THEKEY Invited to Attend the Reinsurance Exploration and Development Seminar
May 22th -24th, 2019-the Reinsurance Exploration and Development Seminar was launched by China Reinsurance (Group) Corporation (hereinafter referred as China RE) in Yichang City, Hubei Province. THEKEY was invited as the exclusive IDV service provider.
The scholars and experts from Nankai University, THEKEY and other vested interested organizations and enterprises conducted heated discussion around the topics of the current situation and obstacles of insurance industry, technology contributions to insurance development, social security data socialization and data security supervision, and the tendency, chances and challenges that the insurance industry is facing.
THEKEY’s Dr. Yidong King delivered a keynote speech on the social security data socialization, and shortly afterwards conducted in-depth discussions with the attendees. He pointed out that after more than 20 years’ development, China’s social security data has become the world’s largest population database and health database, with incredible social and economic value. However, safety is still the great challenge that the social security data socialization facing. Dr. Yidong King advocates that under the premise of data security principles, such as “the data never leaves the custody of the government, never be downloaded, and never be seen by unauthorized people”, the socialization will be achieved through the security of technology, office environment, system and law. He also suggests that the interaction and cross-checking of the social security credit, medical insurance credit, national credit and credit of different commercial organizations should be achieved to mobilize the safe application and sustainable development of social security data. He further introduced THEKEY’s proprietary IDV (Identity Verification) technology and Data Capacity Open Platform which are fundamental to technically insure the data security. IDV is also critical to largely enhance the system efficiency and lower the cost.
THEKEY contributes significantly in the social security data socialization and data security supervision mechanism. As early as 2017, the Joint Innovative Laboratory for Social and Commercial Insurance was launched by THEKEY, China Social Insurance Association, China RE etc. It is designed to facilitate the commercial insurance by utilizing China’s rich social security data safely and efficiently, therefore fundamentally reduce fraud and abuse in insurance fund. THEKEY works as the exclusive technology provider, optimizing the whole process of commercial insurance by its Data Capacity Open Platform and IDV solution. The first product of the Lab was launched at the end of 2018, which signifies a milestone for the social security data commercialization. In 2018, the Research into the Security Supervision Mechanism for Social Security Data Socialization was jointly established by THEKEY, Ministry of Human Resources and Social Security etc., aimed at promoting and exploring security standards and supervision mechanisms for social security data commercialization.
On May, 2019, THEKEY was granted a national award for its MVP/Mainnet product — Blockchain Solution for Multi-dimensional Elderly Survival Authentication, which is a typical application scenario under the Research into Social Insurance Blockchain Applications. It signifies the government approval for THEKEY’s BDMI technology and achievement of social security data socialization, and lays solid foundation for the nationwide deployment in the near future.
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, Bit-Z, KuCoin, Lbank and LATOKEN, etc. THEKEY mainnet was launched in Nov 2018. THEKEY was granted the National “Technology Innovation Award of 2018 Chinese Government’s Information Product”; won the International Competitive Bidding co-launched by People’s Bank of China and Nanjing Municipal Government, and achieved social security data socialization and commercialization for the first time in Kaifeng, China.
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