25 June 2018
On June 24th, THEKEY announced that a cooperation agreement has been signed with the Chinese Government. THEKEY will aide the Government in researching the application and ‘real-world integration’ of Blockchain Technology. THEKEY which already has first-generation IDV ‘pilot programs’ running in cooperation with the government, will guide the PRC in effectively using Blockchain technology to improve the quality of ‘Social Security’ services.
While the details on the cooperation are still not disclosed, we know that the opening ceremony of the research seminar will be held on June 30th. We can expect more information about the partnership to be released between now and then, so stay tuned!
This announcement follows a string of positive news items which has been coming out of the ‘THEKEY’ camp. On June 4th, the project announced it was granted the prestigious ‘National Information Technology Innovation Award for 2018’. It seems clear that THEKEY’s BDMI-technology has succeeded in catching the attention of the Chinese Government.
THEKEY is a leader in the field of Identity Verification Services (IDV). It is working hard to deliver its proprietary BDMI technology to the world. This multi-dimensional, dynamic, blockchain-based identification technology intends to disrupt the way ‘identification verification’ works.
In a futuristic vision of the future, people will no longer need personal devices to securely interact with government agencies. The BDMI technology achieves real-time crosschecking between government-approved and cryptographically secured databases. The combination of these features will improve the user experience when dealing with Social Security services. At the same time, the system will also battle social security fraud. THEKEY is currently the only IDV-service which has access to government-approved PII data and is therefore well placed to continue leading the pack. In its latest AMA session, THEKEY also disclosed that we can expect international agreements for its IDV services to be in the works.
THEKEY CEO, and Chinese ‘female entrepreneur of the year’ Catherine Li shared some ‘action pics’ of a training which was organized with the intention of sharpening knowledge on individual privacy and information security.
The basic principles of the PRC Cyber Security Law and General Data Protection Regulation, GDPR, are founded on an idea of individual data security. THEY project has been promoting its view that better data security will lead to better usability of the data. With this in mind, THEKEY is moving towards offering IDV services which can provide undeniable and unalterable proof of your identity. Once, this task is achieved, it allows for many layers of bureaucracy to be dismantled.
Catherine Li also proudly posted on her Twitter channel that THEKEY project was featured in a book called ‘REG CHAIN’. The book was written by Professor and Director at ‘Renmin University’, Dong Yang. His literary work discusses the issue of regulation and blockchain technology.
THEKEY informed the community on June 18th about the planned release of one hundred million tokens into circulation. The token issuance is part the official ‘TKY token release plan’. The total circulating supply is now 4,704,993,287 TKY. The last part of the token release plan will happen on July 18th, 2018. TKEY’s total circulating will then grow with another 355,045,000 TKY tokens and bring the total amount of coins in circulation to just over 5 billion tokens. The maximum supply of TKY coins is 9,795,844,687.
THEKEY project stays on track and seems to be doing all the right things. If you want to learn more about the project, do not hesitate to read more about them here at Neonbeginner.com. In our web design update, we now have a dedicated webpage for all TKY related news!
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