21 April 2018
When thinking of potential applications for our blockchain future, it is quite hard to talk about them, without discussing our ‘Digital Identity’. Now, while we might identify ourselves by our first name and surname, our world already uses other mechanisms for identification. Think of your national identification number, your bank account, credit card number, your social security number and so on.
On a daily basis, we identify ourselves when buying products and services, browse the web, use mobile applications or interact with our governments.
The essence here is that today’s centralized systems are all subject to single points of failure, resulting in a “hacker’s heaven” for those with ulterior motives. Your data is not safe and you don’t own it.
Now imagine a futuristic world where your eyes, face or fingerprints get scanned and immediately act as undeniable proof of who you are, as in the background an identification protocol cross-checks your personal public and private data in real-time.
This would enable you to transact, pay or access any public or private service you can imagine instantly, without the need for any kind of identity card, credit card or mobile application whatsoever.
In this tokenized ecosystem, smart contracts allow services to utilize but not own or store your data as it remains cryptographically secure on a regulated blockchain. Governments, citizens, and businesses can confidently interact with each other as this ‘Identification Verification’ (IDV) tool, provides trust for all the parties involved.
This future is here now and THEKEY project intends to build it! This blockchain project is led by China’s “Female Entrepreneur of the Year 2017”, Catherine Li.
Based on its proprietary and patented BDMI technology (Blockchain based, Dynamic, Multi-dimension, Identification), THEKEY Project is embarking on a journey to create a blockchain based, cryptographically secured and government-approved eco-system, that provides unalterable and undeniable proof of your identity. Now, let’s unpack this statement in a digestible manner.
For those unaware, the blockchain can act as a cryptographically secure place to store or verify the authenticity of data in a distributed manner, which basically makes it impossible to corrupt or hack. In addition, the use of smart contracts can regulate access to the data. Now think of a network of distributed ledgers all storing your public records and private data independently, but at the same time, capable of using specialized protocols to perform real-time, cross-check verifications. In such an environment, you don’t just say you have a masters degree, the system can undeniably verify if it’s true. Or, is that doctor performing surgery really who he says he is? In the end, it’s all about verifiable trust.
Government approval in all blockchain intended revolutions with regards to identity, is a prerequisite. There is no way around it, as the legality of data ownership and its use is already regulated by it. We can also expect that governments and its public service entities will be more than happy to go along with this vision, as they are the first in line to benefit from it.
You see, individual citizens are not the only ones suffering from archaic bureaucracies and the potential loopholes and fraud it creates in the system. The proof is in the pudding, as THEKEY has already attained China’s governmental cooperation and is running a massive first-generation pilot project of its IDV system, encompassing 41 cities and more than 130 million people.
In its totality, as stated in their white paper, they have governmental data connected which is covering 210 million Chinese citizens over 66 cities. You can’t but agree that this is a huge first mover advantage, if you compare this with its closest peers, like Civic and others. Other key strengths have to do with the fact that their system is using biometrical identification and audited governmental accredited databases. This essentially means you do not have to own a mobile phone, download an app or upload any documents or personal data yourself, in order for you to be identifiable. All you have to do be present! This is, in fact, a critical point when you think about mass adoption and potential worldwide use.
THEKEY project is unquestionably working on one of the most challenging, but also most impactful applications worldwide. If executed in full, this is the next ‘killer app’ for the world, period!
Alongside its already impressive track record, the project keeps on delivering significant partnerships and progress, as disclosed in its latest project update on April 15th. The main events, however, are still to be presented, as the roadmap indicates a launch of ‘BDMI’s testnet in June, and mainnet in December 2018. Recently, CEO Catherine Li also attended a global ‘Ask Me Anything’ session on the official Reddit forum.
So, in closing, one has to realize that these type of identification tools are the future and necessary for our connected smart economy. THEKEY project definitely has a lot going for it as it works, hand in hand with NEO, the Ontology Network, and Onchain. Together with the recent ‘China Unicom’ partnership and existing government support, the roads for THEKEY all seem to point towards deep integration and high probabilities of success.
Don't have time to follow the daily news? We'll send you an email once a week with a wrap up of all the important stories from the previous seven days. Never miss a story again!