Chinese market of IDV is huge, but highly depends from government.
Blockchain does not bring substantial benefits for the product
Identification process seems to be not the simplest and the most convenient for the client. It is not explained, which side of the model have to pay for such service.
No monetization plan has been presented.
Digital identification is a central facet of life in. The personal identity management (PIM) market was estimated to be worth $6.5 billion in 2015, and is expected to grow at a CAGR of 20% to reach $34 billion in the next seven years. Growth figures for the identity verification (IDV) industry predict a 14 billion dollar market valuation by 2021 (by Markets and Markets), with technologies like fingerprint scans and facial recognition quickly becoming commonplace. In our everyday lives, we must constantly verify our identity to carry out routine tasks such as making payments, taking flights or using health insurance. Still, the technology allows a lot of fraud; issues of data security and identity theft cost consumers billions of dollars per year (by cnbc.com). Creating a totally secure, infallible identification system sounds like an impossibility at this stage, however with blockchain technology, THEKEY ICO has set out to do just that.
THEKEY’s first-generation IDV solution is currently in use for mobile social insurance payments in two pilot cities, which people can receive their payment for their pension, or healthcare insurance reimbursement. The IDV solution is currently being deployed in another 41 cities, covering more than 130 million people. Personal identity data of 210 million people in 66 cities, authenticated by the relevant government authorities, are connected on a real-time basis. This constitutes a solid foundation of IDV. The firm is currently developing a token (TKY) that will facilitate transactions on its ecosystem, which it calls the decentralized autonomy community. This community will consist of three main participants: validator, service provider and individual user. The TKY token will provide users with the incentive to participate in the community. To participate in this ecosystem, users will be required to sign smart contracts with built-in KYC protocols. The TKY token will be used to settle smart contracts signed between participants. Users will be able to use TKY tokens to buy identity-related products and services, which the company says will be developed in the future.
Main project goal is creating ecosystem of three main type of participants: validator, service provider and individual user. Key transaction is payments for personal credit report and retaining individual user scene data. First payment goes from user to validator. Second, goes from service provider to validator. Also it is possible to exchange data between service providers. All these payments are driven by the TKY tokens, which provides users with the incentive to participate in the community. To participate in this ecosystem, users will be required to sign smart contracts with built-in KYC protocols. The TKY token will be used to settle smart contracts signed between participants.
Project has adequate level of hard cap, which seems to be normal for current stage of project development. Also, it has clear purposes for raised capitals. The proceeds of the token distribution will be used to fund THEKEY Project operations, including the following purposes: 30% for BDMI development (incl. expenses on technology R&D and talents recruiting) 25% for technical deployment (incl. hardware & software) 20% for market promotion to enable both B end and C end users to know and use the new generation IDV service; 15% for operation and management 10% for legal and other consultant fees. However, at the same time, there is no monetization schemes at all. Market of IDV solutions is going to be huge, however, project have to figure out, how exactly it is going to make profits.
THEKEY’s team has solid experience both in blockchain sphere and IDV industry. Catherine (Xueli) LI (CEO) has Master in Computer Science Database Management and Bachelor in Clinical Medicine. Five years' experience in Canadian International Research Council, where she was in charge of large cooperation projects of leading universities in Europe and America. Ten years of management and sales experience at IMS Health. As the Chairwomen and CEO of the Project, Catherine is responsible for policymaking and implementation of the Project. She has successfully completed the Data Acquisition Program of the Project covering identification related data of 210 million people in 66 cities from varies government departments, financial institutions as well as utility companies She was awarded as The Most Outstanding Women Entrepreneur in China, All-China Women’s Federation, 2017. Ken HUANG (President) worked for CGI Federal office in USA for 18 years and severed as its Director of Cyber Security, Director of Cloud Security and He has establish. He is also chief technical advisor for the few other Blockchain projects. Moreover, he has an experience as Chief Blockchain Expert, VP at Huawei Technologies. Jian WANG (CBO) has 15 years of experience in R&D management, Jian has served as Chief System Architect of projects including big data application on Jiangsu taxation, Central Bank serial number tracing, etc. As the first generation developer of Hyperledger, he has been involved in system architecture design and code review of dozens of blockchain applications. As the head of the blockchain technology team, he has carried out the underlying layer selection and construction of IDV, and led the team to build the prototype verification system of BDMI. Guochun XU (CTO) has 17 years of working experience in the field of computer software and more than 8 years' experience in technical management. Guochun is responsible for product planning, development and evaluation. Hening ZHANG (CPO) was blockchain product director at Suzhou Laizhe, General Manager (Big Data) of Mocenter, Product Director (BPM) at Great sea, and Product Director (DSP) at Yesky. As the head of the product team, Hening is responsible for the prototype framework design of DMI products and KYC modeling formulti IDV scenes. Yuli HUANG (CDO - Chief Data Director) has expertise in the field of data entity & relation identification, terminology standardization, structuralization of electronic medical record (EMR) and intelligent auxiliary diagnosis. Yuli is responsible for data cleaning & processing, knowledge base, data modeling and analysis. Kun CHEN (CMO) He has experience in marketing of medical data, service and software working experiences in Chinese Pharmaceutical Association, Searainbow, Business Engine, etc. Nowadays he also is responsible for government and industry related affairs. Lin Zuo (COO) and R&D Manager has 15 years of experience in R&D and system architecture. I have been R&D center architect in Motorola, Trend Micro Technology and Wanda Finance, etc.