THEKEY Gained an Invention Patent on Blockchain Application
Long-term care insurance is another social insurance scheme in China in addition to medical insurance, endowment insurance, work injury insurance, unemployment insurance and maternity insurance. It mainly focuses on providing nursing services and pays for the costs associated with long-term care that is not covered by healthcare insurance, when the insured fails to perform some activities of daily living, gets sick in old age or deceases.
Implementation of long-term care insurance faces a number of problems, such as inconsistent rating standards for the aged, fraudulence and unfair behavior, hard to track the responsibility when there’s failure during the administrative processes, etc.
Under such background, THEKEY team tried to solve the problem by using blockchain encryption algorithm and HASH fingerprint technology, and was granted an invention patent in this area in January 2021 by China National Intellectual Property Administration for its achievement, named Implementation, Storage Media and Equipment of Long-term Care Insurance based on Blockchain (Patent № 201910066433.X).
The patent aims to improve the process of insurance grading, insurance participation, claim settlement and other related services.
The project team paid great attention to the intellectual property protection and more patents will come in the near future.
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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