THEKEY Enters into Cooperation with Chinese Government on Research into Social Insurance Blockchain Applications

The commercialization and software of social insurance coverage information is going through an as but unresolved dilemma. On one hand, social insurance coverage information is strictly regulated by the PRC’s “Social Insurance Regulation” and can’t go away the custody of the federal government, can by no means be downloaded, and might by no means be seen by unauthorized individuals. Alternatively, the broad array of social insurance coverage information aggregated by healthcare and associated fields is of unimaginable worth to authorities, the better medical and pharma domains and past, that have to be totally deployed in service to growing healthcare efficacy and the better improvement of society and the economic system. With the emergence and improvement of blockchain, an ideal technical answer to this better dilemma is rising.

In deal with to the above alternative, on the current 20th of June 2018 THEKEY, the Info Middle of the Ministry of Human Sources and Social Safety (MHRSS) and the China Social Insurance Affiliation (CSIA) introduced that they’ve reached a cooperative settlement in researching social insurance coverage blockchain purposes that embody options that deal with the above quandary.

The appliance of blockchain know-how in social insurance coverage is unprecedented and is anticipated to basically change the healthcare from the next views:

  1. Deploying open supply code, and by nature being each clear and ‘sensible contract’-based, blockchain know-how can probably resolve the insurance coverage ’s belief points, ideally by guaranteeing not solely insurance coverage agreements, but additionally the integrity, reliability and accuracy of the insurance coverage information, thus considerably decreasing the price of underwriting.
  2. By way of these identical sensible contracts automated and direct settlement of claims could be triggered, growing the effectivity of, and belief in, related transactions.
  3. File transacted on the blockchain are traceable, plain and unalterable, thus optimum for assembly the necessities of social insurance coverage audits, additional decreasing fraud, abuse and waste of social insurance coverage funds.
  4. Blockchain can and can largely enhance the effectivity of social insurance coverage funds, transactions, clearance and settlement, on a day-to-minute foundation, and can ship even sooner speeds with the additional improvement of blockchain applied sciences.
  5. Blockchain will cut back the operational price of social insurance coverage businesses, ideally translating to decrease prices and higher service to customers.
  6. Blockchain will higher facilitate the commercialization and software of social insurance coverage information by making certain each safe information transmission and transactions amongst varied stakeholder establishments.

On the 30th of June an official kick-off assembly associated to launching this blockchain analysis was held with leaders from the related departments inside MHRSS, THEKEY and different vested curiosity social organizations, enterprises, consultants and students. In keeping with attendee Mr. Xiaoyi Hu, former Vice Minister of MHRSS and Chairman of CSIA. “The utilization of blockchain will indisputably convey a technical revolution in social insurance coverage .”

As a a number of nationwide award-winner each within the areas of social insurance coverage and blockchain know-how(, and as THEKEY id verification (IDV) interface masking private identifiable information of over 210 million individuals, THEKEY has established itself as a worldwide chief on this area, and is honored to be the unique industrial companion of the federal government businesses on this essential nationwide analysis.

A New Blockchain Research Fund

THEKEY observes that other than the issuance and cost of cryptocurrencies, blockchain has hardly ever been utilized in any on a big scale. The above-described software of blockchain for social insurance coverage by the world’s largest insurance coverage payer in companies to 1.four billion individuals will certainly be a worldwide breakthrough signaling the true world worth and use of blockchain know-how for the social good. It additionally indicators the necessity for great systematic innovation throughout quite a lot of disciplines, together with the areas of on-line id verification, know-how and related enterprise fashions.

In help of the above analysis settlement, and with the intention to overcome the technical and regulatory obstacles of this difficult analysis and commercialization activity forward, THEKEY has launched a scientific analysis fund ( 20 million USD that might be deployed with the related educational and industrial establishments/personnel required to attain all objectives.


THEKEY is a decentralized id verification (IDV) software and ecosystem, the primary industrial firm to mix blockchain with nationwide big-data. THEKEY mission group is now creating a Blockchain-Based mostly Dynamic Multi-Dimensional Identification (BDMI) IDV by utilizing Personally Identifiable Info (PII) that’s solely approved by authorities authorities. THEKEY’s token (TKY) is the one means by which to settle sensible contracts signed between contributors in THEKEY Ecosystem. THEKEY Mainnet platform is scheduled to be launched on the finish of this 12 months/2018. THEKEY’s TKY token is at present tradable on varied trade platforms akin to Bit-Z , KuCoin, LBANK, Hitbtc.

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