02 July 2018
On June 30th, IDV specialist THEKEY announced it has launched a $20 million USD Scientific Research Fund. The project also confirmed it will cooperate with the Chinese Government on implementing blockchain technology in social insurance applications. We’d also like to inform you about an upcoming AMA with THEKEY CEO Catherine Li.
THEKEY previously alluded that it had come to an agreement with the Chinese Government to do research on the potential introduction of blockchain technology within government services. THEKEY has now officially confirmed the deal. A cooperation agreement is formed between the ‘Information Center of the Ministry of Human Resources and Social Security (MHRSS)’ the ‘China Social Insurance Association (CSIA).
While an official meeting to celebrate the start of cooperation agreement was held on June 30th, we can assume that this deal essentially is a continuation of the previously installed agreements which have supported THEKEY throughout the rollout of their first generation IDV services in China.
THEKEY has obtained a unique position in the IDV sector in China, as it is the first project that has achieved clearance by the Chinese Government to use its official databases in order to provide identity verification checks. THEKEY has access to PII data of over 210 million Chinese citizens at this point. THEKEY’s Dr.King, previously mentioned that this number would increase to close to half of the Chinese population by mid-2019. THEKEY is already building on the success of its first-generation IDV services and continuing the rollout of these services across 41 cities.
The move to include its second generation IDV services, which are based on Blockchain integration, is therefore quite significant in the sense that the working relationships with the respective government entities are actually already formed. Now, remember that THEKEY recently also received an innovation award and that this deal really only formalizes what was already in the works. Sure, the cooperation is said to be on research, but we must not forget that we are already in the phase of implementation of the first generation IDV services and that initial second-generation pilot program also yielded positive results. While the BDMI technology and application are still in its infancy, THEKEY’s locomotive seems to be unstoppable now.
THEKEY’s BDMI technology (Blockchain-based Dynamic Multi-Dimensional Identity) is already protected by 23 copyrights and 15 patents have been filed and are going through the attestation process at the ‘State Intellectual Property Office of the P.R.C.’ The announced research fund initiated by THEKEY will only help to solidify its leading position in the field of IDV services as the fund will act as a perfect vehicle to attract further professional talent.
THEKEY Scientific Fund (‘FUND’) was officially launched on June 30th and is fully funded by THEKEY for an initial $20 million USD over a 5-year period. The FUND will be dedicated to promoting and developing blockchain technology within ‘social insurance services’. The FUND will also be open to support and fund international universities and research institutes. Application forms will be available as soon as July 15th at THEKEY.VIP
As stated under its plan, the FUND will support following areas of expertise:
1. Research on security and supervision mechanism of blockchain technology application and data commercialization and application in China social insurance services
2. Research on operation and maintenance of national medical resources Group Purchase Organizations (GPO)
3. Development and application of blockchain technology in China’s social insurance services
4. Processing, analysis and application of healthcare big data
Many supporters might have some questions regarding recent developments and will actually get the chance to get an answer from the CEO at the upcoming REDDIT AMA. The Ask-me-anything session will take place on July 4th, at 8:00 pm (GMT +8). You can find the direct link hereunder!
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