THEKEY

THEKEY Platform: Using Blockchain Technology to Enhance Digital Identity Verification

THEKEY Platform Addresses the Current Inadequacies of Online Identity Verification Processes by Leveraging Blockchain Technology

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By Block Society

THEKEY Platform

 

THEKEY is a new blockchain project that has developed an Identity Verification tool that combines centralized government identification data with blockchain technology to provide a more efficient, cost effective, and accurate way to identify individuals in the digital world.

Current Identity Verification tools allow fraud to permeate. For example, if an individual steals another person’s cell phone and credit card, a company requiring the individual to input a code received via text message through two step verification to complete a transaction fails to ensure the individual is the lawful owner of the credit card.

THEKEY resolves these issues by validating an individual’s information using centralized data from local and state governments.[1] Many industries require customers to verify their identities before completing purchases. THEKEY works by allowing companies to request Identity Verification services, at which point the consumer accepts the request by using their fingerprint in THEKEY app and signing a Smart Contract.[2]

To protect against unreasonable Identity Verification requests, THEKEY will compare the service providers request with the current Know Your Customer policies of the relevant industry. THEKEY will then use encrypted interfaces to compare the individuals fingerprint with validated government data and cross check it with PII, behavior, and scene data. Once the user’s identity is successfully verified, the service provider will receive the relevant information outlined in the Smart Contract and THEKEY will approve the transaction on its blockchain.[3]

 

THEKEY works by allowing companies to request Identity Verification services, at which point the consumer accepts the request by using their fingerprint in THEKEY app and signing a Smart Contract”

The Smart Contract will be completed and settled using THEKEY’s platform token, TKY, and the information will be stored on the blockchain for future audits.[2]

THEKEY uses its proprietary technology, the Blockchain-based Dynamic Multi-Dimension Identification (BDMI) to perform its Identity Verification process.[3]

THEKEY has partnered with the Ministry of Human Resources and Social Security of the People’s Republic of China and the China Social Insurance Association to utilize THEKEY’s BDMI and platform in the Chinese insurance industry to allow service providers to quickly validate consumer identities online. The China Social Insurance Association is the largest insurance entity in the world.[4]

Individuals will retain complete control over their PII data, such as the use of their fingerprints. Users can opt out of sharing this data at any time.[5]

Users can only use TKY tokens to settle contracts and can buy or earn TKY. Users can earn TKY by providing data. In the future, TKY can be used to buy additional services on THEKEY platform such as background checks.[6]

 

 

[1] THEKEY. October 2017. Whitepaper. https://www.thekey.vip/#/homePage. 4.

[2] Ibid 5.

[3] Ibid 6.

[4] Ibid 6.

[5] Ibid 3.

[6] THEKEY. July 5, 2018. THEKEY, a historic breakthrough by being the first ever to use the blockchain technology to improve the lives of magnitudes of populations in social insurance.https://medium.com/@thekeyvip/thekey-a-historical-breakthrough-by-being-the-first-ever-to-use-the-blockchain-technology-to-45a399440937

[7] Ibid 23.

[8] Ibid 21.

 
 

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