15 July 2018

THEKEY Fund Racing Plan Calls For Expression Of Interest

THEKEY is an identity verification (IDV) platform built on NEO blockchain technology and created to develop fully secured digital based identities for both the short and long term. THEKEY had launched its Scientific Research Fund known as THEKEY Fund on the 30th of June, 2018.

THEKEY Fund was set up for both the development as well as the implementation of blockchain technology in social insurance based solution services. For the initial stage the total amount of expected funds is $20 million USD for a duration of 5 years.

Under THEKEY Fund there is a Racing Plan and this Racing Plan has called for expression of interests from the general public from the 15th of July to the 30th of September, 2018. If you want all the important instructions for participation as well as the application forms, you can get them from the official website of THEKEY by clicking on this link here.

THEKEY Aims To Resolve Identity Theft And Data Security Issues

By 2021 it is anticipated that the identity verification (IDV) industry will attain a growth of about $14 billion USD. This figure has emphasised the fact that the IDV industry will play a crucial role in the way enterprises and individuals relate, communicate and interact in the future.

These days fingerprint scanning and facial recognition are already key IDV in use. It is commonplace for IDV to be utilised in basic everyday practice both offchain and onchain. However, as necessary as IDV is, there are also issues that need to be resolved with regards to data security as well as identity theft.

These two issues have resulted in billions of U.S dollars being lost every year. However, THEKEY is focused on resolving the issues raised (i.e. data security and identity theft) by providing a safe, secure identity verification network. THEKEY is a secure IDV and the platform carries out the following operations;

  • There are validators that will ensure the processing of requests for identification verification and also in providing IDV results.
  • The identification verification requests will be made by providers of services.

The TKY digital asset which is a NEP-5 cryptocurrency and utility token for THEKEY acts as fuel for smart contracts under the platform and is used in the handling of back end transactions.

The BDMI Of THEKEY

The creative project team of THEKEY are building an innovative IDV tool that utilises blockchain technology and known as the “Blockchain Dynamic Multi-dimension Identification” or BDMI which is built to provide IDV outcomes that are absolutely spot on. IDV results by the BDMI cannot be denied or altered in any way. The Blockchain Dynamic Multi-dimension Identification (BDMI) is driven by six key elements as seen below;

  • BDMI comes with an exquisite biometric data which serves as the fundamental for the tool.
  • Government agencies validate both the IDV biometric data and data of BDMI well in advance.
  • The expectations of a variety of clients are met by the BDMI data which is very comprehensive.
  • The BDMI is dependable as both the data validated by government authorities as well as the user’s behaviour data is checked and double checked.
  • BDMI is made solid and secure by utilising data that is always up-to-date during the execution of the IDV.
  • All documentation produced after an IDV is executed will be subjected to audit in order to ensure that user’s personal credit is calculated and evaluated.

THEKEY utilises both blockchain and innovative technology that is AI-based to create a decentralised, open source ecosystem to improve the day-to-day life of everyone. The distributed IDV is a key component for data exchange, copyright and other legal related issues on THEKEY.

 

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