26 May 2018

THEKEY & Ken Huang Are Moving into the limelight!

On May 24th THEKEY announced on Medium that Ken Huang, President of the THEKEY project is now officially appointed as ‘Chief Technical Specialist of the World Blockchain Organization.

The WBO is a Non-Governmental Organization (NGO) that was incorporated last year in August. The NGO which is registered in the United States is created with the idea of promoting responsible, sustainable and universally accessible blockchain technology.

On the one hand, WBO will do this by working together with regulators and policymakers, but will also push for a public debate, release studies, and so on. This news comes just days after we learned that Ken Huang was also appointed as Distinguished Researcher and Lecturer at Renmin University in China.

Consensus 2018

Ken Huang appears to be very actively pushing THEKEY’s and Blockchain Technolgy’s agenda to the world. In front of a savvy crowd at Consensus 2018, Ken Huang shared his vision on some of the most pressing issues that were still holding back adoption and integration of Blockchain Technology.

‘Consensus’, is a blockchain technology summit which attracts over 250 speakers from all over the world and thousands of attendees. The Summit is a perfect opportunity to gauge the sentiment of the entire ‘Blockchain Community’. The word on the street for this year’s Consensus was that ‘big’ corporations have arrived ‘en masse’. They were all represented with the biggest stands and fully focused on promoting their Blockchain future.

THEKEY’s President was attending a panel, hosted by Marc Hochstein and joined Vinny Lingham, founder of ‘Civic’ (CVC). Joseph Weinberg, chairman of ‘Shyft Network’ was also present. Both Shyft Network and Civic are also trying to solve the ‘Identification’ problem in our interconnected world.

Passwords & Online Identity

He started out making an important point about data security when stating that our identities are fragmented across the web but centralized for the hacker. On top of that, he mentioned, we are all burdened with a multitude of passwords we need to handle safely.

I think many of us would agree that the current password system is archaic and very difficult to manage. I personally opened up more online accounts that I care to remember and have a hard time keeping a full record of all my passwords. Now, if that worries us, the bigger picture, however, is that all of these services own our data on centralized servers and we have no assurances that our data is protected properly.

On the other side of the spectrum, our identities are also pretty expensive for businesses, especially for those services that require abiding by the ‘Know Your Customer’ (KYC) regulation. The average cost there is estimated to be around $100 USD per ‘Identity’. Now, multiply that by the number of services that need KYC per person and you quickly understand that Blockchain IDV services are not just valuable, they are essential and currently very cost ineffective.

Your identity – Your commodity – TKY token

Now, besides lowering the cost of identification, blockchain based IDV also allows the whole system to become more secure. Additionally, it will allow people to own their data and ‘monetize’ it.

Ken described how ‘TKY’ tokens are the lifeblood of the IDV ecosystem and act as ‘glue’ to incentivize all parties involved. Tokens are ideal today as they can provide frictionless movement of value. The individual user will be rewarded in TKY tokens for allowing access to its own ‘personal data vault’ on the Blockchain every time that third parties solicit IDV services.

At the same time, the user can also use the tokens to pay for fraud detection services for example. While in today’s world you just hand over your data to a third party without thinking too much about it, in the future you simply stay in control of it and allow access to your data on a case by case situation.

THEKEY – BDMI Technology 

THEKEY’s proprietary BDMI technology solution wants to create a network of verifiable data access points. These data checkpoints will be cryptographically stored on the blockchain. In this system, you will basically authorize THEKEY to perform an identity check on your profile. THEKEY will crosscheck all key data with reputable sources to authenticate its validity. This crosscheck happens every time and payment is settled instantly with every party involved.

In closing

While full implementation of these IDV systems still seems to be far away, it is hard not to see a future where these IDV services will act as a core identity layer for our Blockchain based world. We’ll keep you updated on the latest news here at Neonbeginner.

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