One of the better uses for Blockchain is for establishing identity. Once a person submits their KYC docs to a service, if the info is kept on the blockchain, it can be validated without the worry of any tampering. This is what has made Civic into the 220 mil token it is now. Civic though, does not have a huge user base yet. They are in the beginning of their development and are currently looking for partners to use their platform. Civic though, from what I can see, is more geared towards blockchain projects. So far, I’ve only seen it used in the verification KYC process for crowdsales.
The KEY is similar to Civic, except it is based in China and is focused on providing identity verification for healthcare and other sensitive government data. More so, they have access to records for more than 220 million Chinese in 66 cities and are already providing verification services for them. By the end of 2018 they plan to “150 cities with 500 million people.” The Key also has 21 copyrights and 15 patents, which “are mainly related to data processing and data standardization technology”
The Key is working to implement Blockchain Multi Dimensional Identification, an “undeniable and unalterable” system which will encompass the following 6 points.
- Unique biometrics data serves as the base of BDMI.
- BDMI data, including biometrics data, is used for IDV and is validated in advance by the relevant government authorities.
- The BDMI data used for IDV is comprehensive enough so that it can meet different requirements of various clients.
- To ensure the reliability of BDMI, a cross-check is always carried out during IDV between the government validated data and behavior/scene data of the same user.
- To ensure solidity of BDMI, BDMI always uses updated data when an IDV is executed, to capture the latest changes, if any.
- Once an IDV is completed the result will be properly documented for audit so that personal credit of the user can be evaluated and calculated.
To do all of this, The Key will use a system of smart contracts to facilitate the records and verify identity. It’s a pretty simple process, as an example, an insurance company wants to acquire IDV data on a potential client. They issue a request for that data to the person through The Key’s system and the user then has to allow the information to be released by providing fingerprint verification through their phone. Then The Key makes sure the request is valid and then also signs off on the smart contract. At the end, the smart contract is settled and the information is released to the insurance company.
I like this project for 2 reasons. First, Civic and Uport have shown that these types of services are needed and have market caps of 200+mil. Second, the hard cap was reduced to 17mil. Before, it was pushing 60 mil, however, due to the rise in BTC, the hardcap became excessive. I’m glad they reduced it to a better number. If The Key achieved even half of what Civic has done, which has less users and partnerships, then it should achieve something like 6-7x. In the best case it’s closer to 15x. Good enough for me 🙂
To top it off, The Key has a predominantly female team, something which is not usual for a blockchain project.
This is half right, they have raised the funds, but they probably won’t have a ICO now, everything will be raised privately.