Identity Verification Is A Crucial Aspect Of Our Daily Lives
It is believed by many observers that by the year 2021 the Identity Verification Industry or IDV will grow into an astonishing 14 billion dollar (USD) industry. This expected growth is precipitated by the fact that IDV has now become a part and parcel of our daily lives.
The way we communicate and interact with each other whether on a personal or business level requires some form of identity verification especially when such interaction is done online. What obtains in the IDV industry in this present day and age includes facial recognition and fingerprint scanning, these are pretty much a norm these days for both online as well as offline interactions.
Major identity verification issues like identity theft and the security of data/information have been minimised with these means, but even at that it is still on record that billions of dollars (USD) is lost annually mainly because of data/information security and identity theft issues.
THEKEY – A Viable Blockchain Identity Verification Platform
THEKEY is a blockchain powered identity verification (IDV) platform built to provide a distributed, open source and decentralised network for identity verification and validation that will greatly lower the incidence of identity theft and data/information security issues.
The network comprises of validators who are incentivised to handle all identity verification requests emanating from service providers. These validators will provide the service providers with an up-to-date, speedy identity verification result and receive TKY tokens (i.e. the NEP-5 digital asset of THEKEY) as compensation for their services.
Smart contracts will be entered into by service providers and validators under THEKEY platform for the purpose of identity verification with TKY fueling the whole process. At the moment THEKEY is working on a tool for IDV simply called BDMI or the “Blockchain Dynamic Multi-dimension Identification”. This IDV tool was developed to enhance the accuracy and speed of identity verification on the platform. As a matter of fact, THEKEY has stated that the identity verification outcomes of the BDMI will be “unalterable and undeniable”.
THEKEY Fund Racing Plan Calls For Expression Of Interests
The 30th of June this year witnessed the launch of the THEKEY Fund by THEKEY. THEKEY Fund is a Scientific-based Research Fund which was established essentially for the development and execution of blockchain-based technology for social insurance services.
In a 5 year period it is expected that a total of 20 million dollars (USD) will be raised by the fund and put to use in the development of THEKEY ecosystem, so that the way identity verification is carried out on the platform in the future will result in quicker and more accurate outcomes.
With this in mind, the Racing Plan of THEKEY has called for an expression of interest from members of THEKEY community, the blockchain community as a whole and members of the public from July 15 to September 30th, 2018. THEKEY has stated that interested individuals and entities can obtain application forms as well as the necessary instructions with regards to participation from this link right here.