THEKEY, an identity verification platform, held an AMA (Ask Me Anything) event on Reddit last December 7th and a similar one back in November 12th in the Telegram Community “NEO*NEP5”. Its most recent AMA event was held in the backdrop of its BDMI (Blockchain-based Multi-Dimension Identification) solution in anticipation of the launch of its IDV (Identity Verification) launch scheduled to take place at the beginning of the month.
On paper, the Blockchain-based Multi-Dimension Identification solution is being made to be used as a sort of bidding tool for the very first Virtual Social Security Card app in China which is all part of a huge data and medical insurance platform. The solution recently bagged the National Technology Innovation Award of 2018 Chinese Government’s Information Product” which was held at the China International Big Data Industry Expo 2018.
According to its progress report on Mainnet, the BDMI is being intended to serve as the main IDV solution for the Guizhou Pension Program. This program will serve more than 38.5 million people in China’s Guizhou Province as a pilot for disbursing pensions in the said area.
One of the questions asked during the AMA was about how people and governments would benefit from using the pension services being offered by THEKEY. Li responded by saying that using their BDMI technology would benefit everyone one through “accurate disbursement, avoid risk of fund fraud, waste and abuse”. This is on top of benefiting from up to 30% worth of savings in manpower reduction.
Government data is used by the IDV service for verification purposes with more than 210 million people from 66 different cities being authenticated by relevant government authoritative bodies in real time. Another question was also asked about how THEKEY’s token (TKY) will impact its ecosystem and how it can be used to better facilitate transactions between hospitals, insurance companies and other public enterprises.
Li answered this question by saying that TKY is the only option for solving smart contracts that are signed by participants in their ecosystem. This gives providers the option of either accepting tokens in exchange for services or buying them from exchanges. Li also added that public companies have an incentive to buy tokens in advance as this can help cover the costs of Identity Verification Services. This in turn can significantly lower down the costs of claim settlements and insurance underwriting.
Plenty of other questions were also asked about how the platform intends to accommodate the Chinese market as well as its overall scalabality. NEO is the platform that is currently being used by THEKEY for MVP purposes, although they claim that they do plan to build their very own public chain sometime in the near future.
They are also considering doing remittance transactions with a government backed RMB stablecoin if ever such an opportunity becomes available for government contracts. Li was also very optimistic about the success of THEKEY’s Guizhou Pilot Program and firmly believes that it has a pretty good chance of being approved by the Chinese Government.