THEKEY Project, a world-leading solution provider in IDV industry, is here to leverage innovations in Blockchain and Smart Contract technologiesto develop its second-generation IDV solution to address all the above-mentioned issues in the internet world. THEKEY smart contract system will use NEO smart contract, and develop under DNA framework. THEKEY will co-establish a smart economy which consists of digital asset, digital identity and smart contract together with NEO. Focusing on identity verification, THEKEY will be the fundamental element of the whole system. The compatibility of NEO towards multi-programming language and the lightweight, high concurrency and expansibility of NEOVM will facilitate THEKEY smart contract development and popularization in various industries.
Blockchain is a distributed ledger where the data is stored and recorded by different nodes, which maintain the data and transaction activities. 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 following logical structure map clearly shows how the DMI technology applies on Blockchain to develop the new revolutionary IDV solution.
The BDMI framework can be divided into three different layers – protocol, interface and application. The protocol layer is set up based on Blockchain, which is applicable for BDMI technical selection, such as ETH, EOS, NEO etc. This layer sets the safety level, data authority, concurrency and flow processing. The interface layer provides identification data modeling by which the protocol layer can be connected with applications, to realize data standardization, anti-fraud modeling and smart contract trigger etc. The application layer will realize the scenarios where identification can be used, where interface and SDK (Software Development Kit) shall be provided for the data exchange.
There are three parties in THEKEY Ecosystem:
– Validators who process the IDV request and generate the IDV result
– Service Providers who initiate IDV request
– Individual Users who are the customer of the service provider and need to give consent to validators to process the IDV request.
TKY Tokens will be frequently used in THEKEY Ecosystem. After having TKY Tokens, the Individual Users can use them to purchase identity-related products and services that will be developed at later stage from THEKEY, such as service to run personal background check or access to individual credit reports, etc. Service Providers will pay TKY Tokens to Validators to purchase IDV service. Other Validators will alsomake their identity-related products and services available through the Ecosystem. Moreover, THEKEY will also use TKY Tokens for paying to other Validators or data providers when collecting data to enhance the overall accuracy, comprehensively and completeness of PII for IDV processing.