12 May 2018
THEKEY is still a very little known blockchain project with a pilot project in place and a clear path towards mass commercialization of its ‘Identification Verification’ (IDV) services. The implications of its proprietary BDMI technology are so far-reaching that it is difficult to understand why there is still so little coverage about them.
Led by Catherine Li, the project and its team are building out one of the most remarkable ‘Identity Verification Systems’ in the world today. Not only with respect to its BDMI technology, but most importantly with regards to its real-world adoption capability. Currently, they have access to Chinese government authenticated data which covers 210 million people, 66 cities.
BDMI stands for ‘Blockchain based, Dynamic, Multi-dimension, Identification’. Now, the ‘B’ could also stand for biometric, as the whole idea is to throw away all of our current identification ‘cards’ or chips. Through biometric data like fingerprints, facial recognition, iris, voice, they are able to undeniably prove you are you at any time regardless if you carry your ID with you.
The current IDV solution is available in 3 cities now. The rollout in another 41 cities is underway. It will allow 130 million people to receive payment for their pension plans, be reimbursed by their healthcare insurance and more.
To that effect, THEKEY signed an exclusive strategic partnership with the Ministry of Human Resources and Social Security (MoHRSS). The agreement involves cooperation on the standardization of China’s social insurance agency’s data activities and the promotion an ‘Smart Social Security’-application.
Dr. King of THEYKEY project made a speech recently at Harvard University’s ‘HCSSA Blockchain and Cryptocurrency Summit’. He laid out the project’s ambitions to a young generation of students who will probably all end up being part of this ecosystem one day.
He stressed that the lack of verification of our online identities is the main issue that needs to be addressed for our interconnected blockchain world to succeed. “With the internet, we never know who is on the other side”, he says. He went on describing our world where we are in need of constant identity checks.
While we have been aware of the great progress THEKEY project is making, it did come as surprise when Dr.King confidently stated that he expected that THEKEY projects IDV services would potentially cover between five or six hundred million citizens by mid-2019.
Whether we get in or out of our houses, use our car, take a plane or go the doctor, identity checks are everywhere.
The current system, indeed, is flawed and cumbersome. What if we could have our driver’s license, social security card, credit card, social media login data, and so on, available at all times without any chance of us losing it? I must admit that the thought of this, is exciting and scary at the same time.
THEKEY has its eyes set on achieving this ‘unified’ identification verification system. It aims to use blockchain technology and combine that with authenticated biometrical data in order to provide real-time proof of who you are at all times. The ability to identify people without asking for their identification is the uneasy part of the equation. On the other hand, it will make life so much easier, which is probably why people will accept and adopt this technology.
As we know, the Chinese regulator is pushing hard to implements its ‘Credit score’ system. This biometrical identity verification system ties in perfectly with its ambitions to achieve this goal.
With this in mind, it seems that THEYKEY project is definitely benefiting from its first mover advantage. This author is still wondering if ONTOLOGY will announce a partnership with THEKEY as soon as its mainnet is ready. The Ontology mainnet is expected to be deployed, somewhere before the end of June. Exciting times! Leave us a comment, and tell us what you think!
Now, before we go, if anyone is able to be in Seoul, South-Korea, May 17th, you might be interested in hearing Catherine Li’s presentation of THEKEY project.
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