THEKEY Exhibited Blockchain Solution for Multi-dimensional Elderly Survival Authentication in the 5th World Internet Conference
From November 7th to 9th, the 5th World Internet Conference (WIC) was held in Wuzhen, Zhejiang Province (http://www.wuzhenwic.org/index.html). As the highest-level internet summit, WIC was co-hosted by the Cyberspace Administration of China and the People’s Government of Zhejiang Province, attracting more than 1,500 guests from around the world, including government delegates, international organization representatives, leading figures of Chinese and foreign internet enterprises and renowned experts and scholars. China’s President Xi Jinping sent a congratulatory letter to WIC. The “Light of the Internet Expo” of the 5th WIC was open to the public, showcasing the latest internet technologies and applications from around the world, highlighting eminent achievements in the fields of artificial intelligence, blockchain, cloud computing, big data and e-commerce among many other fields
THEKEY and Tsinghua Unigroup jointly attended the expo and demonstrated for the first time the cutting-edge Blockchain Solution for Multi-dimensional Elderly Survival Authentication. The Solution is a typical application scenario under the Research of Social Insurance Blockchain Applications launched in June by THEKEY, the Ministry of Human Resources and Social Security and the China Social Insurance Association. Since THEKEY’s MVP/Testnet product was completed in April this year and was granted a National “Technology Innovation Award of 2018 Chinese Government’s Information Product” at China International Big Data Industry Expo 2018, the Solution is another significant breakthrough in the real world application scenario of IDV. It lays a solid foundation for the launch of the mainnet scheduled in December.
According to China National Bureau of Statistics, there are over 241 million senior citizens by the year 2017, covering 17.3% of China’s overall population. The Chinese Pension Program (one of the five basic programs of China Social Security system, namely healthcare, unemployment, pension, maternity and work injury) is facing increasing challenges. In this context, Blockchain Solution for Multi-dimensional Elderly Survival Authentication has been developed. Based on THEKEY’s proprietary IDV service, the Solution will facilitate the Program by releasing pension accurately and efficiently, therefore fundamentally reduce fraud, waste and abuse in the system and meanwhile, greatly improve user experience.
The Solution utilizes blockchain and big data technologies and is exclusively developed by THEKEY. Blockchain technology is applied to record and trace the overall authentication process, and guarantee data security by its “undeniable” and “unalterable” features.
The proprietary IDV Engine developed by THEKEY is embedded and authorized to connect with multi-dimensional Personal Identity Information (PII) of the local Social Insurance System, Basic Medical Insurance System, Bureau of Civil Affairs, Public Security Bureau, Disease Control and Prevention Center, telecommunication companies, banks, transportation systems and customs. By cross-checking a large amount of PII from various data sources through the IDV Engine, survival status of the pensioner can be accurately verified and a scoring system will be adopted to determine the pension disbursement.
In China, there is an increase in the aging population, therefore the annual survival authentication of the elderly is becoming more and more time-consuming. Pensioners have to travel long distances to wait for on-site authentication. Those who are disabled and wheelchair-bounded, although being exempted from on-site authentication, are still required for online IDV through live facial recognition, which is seen as disrespectful. On the other hand, the Chinese Pension Program is also under heavy pressure in manpower, expenditure cost, and risk of fund fraud, waste and abuse. By applying the Solution, there will be an estimated 30% reduction in manpower, and it will fundamentally eliminate the fraud and waste in pension disbursements. This solution will gradually be applied nationwide. In the near future, the blockchain solution for IDV will be extended to other areas, such as employment, poverty alleviation, and population census, enhancing people’s livelihood, quality of life and national economy.
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 token) 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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