We’ve got quite used to the fact, that we currently perform via the Internet a significant number of activities, directly related to our identities. Like paying bills, making online purchases and money transfers, registering businesses and taking loans. It rarely occurs to us though that so far there is no secure and reliable system in place to protect our identities online. The services, identifying who we are, rely on such flimsy evidence as credit card information, or passport scans. The information that can be easily counterfeited or stolen. As an example, I can refer to my observation of the black market, where hundreds of thousands of passport scans were traded wholesale. This is really something that’s incredibly easy to steal; meanwhile many online services and platform accept it as a valid identity proof with all the legal implications. The point is, we urgently need a secure and reliable mechanism for verifying user identities online before the things got really messed up.
TheKey is a platform that intends to solve this problem using the biometric data stored in the existing government databases combined with the cross-checks and data audits to ensure a high-level accuracy. The project is founded by Catherine (Xueli) Li – a successful Chinese entrepreneur. Although it might sound like an overambitious idea, the key thing is that the project is developing in a close connection with the Chinese government. The company is officially authorized by the Ministry of Human Resources and Social Security and is currently working with the data of 200 million people in 66 cities in China. The citizens can already use the platform to access the services of hospitals and pharmacies, check their medical fees, or apply for medical insurance.
TheKey implemented the Dynamic Multi-Dimensional Identity (DMI) framework responsible for the collection and systematization of user data as well as providing communication mechanisms facilitating data exchange among various systems utilizing such information. The usage of blockchain technology allows to make the storage and exchange of data more secure and reliable. The data the system operates with is not acquired solely from the user, but rather it’s a combination of information from the user and the data from the official sources verified and validated by the public authorities.
Currently, TheKey is conducting a Pre-distribution of TKY – tokens, used for conducting transactions within TheKey platform. 51% of 1 billion issued TKY tokens are reserved for distribution during the upcoming ICO.
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