Categories: EducationFAQ

What Is THEKEY?

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.

Related Post

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.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

4 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

4 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

5 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

5 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

9 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

10 hours ago