THEKEY Progress Report

  • The first Progress Report stated in detail that the cooperation we entered into with not only world leading law, accounting firms but also prestigious companies at home.
  • In the second Progress Report, we have released THEKEY Testnet which indicated that “undeniable” and “unalterable” online IDV results were generated for the first time in the world through Blockchain based Dynamic Multi-Dimension Identification (BDMI) technology.
  • While the last Report was about the accomplishment of BDMI Mainnet which has focused on improving the performance, efficiency and reliability of BDMI technology. We also have realized the multi-scenario applications of BDMI technology in the process, both for the mobile medical insurance payment in Kaifeng City, and Multi-dimensional Elderly Survival Authentication in Guizhou Province, China.
  • Multi-scenario application requires a multi-consensus mechanism, and the current single-consensus mechanism is not sufficient to meet this requirement.
  • There is a strong correlation between performance and the consensus mechanism.
  • Security of whichever platform we would choose would be beyond our scope of control, leading to safety and/or security risks to data, funds and patients.
  • Current platforms have not been designed to handle the sheer amount of data, such as patients’ medical image/footage, etc.
  • The business logic can only be realized via Smart Contracts and DAPP development, severely limiting or negating the possibility for extreme platform capacity.
  • Governance logic of virtual world does not suit the real world.
  • First, a technical solution using a hybrid consensus mechanism is adopted in our technical solution. The theoretical research and practice of human consensus mechanisms so far have undoubtedly proven that the use of a single consensus mechanism fail to meet the needs of multi-scenario data applications, especially the intricate social problems. Different consensus mechanisms are needed under different data application scenarios and we therefore will build up a hybrid chain of multiple consensus mechanisms. In the process of building a mixed consensus mechanism, we will first establish a safe consensus mechanism based on the basic medical insurance system and democratic decision-making, and use it as the main consensus mechanism. Secondly, we will also include various consensus mechanisms such as PBFT, DPOS, POW and DPFT. Thirdly, different nodes in our ecosystem have different permissions in different application scenarios. Finally, the platform will automatically identify the application scenario and select the appropriate consensus mechanism accordingly.
  • A virtual world and real world hybrid governance mechanism is adopted in the technical solution. Projects such as Bitcoin and Ethereum have confirmed to some extent that blockchain is a technology that has been successful in virtual currency issuance, trading and public ledgers. However, this success should not and cannot be magnified into a universal truth, thus the mechanism is adopted in our ecosystem. We will also adopt a virtual world management mechanism that is similar to BTC or ETH in terms of currency, data and capital transactions, and public account maintenance. For the healthcare big data or government data collection, certification, processing, security transfer and use, the management system and mechanism consistent with laws and regulations and ethics are adopted. The benefits of doing so will fully inherit the achievements of the blockchain technology to date, while also ensuring system compliance, transparency and easier supervision.
  • A blockchain and big data hybrid structure is adopted in our technical solution. The hardware, software, data and data processing methods of each node in the decentralized community are not the key factors that restrict the efficiency and security of blockchain projects. Therefore, in this project we rely on the existing government big data infrastructure, especially the big data infrastructure of the basic medical insurance institutions as the selected node. It optimizes the node resource guarantee, sequence priority and adopts the pre-chain data acquisition, processing, analysis and application integration solution to simplify the algorithm of the consensus mechanism and greatly improve the efficiency of the system.
  • The proprietary consensus mechanism — Proof of Power (PoP) has been developed as the pillar of Ternary Hybrid Theory and the foundation for the construction of our public chain.
  • Cooperation with the Network Big Data Security Analysis Laboratory established by Ministry of Industry and Information Technology and Harbin Institute of Technology in research of the mixed-consensus mechanism.
  • Technical preparation for the productive deployment of IDV in Guizhou Province and Kaifeng City.
  • The launch of the insurance product incorporated both social and commercial Insurance data in Kaifeng City signifies a milestone for the social security data socialization and commercialization, showing considerable commercial value of THEKEY Project.
  • We have finished the preparation for large-scale promotion of blockchain solution in various industries, such as insurance companies, medical data companies and financial institutions, etc.
  • Despite the impact the restructure of human resources and social security department and the establishment of the State Healthcare Security Bureau posed on expanding the cooperation with Chinese government, great success has been achieved last year. Currently the number of cities THEKEY cooperating with grew from 66 to 89, covering the population of 320 million.
  • We won the International Competitive Bidding (ICB) organized by People’s Bank of China and Nanjing Municipal Government. Further investment and government support has been guaranteed.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
TheKey

TheKey

THEKEY is a blockchain based identity verification technology (IDV) being developed to create secure digital identities for the future.