Editor’s Notes and Disclosure: The author holds no business stakes or dividends at the startup. This article is an informative one. Both the author and Decentral Magazine encourage our readers to seek advice from a financial advisor and do their due diligence before considering any investment.
Identity Verification (“IDV”) is a day-to-day demand for an increasing number of institutions and individuals. Just think about when you open a bank account, shopping with your credit card, the request for showing that you are ‘you’ is happening everywhere, in every moment in the real-time. Growth figures for the identity verification (IDV) industry predict a 14 billion dollar market valuation by 2021. Creating a totally secure, identification system sounds like a futility at this stage, but with blockchain technology, THEKEY has set out to do just that.
THEKEY, is an identification verification (IDV) tool in active development. The project seeks to create a blockchain-based verification system using personally identifiable information (PII) that is exclusively authorized by government authorities. Basically, THEKEY will take personally identifiable information from governments, then place that information on blockchain technology.
This project attempts to resolve one of the major issues due to moving more into a digital format. It can be relatively easy for people to carry out online transactions using a false identity. While there have been other attempts to resolve this issue, this project’s approach is interesting. THEKEY system will use NEO smart contract platform, and develop a DNA framework. THEKEY will co-establish a smart economy which consists of the digital asset, digital identity, and smart contract together underlayed by NEO. Focusing on identity verification, THEKEY will be the fundamental element of the whole system.
The second-generation IDV solution will utilize BDMI technology. BDMI stands for “Blockchain based Dynamic Multi-Dimension Identification”, which aims to set up a powerful identity verification tool for the internet. The ultimate objective of BDMI is to generate undeniable and unalterable IDV results.
An Individual User pays a health care provider TKY to submit a health insurance claim. The service provider pays TKY to Validators to purchase their IDV service. Any new data that Validators collect from the submission utilizes TKY to the trade data with other Validators. accordingly, any new data from the Individual User (such as medical record updates) is rewarded to the User with TKY.
THEKEY is a stellar project in every aspect. The team have proven track records in their respective fields and already achieved a significant milestone together. Also, Partnerships with some of China’s biggest enterprises, serve to further extend the scope of the project’s potential in a number of different markets.
Founder and CEO, Catherine (Xueli) Li’s expertise rests at the intersection between computer science, data analytics, and healthcare. She has worked with IMS Healthcare as a senior manager, for nearly a decade. As of two years ago, she has been CEO of Ebaonet Healthcare Information Technology.
THEKEY Token Sale
- Token: TKY
- Pre ICO Start: November 01, 2017
- Pre ICO End: January 15, 2018
- ICO Start: February 1, 2017
- ICO End: February 28, 2018
- Min transaction: 0.1 BTC
- Token price: 1 BTC = 1,000,000 TKY
- Hard cap: 22,000,000 ETH
Token investment attractiveness
The personal identity management (PIM) market was estimated to be worth $6.5 billion in 2015 and is expected to grow at a CAGR of 20% to reach $34 billion in the next seven years.
THEKEY’s IDV pilot project using government data is already operating in two Chinese cities. Furthermore, Customers use the system to receive pension payments and healthcare insurance reimbursements. Meanwhile, efforts are being deployed in order to establish the IDV project in more cities. The ultimate goal being to integrate the existing offchain infrastructure with the onchain protocol later in 2018 once the product is ready. The successful scaling of the offchain product speaks to the promising nature of the business model.
THEKEY seeks to create an (IDV) tool on the blockchain, using data collected directly from government sources by utilizing the combination of the existing developed technology and Blockchain technology.