THEKEY Project is now developing a second-generation IDV solution for the internet via BDMI technology. BDMI stands for “Blockchain based Dynamic Multi-Dimension Identification” technology. Such a solution perfectly echoes the main requirements for identifying each other in the digital world, which is ‘The Key’ for migrating people from the real world to the online world.
Why is blockchain technology applied in THEKEY project?
BDMI, as the name of it, synergistically combines Dynamic Multi-Dimension Identification (“DMI”) technology and blockchain technology.
The results generated from the existing IDV technologies, which have been developed and applied on the internet, could be denied and altered. Blockchain uses an asymmetric cryptographic algorithm, ensuring the data transmission and the safety in utilization, which is characterized by several features e.g. immutability, irreversibility, security etc. In particular, smart contracts are realized by programmable scripts, increasing the practicability of Blockchain. With those features, the application dilemma of identity verification technology is overcome. The results generated from BDMI will be undeniable and unalterable.
DIFFERENCES & ADVANTAGES
By leveraging government’s PII and blockchain technology, in addition that the results generated from our IDV is neither denied nor altered, there are 3 undisputable advantages comparing to other existing IDV products:
-More reliable results-The supporting data is gathered in real time, is comprehensive, accurate and reliable. The data is also validated in advance by government agencies or other public institutions.
-Lower cost-Full use of existing data sources. Avoidance of duplicate work for data collection, processing and authentication.
-Better user experience-It is not necessary for individual users to install any application or upload any information.
What is THEKEY token distribution plan?
To fuel the development of the next-generation IDV solution and expansion of THEKEY Ecosystem, TKY tokens are now introduced and available for distribution. There are 3 phases in the distribution plan – the Private Distribution with 3 tranches, Pre-Distribution stage and the international distribution stage (“Distribution”).