On February 13, 2018, THEKEY announced a strategic partnership with the China Social Insurance Association (CSIA), China Unicom, and Tsinghua Unigroup. The four parties aim to explore the increased uses and widespread adoption of social security data in the commercial insurance industry by implementing Blockchain-based Dynamic Multidimensional Identification (BDMI). BDMI is the second-generation of THEKEY’s Identity Verification (IDV) practices.
The CSIA is a group that assists in the provision of the following five categories of a social safety net: basic pension, basic medical, unemployment, work-related injury, and maternity leave. The CSIA is an organization that is affiliated with the Chinese Ministry of Labor and Social Security.
China Unicom is a telecommunications provider that delivers mobile broadband, fixed-line broadband, global systems for mobile communications (GSM), fixed-line local access, information and communication technology (ICT), data communications, and other related services. As of the end of 2016, China Unicom serves 67 million fixed-line local access users, 75 million fixed-line broadband users, and 264 mobile billing subscribers.
Tsinghua Unigroup designs, develops, and markets wireless systems through its subsidiaries. Their product portfolio includes baseband, radio-frequency front end modules, power amplifiers, Wi-Fi, transceivers, Bluetooth and FM combo chips, FM radio receivers, walkie-talkie transceivers, LNB satellite down converters, analog mobile television receivers, and CMMB mobile television receivers. Their products are incorporated into mobile handsets, and other wireless and consumer electronic devices.
Currently, THEKEY is operating a form of Dynamic Multidimensional Identification, connecting personal data of 210 million people in 66 different cities, also referred to as THEKEY’s first-generation IDV. Access to this data is coordinated among relevant government authorities on a real-time basis. Additionally, their first-generation IDV solution is currently in use to pay for mobile social insurance in two pilot cities, where THEKEY users can currently receive pension payments, or healthcare insurance reimbursement.
Under the guidance and leadership of the CSIA the four parties agree on the following principles for growth and improving information security through:
- Improving levels of social security of those who are insured, through innovation and shared practices; and,
- Exploring security standards, and supervisory mechanisms of social security data in commercial insurance, finance, credit investigation, and through internet use.
As for goals for their partnership, the four entities have tentatively agreed to meet regularly to discuss progress of their project, gradually implement shared practices, develop regular periodic reports, and to refine future technical deployments.