THEKEY MVP/Testnet is Launched

BEIJING, May 29, 2018 /PRNewswire/ — On May 28^th, THEKEY released MVP/Testnet Progress Report and Technical Report, which aroused intense attention.

Back in November 2017, THEKEY has released the White Paper “A Decentralized Ecosystem of An Identity Verification Tool Using National Big-data and Blockchain”, and in late December of the same year, they followed with the release of “MVP Development Plan”. These two documents outlined the plan where THEKEY proposed the development of a Blockchain based Dynamic Multi-Dimension Identification (BDMI) technology in order to solve a fundamental issue of the digital world by providing “undeniable” and “unalterable” identity verification (IDV) services. As indicated in previous months, THEKEY project team would work to complete the feasibility study for BDMI in order to build a solid foundation for its future application and promotion through the development of a minimum viable product (MVP) by the end of June 2018. Actually, THEKEY has accomplished MVP on April 30th, significantly ahead of the schedule and at the highest quality.

The achievement of MVP has received tremendous positive recognition, from the government as well as the KOLs involved in internal and external review as claimed. Following is the progress report for the MVP. 

BDMI is a decentralized ecosystem consisting of both Dynamic Multi-Dimension Identification (DMI) technology and blockchain technology. The ecosystem consists of three primary participants (the validator, the service provider and the individual user), smart contracts and TKY tokens. The development of the MVP is based on the application scenario of “Smart Medical Insurance Pay” which requires a complicated IDV process. The experimental research focuses on 8 key steps and 3 critical elements of BDMI, which is outlined below:  

1. The hospital, as the service provider, triggers an IDV request for certain aspects of a given individual user’s medical history as requested by the medical insurance agency.
2. The individual user (i) accepts and confirms the IDV request by confirming his / her biometric data through THEKEY application or through terminal device reader equipment provided at the hospital and (ii) approves the Smart Contract between the hospital, THEKEY and himself / herself.
3. THEKEY then reviews the IDV data request sent by the hospital against the Know Your Customer (KYC) policy of the relevant industry to justify if the data request is reasonable.
4. THEKEY will compare and check the biometric data provided by the user against the relevant comparable data validated by the government and it will also cross check that biometric data against the latest Personal Identity Information (PII) data, behavior data as well as the location data of the given user. These are all automatically settled through encrypted interfaces.
5. Once THEKEY has verified the validity of the user’s ID, the IDV process will continue. Relevant PII like the user’s medical history will be collected as outlined by the Smart Contract. THEKEY will then provide its verification of the result on the blockchain, so that the medical insurance agency can then use it for its Claim Processing Automation (CPA).
6. The Smart Contract will be settled by TKY Tokens.
7. At the same time, all previous calculations and checks will be recorded for any future data audit.
8. The credit of the user will be regularly evaluated and calculated through the above-mentioned data audit.

Through the development and testing of the MVP, the following initial conclusions could be made:

• First, “undeniable” and “unalterable” online IDV results were generated for the first time in the world through BDMI technology. BDMI embraces 6 elements simultaneously to realize EA5 (e-authentication-5) level IDV services. Since IDV is fundamental to establish mutual trust in the digital world, it is believed that BDMI will become an underlying layer that will facilitate the development of blockchain technology and the digital economy.
• Second, the storing of private keys on mobile phones is of concern as mobile phones are easy to lose, can be used by others fraudulently and are costly. Thus, THEKEY adopted a 5-pillar private key management system that directly triggers the signing of a smart contract and token circulation. Although the 5-pillar private key management system still needs to be further improved, the initial results appear to provide a great starting point for a feasible solution for private key management, deviceless IDV and deviceless payment.
• Third, for the first time, THEKEY integrate IDV and digital wallets to form a real identity wallet (RIW). THEKEY believe this real identity wallet technology will play an important role in anti-money laundering applications, which can lay a solid foundation for the healthy development of cryptocurrencies and the digital economy.

In this phase, THEKEY focused on establishing the baseline technical feasibility proof. For the next stage, they will focus on improving the performance, efficiency and reliability of BDMI technology. In addition, THEKEY understand the vital need to have equipment which is trusted and secure to underpin any of the work BDMI technology will be based on, and thus they look to develop exclusive hardware devices in the future.

Two smart contracts (certification contract and payment contract) have been developed in the MVP phase, which have been released on the NEO testnet.
Check certification contract scrip harsh value: 0x33ee36c712b37df8acfbda4a1beb165e100ed3e0
Check payment contract scrip hash value: 0x2e05dc2c1d5780b3b7698944d0a59b3dc51efde3
View more information: https://www.thekey.vip/#/AnnouncementDetail/6a98ac0f472f6a98ac0f4731asw10705

About THEKEY:

THEKEY is a decentralized ecosystem of an identity verification tool using national big-data and blockchain. THEKEY project team is now developing an identification verification (IDV) tool with blockchain based dynamic multi-dimension identification (BDMI) by using Personally Identifiable Information (PII) which is exclusively authorized by government authorities.

For more information, please visit:
Website: www.thekey.vip 
Twitter: https://twitter.com/thekeyvip  
Telegram: https://t.me/THEKEYOFFICIAL

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