THEKEY MVP/Mainnet Won a National Award in The China International Big Data Industry Expo 2019

GUIYANG, China, May 31, 2019 /PRNewswire/ -- From May 26 to 29, the China International Big Data Industry Expo 2019 was co-hosted by the National Development and Reform Commission, the Office of the Central Cyberspace Affairs Commission, the Ministry of Industry and Information Technology and the Provincial Government of Guizhou. Chinese President Xi Jinping sent a congratulatory letter on the successful launch of the Expo. As the highest-level big data summit, the Expo showcases the latest technologies and applications, including digital economy, data security, blockchain, AI, 5G etc., and highlights the eminent achievements from around the world.

THEKEY was granted a National "Technology Innovation Award of 2019 Chinese Government's Information Product" for its MVP/Mainnet product - Blockchain Solution for Multi-dimensional Elderly Survival Authentication (hereafter referred to as "the Solution"). It signifies the government approval for THEKEY's BDMI technology and achievement of Guizhou Pilot, and lays a solid foundation for the nationwide deployment in the near future.

The Solution utilizes blockchain and big data technologies and is exclusively developed by THEKEY. The proprietary IDV Engine developed by THEKEY is embedded and authorized to connect with multi-dimensional Personal Identity Information (PII) of the local Social Insurance System, Basic Medical Insurance System, Bureau of Civil Affairs, Public Security Bureau, Disease Control and Prevention Center, telecommunication companies, banks, transportation systems and customs. By cross-checking a large amount of PII from various data sources through the IDV Engine, the survival status of the pensioner can be accurately verified and a scoring system is adopted to determine the pension disbursement. Blockchain technology is applied to record and trace the overall authentication process, and guarantee data security by its "undeniable" and "unalterable" features.

The Solution began to be deployed for Guizhou Pension Program, serving 35.8 million people as a national pilot on October, 2018, as indicated in THEKEY MVP/Mainnet Progress Report. The Solution facilitates the Pension Program by releasing pension accurately and efficiently, therefore fundamentally reducing fraud, waste and abuse in the system, and meanwhile greatly improving user experience. The national award signifies the approval of THEKEY's BDMI technology and achievement of Guizhou Pilot from the central and local government, which is one month ahead of schedule according to the roadmap.

The Solution will be gradually deployed nationwide in the near future, and will be extended to more fields, including employment, poverty alleviation, and population census, enhancing people's livelihood, quality of life and national economy.

About THEKEY

THEKEY is a decentralized ecosystem of Identity Verification (IDV) tool integrating national big-data and the blockchain. THEKEY's proprietary Blockchain based Dynamic Multi-dimension Identification (BDMI) platform has been using Personal Identity Information (PII) exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method to settle smart contracts across THEKEY Ecosystem, which is tradable on HitBTC, Bit-Z, KuCoin, Lbank and LATOKEN, etc. THEKEY mainnet was launched in Nov 2018. THEKEY was granted the National "Technology Innovation Award of 2018 Chinese Government's Information Product"; won the International Competitive Bidding co-launched by People's Bank of China and Nanjing Municipal Government, and achieved social security data socialization and commercialization for the first time in Kaifeng, China.

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SOURCE THEKEY