Home / Crypto Currency / THEKEY: Announces Their Platform for Identity Verification and Pension Claims – Laying the Foundations for Real World Cryptocurrencies Use Cases

THEKEY: Announces Their Platform for Identity Verification and Pension Claims – Laying the Foundations for Real World Cryptocurrencies Use Cases

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Bitcoin Press Release: THEKEY’s Identity Verification (IDV) technology in the survival certification part of the pension claim has allowed the Forest Industry Administration of Heilongjiang Province (shortened to the Administration) to be much more efficient and accurate in releasing annual retirement pensions.

12th April 2018, BEIJING, CHINA: THEKEY’s tokens (TKY – tradable on KuCoin exchange under the TKY/ETH pair and additionally on Ibank also using the TKY/ETH pair. The token will be utilised in the second generation of DMI technology known as BDMI (Blockchain-based Dynamic Multidimensional Identification). The Testnet for BDMI is scheduled be released in the middle of this year, and the Mainnet is planned be released at the end of this year. There will be 3 components in the BDMI ecosystem: participants (validators, service providers and individual users), smart contracts and TKY.

TKY is the only method to settle smart contracts signed between the participants in THEKEY’s BDMI Ecosystem. Once the Validator, Service Provider and the Individual User all sign-off on the transaction via the smart contract, the parties will use TKY Tokens to settle the contract according to the agreed price and payment sharing plan. Services that currently utilise THEKEY’s DMI technology will gradually migrate to BDMI technology after the release of the Mainnet and after intensive pilot cities testing. One such service would be the one in use at the

Administration. As such, THEKEY has been laying an extensive ecosystem which will result in real world cryptocurrencies use cases. We will further explore below.

The Current Situation at the Administration

The Administration covers a total business area of 10.098 million hectares, 22% of Heilongjiang Province. It promotes the coordinated development of the forest zone’s economy and society as well as maintains the national forest’s resources to benefit the country and mankind. This is done through conservation, cultivation, and respectful usage of the forest resources.

The Zone is an important ecological asset for the Administration as it is a natural barrier for Northeast Asia’s terrestrial ecosystem as well as Northeast China’s great granary. The Administration is responsible for the arduous task of conserving and constructing the Zone’s area.

There are nearly 500 thousand insured people in the Zone who are mainly distributed in 9 cities of Heilongjiang region. The retirees in the Zone mainly live in the land of Longjiang, however there are many scattered throughout the large forest area.

Up until now, the process of obtaining a survival certification was very time-consuming and miserable experience for retirees located in the remote areas of the Zone or outside the province. The retirees, of which at least 30 thousand are over 65 years old, were required to make a difficult journey to the ID center. Once there, they then queued in very long lines at the on-site certification centers. This made the certification process tedious and time consuming which resulted in many complaints from distressed retirees.

THEKEY’s products in Use at the Administration

Since August 2016, the local social security bureau has employed THEKEY’s IDV technology in their “Social Security 123 App of Administration” to conduct certification via facial recognition. This has allowed the bureau to release 8 billion annual retirement pensions in a timely manner without undue stress on the elderly.

THEKEY’s IDV technology compares the pensioner’s face with that on their ID card. This can be done through a mobile phone, allowing retirees to apply for their survival certification from the comfort of their homes. The rest of the certification process (which requires cross examination of data from Civil Affairs, criminal records and the fatality database) can be completed without the retiree’s presence. This new IDV technology has greatly increased the certification process’ efficiency and improved the retirees’ standard of life.

Survival Certification of The Elderly in the Social 123 App

Based on the success of THEKEY’s product, THEKEY and the Administration are planning to expand it to online social insurance payments, medical online purchases and family mutual aid, etc. This partnership will allow THEKEY to explore the application of medical treatment based on personal credit, payment by installments of healthcare security and direct compensation of commercial insurance.

Visit the Website: https://www.thekey.vip
Chat on Telegram: https://t.me/joinchat
Join on Facebook: https://www.facebook.com/TheKey-1439094662870680/
Reddit: https://www.reddit.com/user/TheKeyVIP/
Join on Medium: https://medium.com/@thekeyvip
GitHub: https://github.com/thekeygithub

Media Contact
Name: Jit
Email: [email protected]

THEKEY is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Read more

Check Also

XRP Price is Slow to Respond to Coinone’s Remittance News

Even though there is still a lot of uneasy momentum in the cryptocurrency and digital asset industry, things will get very interesting by the look of things. The XRP price is on the rise once again, at least where its Bitcoin value is concerned. Noting any gains in US Dollar value remains an ongoing struggle. The XRP Price Battle for Control As is the case for any digital or crypto asset on the market today, finding any market stability will be an ongoing struggle. All of these markets are volatile by default, but the year 2018 has shown there are a lot more price changes taking place behind the scenes first and foremost. This has caused a fair bit of panic and a lot of uneasiness across all markets alike. As such, anything can happen moving forward. In the case of the XRP price, things are looking a bit interesting. Although there hasn’t been a solid breakout above $0.3 in the past few weeks, but the value hasn’t stayed below that level for long either. As such, one has to wonder how things will evolve moving forward. Today shows there is a slight increase in the XRP/BTC ratio, but a 1.2% decline in XRP/USD. Offsetting that loss shouldn’t be too complicated, but it may take some time to do so. When looking at social media, there is a big development taking place which is worth paying attention to. Coinone is offering a new service in South Korea which combines the power of XRP in the remittance industry. There have been high hopes for this digital asset when it comes to global money transfers, although this service will primarily focus on South Korea first and foremost. Coinone Transfer Offers South Korea’s First Blockchain-Powered Remittance Service | Ripple https://t.co/gVJZmorOWJ — 北尾吉孝 (@yoshitaka_kitao) December 11, 2018 The sentiment regarding XRP is only intensified even further when it comes to sending money around the globe. More specifically, a recent article on The Guardian claims how moving money through banks is both too slow and too expensive. Consumers are better off trying to take a suitcase of cash with them at all times. XRP Can vastly improve on this situation, especially with multiple companies tapping into this asset for this exact purpose. This is why #xrp will be the standard #XRPTheStandard https://t.co/cO0Zi39Wtt — Alex (@alex1701a) December 11, 2018 Melle Zegel is bringing up some nostalgic sentiment by reminding people how the XRP price soared in three weeks during the final month of 2017. Although this was only a year ago, the situation today looks very different indeed. Although there is a very good chance all markets will bounce back at some point, it is increasingly difficult to predict when that will happen exactly. How sweet was the 3 weeks #XRP bull run starting exactly a year ago, last 11 months have been the opposite. Still #0doubt for #xrpthestandard pic.twitter.com/NS2ambOyoA — Melle Zegel (@melzeg) December 11, 2018 Based on the real-world momentum involving XRP, one would expect the market to rebound fairly soon. However, all markets are primarily dominated by speculators and traders, which do not necessarily pay much attention to anything that doesn’t help them take advantage of the asset in question. Stability at $0.3 is a good thing for the XRP price in general, even though it may not be all that easy to come by at times. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post XRP Price is Slow to Respond to Coinone’s Remittance News appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.