The decentralized verification tool, THEKEY has entered into an agreement with CSIA among two other parties for the research security supervision mechanism of social security data socialization. Despite THEKEY ICO’s not so good start, this cooperation may turn out to be a good thing for it.
Research on security supervision mechanism of Social security data
THEKEY is one of the leading explorers of the security field in terms of social security data. This makes the participation of THYEKEY with the other parties in Social Security Data Socialization, of a great importance. It has been expected that participation of all the parties will result in remarkable achievements in the industry.
Recently, the representatives of THEKEY, China Unicorn, China Social Insurance Association (CSIA) and Tsinghua Unigroup got together in the headquarters of THEKEY to sign the Cooperation Agreement. This was followed by an in-depth discussion on the development as well as the implementation of the project.
THEKEY is basically a project that was introduced for the purpose of using Personally Identifiable Information (PII) to develop an IDV or Identification Verification tool by combining it with the blockchain-based dynamic multidimensional identification (BDMI).
PII is authorized by government authorities that either on its own or through other information, identify, locate or contact an individual.
Hence, the cooperation of these four parties aims to explore and promote the socialization practice of social security data in the commercial insurance industry by utilizing the BDMI technology makes it something that warrants attention.
Guided by CSIA, Lead by THEKEY
All the four parties reached the agreement on the following issues, under the guidance and supervision of CSIA:
- How to improve an insured’s social security level through exploration and practice
- How exactly to explore the supervision mechanism along with the security standard of social security data in Internet, credit, finance and commercial insurance scenarios
CSIA has entrusted THEKEY to be the leader of the project that will work jointly with the other parties on the socialization application of the social security data. This will be based on the professional understanding of the social security and human resource business along with a practical experience of the socialization of the implemented social security data in particular regions.
As of now, THKEY has the practical experience of DMI that is dynamic multi-dimension identification in a number of cities that connects the personal identity data of about 200 million people in approximately 66 cities. All of this has also been authenticated by their related government authorities on a real-time basis that provides a sturdy foundation for the research.
All the parties involved in the project will be making the arrangements as per the progress of the project. Moreover, they will implement and organize the reports along with making the further deployments as necessary for the next step of the project.
THEKEY’s Initial Rocky Start left investors in doubt
Initially, there has been a lot of controversy surrounding the THEKEY ICO, what has been considered the most promising ICO of the quarter left many unimpressed. A lot of factors contributed to this, such as a drastic difference between the people who were accepted into the ICO to the tokens offered for the sale, dodgy communication with the investors and the message sent to the investors that THEKEY’s website is under the DDOS attack.
No doubt, THEKEY had a rocky start but it seems like it is now going in the direction to finally make it uphill.
What are your views on the THEKEY’s collaboration with these parties for social security data socialization? Let us know your thoughts below!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.