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THEKEY project team released “THEKEY MVP/Testnet Progress Report” which outlined the development progress of the Blockchain Based Dynamic Multi-Dimension Identification (BDMI) on May 28th, 2018. 6 months later, THEKEY has successfully completed its Mainnet development which was set to finish at the end of December this year, far ahead of its original schedule.
The following three achievements with regard to the development of the BDMI Testnet were disclosed in May:
First, “undeniable” and “unalterable” online Identity Verification (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.
Second, THEKEY adopted a 5-pillar private key management system that directly triggers the signing of a smart contract and token circulation. The initial results appear to provide a great starting point for a feasible solution for private key management, deviceless IDV, and deviceless payment.
And third, also for the first time, THEKEY was able to integrate IDV and digital wallets to form a Real Identity Wallet (RIW).
Due to the abovementioned achievements, THEKEY project team was awarded the “Technology Innovation Award of 2018 Chinese Government’s Information Product” at the China International Big Data Industry Expo on May 26th, 2018. Along with the Ministry of Human Resources and Social Security (MOHRSS), the largest insurance agency in the world, THEKEY launched the National Laboratory of Application of Blockchain in Social Insurance on June 30th, 2018. Additionally, on October 9th, 2018, with support of both the central and local government, THEKEY began to deploy BDMI as the IDV solution for Guizhou Pension Program, serving 35.8 million people and as a national pilot.
Against this background, THEKEY project team has developed the BDMI Mainnet which focuses on the following two aspects based on the BDMI Testnet:
First, THEKEY has focused on improving the performance, efficiency, and reliability of BDMI technology based on what has already achieved so that it can be implemented in real-world applications as soon as possible.
Second, from the development of the BDMI Testnet, THEKEY understands the vital need to have a Trusted Execution Environment (TEE) and a Secure Environment (SE) to underpin any of the work BDMI technology will be based on. Therefore, they have also conducted a feasibility study on potential proprietary hardware devices while concurrently developing the Mainnet.
THEKEY has released the Technical Report of the BDMI Mainnet Deployment and the relevant code has been uploaded to GITHUB according to the team.
As stated by Catherine Li, Chairwoman, and CEO of THEKEY, due to a variety of factors from increased regulation/supervision from governments to the downturn in the cryptocurrency markets, many of the early participants of the cryptocurrency and blockchain industry have entered a difficult time period with many “crypto celebrities” and blockchain projects vanishing from the ecosystem. “Our team still remains true to our original aspiration and we keep our mission firmly in mind, while we continue our journey through all the turbulence and hardships. We firmly believe THEKEY is and will continue to be one of the strongest projects to come out of the current turmoil and volatility.” She said.
THEKEY is a decentralized ecosystem of Identity Verification (IDV) tools integrating national big-data and the blockchain. THEKEY’s project team is now developing its identification verification (IDV) tool with blockchain using its proprietary Dynamic Multi-dimension Identification (BDMI) platform, uniquely using Personally Identifiable Information (PII) that has been exclusively authorized by the Chinese Government. THEKEY token (TKY token) is the only method by which to settle smart contracts signed between all participants across THEKEY Ecosystem. THEKEY mainnet was launched in November, 2018. TKY is currently tradable across a number of exchange platforms such as HitBTC, Bit-Z, KuCoin, Lbank, Coinrail and LATOKEN.
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