Why TheKey will disrupt identity with its NEO blockchain based identity tool

kadvani1 (30)in #neo • 6 years ago (edited)

Why TheKey will disrupt identity with its NEO blockchain based identity tool

Background

The internet has profoundly altered the systems of human interaction and commerce- changing nearly every aspect of how our society operates. While this has opened up a world of opportunity in the public and private sectors, the rise of scams and identity fraud has led to nearly as much grief caused as progress. What if there was a way to identify individuals that was both undeniable and unalterable? Enter: TheKey: a blockchain-based identity verification solution with vast commercial and social value.

What is TheKey?

Put simply, TheKey is a powerful Identity Verification Tool (IDV) that will revolutionise our ability to recognise individuals both online and in real life. Whether gaining access to your home, logging into your bank account or clearing customs, TheKey will cross-reference all available data to justify your identity and provide an unimaginable level of verification. Your identity will be a fluid, comprehensive body of data that lies totally secure on the blockchain, with applications in nearly every industry imaginable.

Based on a decentralized, blockchain-based (NEO) ecosystem, TheKey will be an invaluable tool both to private corporations, individuals and even governments as a means to secure and streamline any process that requires identity verification. This is the offspring of TheKey’s first generation IDV solution- securely connecting more than 210 million people’s personal identity data across dozens of cities.

The ecosystem will be used by 3 participants:

Validators who process the IDV request (TheKey, government entities, financial institutions, and more)
Service providers that initiate the request
Individual users that give consent to their identity being processed

Their smart contract system has crafted an environment that rewards all parties involved with the TKY token when IDV requests are sent and verified(see diagram below). This gives their token enormous utility value; being handled by nearly every level of society. Corporations and large organisations are not the only players rewarded; for instance a user may choose to sell their data to an insurance company in return for a reduction on their premium. Given the limitless potential for TheKey’s expansion into wider society, the value of the TKY will only increase exponentially.

What problem does it solve?

Currently, identity verification relies on rudimentary, inefficient and ineffective methods that will never be able to fully protect an individual’s access to data, information or funds. For instance, gaining a credit card number and expiry date is all that is needed to steal a small fortune. While most banks have added an extra layer of protection such as a verification code sent to your mobile phone, they are still a grossly inadequate solution to securing your finances.

Transactions such as banking are incredibly simple in contrast to the bureaucratic and multi-layered steps to completing, say, a social medical insurance payment. These types of transactions are incredibly identity-sensitive, and rely on many layers of other identification methods that are easily forged or altered.

The issues caused by the impersonation of others cannot be understated; small-time peer-to-peer credit card or insurance fraud is the tip of the iceberg, with the disclosure of highly sensitive personal, or even national confidential information falling into the wrong hands.

On account of this, the world is plagued by issues related to identity fraud, causing untold grief and loss in every sector of society. TheKey has created an ecosystem to verify identity that is both undeniable and unalterable.

By co-operating with national and provincial governments, TheKey accesses medical, insurance, and social records on the blockchain as a multi-dimensional means to cross-check one’s identity. Coupled with fingerprint recognition, TheKey enables both the private and public sectors to instantly identify an individual’s identity with total accuracy. Everyone from insurance companies to governments will benefit from this technology as a rapid, seamless and secure way to conduct IDV.

What is the core technology?

TheKey’s NEO smart contract system will realise an economy based on digital assets, digital identities and smart contracts. TheKey’s Dapp exists on NEO, and solve these issues using BDMI- Blockchain-based Multi-Dimension Identification Technology.

To achieve this level of accuracy, BDMI uses biometric data as its base point of reference, using updated data that has been verified by the government authorities in question. An individual’s data will be multi-layered, so as to meet the requirements of whatever client requires identity verification. The system then cross-checks all levels of data: government-validated ID, scene and behaviour.

Summary

IDV might just be the best implementation of blockchain technology to date, creating a decentralised solution for an end-to-end identity verification method. This alone is enough to net an investment into their ICO, yet the real value of TheKey lies in their highly sophisticated ecosystem. Partnering with both the public and private sectors, the potential for scalability is meteoric as they have created a product that is beneficial to all parties involved.

With a stellar team, corporate partnerships, the backing and support of NEO and a widely successful first generation IDV solution in existence, the prospective value of this project cannot be understated. With contracts signed with world-leading firms, 23 copyrights signed and 15 patents obtained, TheKey is set to explode when it hits exchanges.