We’ve seen a growing number of blockchain projects focus on providing digital identity services. THEKEY is one such project, as it wants to create a decentralized ecosystem of identity verification tools. It appears this venture has caught the attention of the Chinese government as well.
The Concept of THEKEY
On paper, THEKEY offers a more than valuable solution to the online identity management problem. As of right now, there is no convenient global solution addressing this issue, although progress is being made in the blockchain industry as we speak. THEKEY focuses on an identification verification tool with blockchain-based dynamic and multi-dimension identification. It relies on Personally identifiable information which is solely authorized by government authorities.
How Does it Work?
Leveraging governments’ identification information and blockchain technology will allow for immutable records, which is beneficial to all parties involved. Additionally, the group aims to provide more reliable results in this way, as data is gathered in real time. Moreover, the information is prevalidated by government agencies or other public institutions, depending on the exact source of the information.
Using the blockchain makes it possible to reduce the overall cost of this venture. With the full use of existing data sources and the evidence of duplicate work, THEKEY hopes to reduce costs by a large amount in the future. This blockchain-based approach will also benefit the consumer in the end. With no requirement to install any additional software or upload any information, everything will look and feel a lot more streamlined.
So far, THEKEY has been of great interest to a lot of companies and service providers. They have obtained over 20 copyrights, and 15 patents have been accepted by China’s SIPO. Moreover, the first-generation identity verification solution is currently in use for mobile insurance in two pilot cities. Personal identity data from over 210 million people is connected to THEKEY on a real-time basis as of right now. All of this shows that the project is quite appealing and will only be more frequently used in the future.
The TKY Token Explained
Blockchain platforms usually have their own native tokens worth keeping an eye on. In the case of THEKEY, that token’s abbreviation is TKY, and it is used to settle smart contracts on the native blockchain. It is expected that there will be significant utility to the TKY token, as it is needed for security checks, access permissions, medical treatment, et cetera. Only time will tell if things will play out in a positive manner for TKY, but it seems to be a viable token for this ecosystem.
The Road Ahead for THEKEY
Looking over the project’s website, it is evident the team is working on a few things as of right now. Their current objective is finalizing the blockchain-based dynamic multi-dimensional identification feature and ensuring that it can enter the testing phase in the next few months. The proof of concept for blockchain-based dynamic multi-dimension identification should be accomplished by the end of 2018, which is also something to look forward to.