THEKEY Project, a world-leading solution provider in IDV industry, is here to leverage innovations in Blockchain and Smart Contract technologies to develop its second-generation IDV solution to address all the above-mentioned issues in the internet world.
THEKEY smart contract system will use NEO smart contract, and develop under DNA framework. THEKEY will co-establish a smart economy which consists of digital asset, digital identity and smart contract together with NEO. Focusing on identity verification, THEKEY will be the fundamental element of the whole system.
The compatibility of NEO towards multi-programming language and the lightweight, high concurrency and expansibility of NEOVM will facilitate THEKEY smart contract development and popularization in various industries.
The second-generation IDV solution will be realized by BDMI technology. BDMI stands for “Blockchain based Dynamic Multi-Dimension Identification” technology, which aims to set up a powerful and cost-efficient identity verification tool for the internet. The ultimate objective of BDMI is to generate undeniable and unalterable IDV results. BDMI embraces the six elements below simultaneously to deliver the perfect solution for IDV:
- Unique biometric data serves as the base of BDMI.
- The key data of BDMI used for IDV, including biometric data, are all validated in advance by the relevant government authorities.
- The data of BDMI used for IDV are comprehensive enough so that it can meet the different requirements of various clients.
- To ensure the reliability of BDMI, cross-checking is always carried out during IDV, between the government validated ID data and behavior data and scene data of the same user.
- To ensure solidity of BDMI, BDMI always uses updated data when an IDV is executed, to capture the latest changes, if any.
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.
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.
HOW THEKEY Project Works
BDMI is a combination of two technologies, i.e. DMI and Blockchain.
Instead of setting up a centralized database for IDV solution THEKEY deploys its DMI System within the Information Centers of provincial or municipal governments. The biggest advantage of such deployment is avoidance of duplicate work for data collection, processing and authentication.
DMI system deployed in different cities focus on processing the centralized acquired data and mainly includes five modules as indicated hereunder:
- Data Collection Module. It is based on ETL technology, which enables data extracted from different data resources, transformed to a uniformed format and upload to a central site. IDV based on the existed data can avoid the reduplicative cost on data collection, data processing, analysis and data verification.
- Data Standardization Module. Once the data is collected, it needs to be standardized before it can be properly used. In data standardization module, two sub-modules are important, as indicated below,
1) Communication Protocol Standardization module. This module carries out an interactive transmission of the information among different data systems. When there is an information exchange between different systems, the module will fulfill the information visit and exchange by standardized communication protocol. The flow chart below illustrates how this module works.
Along with the development of second-generation IDV solution, facilitated by token sales, THEKEY Project team intends to develop THEKEY Ecosystem for providing IDV service (the “Ecosystem”).
The THEKEY Ecosystem will be a decentralized autonomy community, which will consist of three components of participants, (Validator, Service Provider and Individual User) Smart Contracts and TKY Tokens. The objectives of setting up THEKEY Ecosystem are, 1) to develop a healthy environment where PII can be properly used and protected, 2) to provide financial incentive to the participants in the Ecosystem.
FUTURE WORLD WITH THEKEY
In light of the rise in e-commerce and increasingly digital lives, the need of IDV service has spilled quickly over every sector. THEKEY Ecosystem is a perfect platform using BDMI technology built on a distributed model with multi-parties attestation and fueled by TKY Token.
It serves as the fundamental layers to other ecosystems, either on-chain or off-chain. The individual end users do not need to make any effort to prove who they are, such as credit card, keys or mobile phones for IDV purpose, but by simply connecting into THEKEY Ecosystem.
The THEKEY project has been prospected since 2015, aiming to provide a state-of-the-art and admirable user experience for IDV solution.
The great success of our first-generation IDV solution based on DMI technology has proven the strong ability and commitment of THEKEY Project Team to deliver the second-generation IDV solution, as well as the massive commercial value in such a promising and expandable market.
Currently, THEKEY Project team envisions that a new decentralized ecosystem for everyone’s daily life will be generated by utilizing the combination of the existing developed technology and Blockchain technology.