As more and more services and socializing shift from the real world to the online world, identifying each other digitally has become a prominent theme. Development of Identity Verification (“IDV”) Technology is one of the most significant trends, which will have a critical impact on the digital economy. However, none of the existing online IDV technologies addresses two fundamental requirements: results generated from online IDV should be undeniable and unalterable.
THEKEY Project is now developing a second-generation IDV solution for the internet via BDMI technology. BDMI stands for “Blockchain based Dynamic Multi-Dimension Identification” technology. Such a solution perfectly echoes the main requirements for identifying each other in the digital world, which is ‘The Key’ for migrating people from the real world to the online world. BDMI, as the name of it, synergistically combines Dynamic Multi-Dimension Identification (“DMI”) technology and blockchain technology. DMI has already passed its development stage and is currently applied to THEKEY’s existing first-generation IDV solutions, which has built a very solid ground work to guarantee the successful development of BDMI,
• 23 copyrights have been obtained, 15 patents have been accepted by SIPO (State Intellectual Property office of the P.R.C) and start attestation process.
• THEKEY’s first-generation IDV solution is currently in use for mobile social insurance pay in two pilot cities, which people can receive their payment for their pension, or healthcare insurance reimbursement. The IDV solution is currently being deployed in another 41 cities, covering more than 130 million people.
• Personal identity data of 210 million people in 66 cities, authenticated by the relevant government authorities, are connected on a real-time basis. This constitutes a solid foundation of IDV.
• Commercial contracts signed with world-leading firms and the business model of our IDV products in this White Paper have already been partly proven.
• Six relevant national laboratories have been set up together with government agencies, banks, insurance companies and one university.
Along with the development of a second-generation IDV solution, facilitated by token sales, THEKEY Project team will also develop THEKEY Ecosystem for providing IDV services (the “Ecosystem”). THEKEY Ecosystem will consist of three components of participants (Validator, Service Provider and Individual User), Smart Contracts and TKY Tokens (THEKEY Token). The objectives of setting up THEKEY Ecosystem are, 1) to develop a healthy environment where Personal Identity Information (“PII”) can be properly used and protected, and 2) to provide a financial incentive to the participants in the Ecosystem.
THEKEY generates IDV results by crosschecking multi-dimensionally with the latest PII, behavior data and scene data. Consider an example case for IDV process in THEKEY Ecosystem. In THEKEY Ecosystem, when an individual user living in Beijing needs to be identified, such as for the purchase of medical insurance in Singapore, the insurance company will trigger a request for IDV service and start a 8-step-journey as follows: The insurance company, as the service provider, triggers an IDV request including certain medical histories of the given individual user.
The user accepts the IDV request by using his or her fingerprint through THEKEY APP or the equipment of the insurance company, and also signs off the relevant Smart Contract between the insurance company, THEKEY and the user.
THEKEY will review the IDV data request sent by the service provider against the KYC (Know Your Customer) policy of the relevant industry to justify if the data request is reasonable.
THEKEY will make comparisons between fingerprint data sent and the relevant data validated by the government, and then cross check the latest PII data, behavior data as well as scene data of the given user. These are all automatically settled through encrypted interfaces.
Once THEKEY is satisfied with the validity of user’s ID, IDV will continue. Relevant PII like medical history data will be collected as defined by the Smart Contract. THEKEY will stamp its approval on Blockchain as verification of the result so that the medical insurance company can use it.
The Smart Contract will be settled by TKY Tokens.
At the same time, all previous calculations will be documented for future data audit.
The credit of the user and the medical insurance company will be regularly evaluated and calculated through the above-mentioned data audit.
The IDV result generated from the above is efficient, accurate and reliable. It could also be tailor-made for any specific ID requirement from the Service Provider subject to relevant applicable KYC laws and regulations. This process will significantly reduce the cost of the insurance company and therefore further reduce the premium to be paid by the user.
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