and LATOKEN.
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