THEKEY Project is creating an identification verification (IDV) with BDMI (Block chain based Dynamic Multi Dimension Identification). This technology provides the above two requirements to identify each other in the digital world. It delivers solid ground work as it is developed by the combination of Block chain and Dynamic Multi-Dimension Identification.
THEKEY Project, a world-leading solution provider in IDV industry, is here to control revolutions in Blockchain and Smart Contract technologies to develop its second-generation IDV solution.
What is THEKEY:
THEKEY project helped their users via token sale and develop THEKEY Ecosystem for providing IDV services. THEKEY ecosystem includes of three group participants (which are validator, service provider and individual user), smart contracts and Thy tokens. The ecosystem enables with a good environment where Personal Identity Information (PII) can be properly used and protected. THEKEY will also make available a financial motivation to the participants. The IDV results which will produced by THEKEY will provided by double-checking multi-dimensionally with the newest Personal identity Information, behavior data and scene data.
One of the visions of THEKEY project is to manage data transactions in a combined network environment through smart contracts, and to produce a transparent and secure cross-organizational network where governments, healthcare companies and other organizations are able to share sensitive information. This will help customers to make use of their personal data assets. Over personal authorization, an individual can profit from sharing personal data with medical associations, pharmaceutical firms and insurance companies, while these institutions can deliver more quality and correct medical services based on the personal data.
THEKEY project forms the unique digital identity and corresponding public and private key for the users with the Blockchain Based Dynamic Multi-dimension Identification (BDMI) as the core. Afterwards the local node on blockchain will extract the PII in accordance with the data desensitization and data order rules. The delicate data will be encrypted, while the desensitized data will be sent to the server and recorded on blockchain. After the pharmaceutical and insurance firms send the request through THEKEY system, the user can carry out a long-term or temporary authorization regarding his/her personal data, at that moment the system triggers and implements the smart contract, and execute the transaction based on the smart contract.
Thekey (TKY) Utility
At present THEKEY has real world use for various markets in China. Insurance agencies, Government agencies, the Health companies and etc. are already using the product to identify and monitor usage of hundreds of millions of citizens in the country. A large amount of copyrights and patents have already been gained for the product.
THEKEY uses blockchain technology to deliver absolute assurance that the user is who they say they are. Using at least six strong elements, including government data and biometrics, it provides an identity verification that can be used by government agencies and private organisations. Initially targeting a China, THEKEY aims to replace paper established identity requirements, which may be lost, stolen or forged, through a single secure solution.
Thekey token already has an enormously close working relationship with multiple branches of the Chinese government and is being actively pushed by them to continue development of this technology. From the outside, it looks to be one of a few blockchain services with high level of Governmental authorization and support.
This is a scenario where the human resources and social security (HRSS) data is applied to the smart contract in THEKEY project
Advantages of THEKEY
As a result of this success, The THEKEY has already received 23 copyright certificates, 15 patents that have been accepted by SIPO (State Intellectual Property Office of China) and are being certified. In 2017, the THEKEY project was named the highest technological blockchain solution in China. Six national test centers have been established jointly with state institutions, banks, insurance companies and one university. Commercial agreements with leading world companies are concluded.
THEKEY has 3 advantages over other existing IDV products:
- More trustworthy results — Supported data is collected in real time, is comprehensive, accurate and reliable. Data are also pre-approved by government agencies or other government agencies.
- Lower cost. Full use of existing data sources. Prevent duplication of work to collect, process and authenticate data.
- The best user interface. Individual users do not need to install any application or download any information.
Token THEKEY (“TKY Token”) is a very significant factor of the ecosystem — this is the only way for concluding smart contracts among members of the THEKEY ecosystem. Tokens TKY will be received not only through the purchase of tokens during the sale process, they can also be earned. Individual users, service providers and validators can achieve valuable actions in the THEKEY ecosystem, in order to earn TKY tokens.
When the TKY tokens are released, individual users can use them to purchase identity-related products and services that will be developed at a future stage of the THEKEY development, for instance, to keep personal verification or access to individual credit reports, etc. The service providers will pay TKY to the validators in the process of purchasing the IDV service. Additional validators will also deliver their products and services associated with identification, through the ecosystem. In addition, THEKEY will also use the TKY tokens to pay to other validators or data providers when collecting data to improve the overall accuracy and completeness of the PII for IDV processing.
- Total number of tokens 10,000,000,000 TKY
- Tokens for sale: 5,100,000,000 TKY
- Softcap: $ 6,600,000
- Hardcap: $22,000,000
- 1 BTC = 1,000,000 TKY
- Preliminary allocation: January 15, 2018 (current)
- ICO: February 1, 2018 — February 28, 2018
Milestones and Roadmap
THEKEY has already been working on this project for three years. The company has worked through the tough original phase of many unknowns and developed a winning product, already in use today by hundreds of millions of users. Their aim with this ICO is to take that established product, add in the advantages from the blockchain and continue to roll it out to larger markets.
They have given themselves 6 months to develop a test product, and then a further 6 months to test that, before launching on main net. Whereas China and their Government is clearly the initial target market, THEKEY have been talking to other organisations and foreign governments as well.
The Project Team has already achieved the following
- NOV 2014: First-generation IDV product raised seed fund.
- DEC 2016 : PII data of 210 million people have been acquired covering 66 cities
- FEB 2017: DMI has been successfully tested and deployed; 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.
- OCT 2017: Headquarter of THEKEY Project is established in Singapore.
- 2017: THEKEY starts the new era of blockchain.
- JUNE 2018: BDMI is developed and under testing.
- 2018: BDMI’ proof of concept is accomplished.
- 2020: BDMI is deployed and realized across the world.
There are many international and local cooperation and companies working with THEKEY such as Ant Financial, China Re, China Unicom, China Minsheng Bank, Pingan, Units,
The team is the key to success
- CATHERINE LI BCH | CEO : As the Chairwomen and CEO of the Project, Catherine is responsible for policymaking and implementation of the Project.
- CHEN KUN | CMO : Dr. Chen is responsible for government and industry related affairs. His major achievements are
- XU GUOCHUN | CTO : Xu Guochun is responsible for product planning, development and evaluation.
- ZUO LIN | COO: Zuo Lin is responsible for product planning, development and evaluation.
- HUANG YULI | CDO: Huang Yuli is responsible for data cleaning & processing, knowledge base, data modeling and analysis
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