The Business Restructure with the Identity Verification based on THEKEY self.NEO
by TheKeyVIP
https://www.reddit.com/r/NEO/comments/7gke0m/the_business_restructure_with_the_identity/Recently, THEKEY project team has made an official announcement about establishing an Identity Verification (IDV) ecosystem based on blockchain. The results generated from the IDV system are undeniable and unalterable. The team embraces more than 20 years’ experience on processing and developing individual Big Data. Currently, THEKEY has connected personal identity data of 210 million people in 66 cities authenticated by the relevant government authorities, on a real-time basis. The team has already obtained 23 relevant copyrights, and 15 patents have been accepted by SIPO (State Intellectual Property office of the P.R.C) and start attestation process. The combination of blockchain technology and IDV will pave the way to migrate people from the real world to the online world.
Since the birth of Internet in US, it has been defined as virtual world or cyber world. However, the online world cannot be separated from the real world. By using emails or online payment methods, the virtual identity has always been a projection of the real identity. As the mobile payment, IoT flourishes, the need for identity verification is getting more and more urgent.
With personal authorization, individual in the real world and the internet world will be tightly connected. The people who are willing to share their Personal Identity Information (PII) will obtain the unprecedented convenience in their life.
Part 1 Insurance
The blockchain can record personal life cycle medical records, property information, and even their parents’ medical records. With personal authorization, an individual can complete the health insurance service all by himself, from insurance contract signing, underwriting, to the rapid settlement of the claims. Due to the whole process self-service and personal health data, the insurance premium can be significantly reduced. On the other side, for the insured who hasn’t shared his personal medical data, the premium will be increased.
Part 2 Micro Transactions
Payment via mobile or bank card is not safe enough. In the future, the security of payment will largely rely on biometric authentication and personal behavior identification, such as the identification through facial recognition, fingerprints, finger vein as well as iris. Chinese government authorities have been gradually collecting the abovementioned information. What we need to do is to record it on blockchain with personal authorization. To verify the transaction through personal behavior record is very effective, for example, a person went to a hospital in Guangzhou and wiped his medical insurance card at 9:00 am, which has been recorded on the blockchain, while the same person was attempting to make a payment in Beijing at 9:05 am. The later transaction shall be terminated due to the high risk of fraud. In such circumstances, the individual information recorded on blockchain will be more secured.
Part 3 Commercialization of Personal Data
The personal data will no longer exclusively belong to the data center (such as the authorities, hospitals, banks, Alipay, etc), and it’s also not only for entertainment by sharing your daily steps or the photos while you enjoy a hearty meal, while it will be a very important source of income for an individual. Through personal authentication, personal data will be stored on the blockchain, and can be transacted through smart contract and asymmetric encryption system. All interest parties (such as insurance companies, banks, health institutions, auto industry and real estate industry) can purchase the personal data they are interested in through blockchain. For example, the revenue generated by sharing your medical record from last month can buy you a meal today.
The online identity is a holographic projection of the real identity. By providing a trustworthy, reliable and efficient IDV solution based on blockchain in various scenarios, THEKEY will reshape the business structure and generate great value of the individual big data.
For more information, please visit THEKEY official website:
www.thekey.vip or join the telegram for discussion:
https://t.me/THEKEYOFFICIAL
