Blockchain Hybrid Consensus Mechanism Seminar Held by THEKEY to Facilitate IDV Productive Deployment TheKey Follow Jun 6, 2019 · 4 min read

The Research on Blockchain Hybrid Consensus Mechanism (hereafter referred as the Research) was jointly established by the Key Laboratory of Internet Big-data Security Analysis of Harbin Institute of Technology (hereafter referred as the Lab) and THEKEY, aiming at exploring the PoP (Proof of Power) hybrid consensus mechanism, which is fundamental for the IDV productive deployment, optimizing the blockchain application in social insurance and facilitating the social security data socialization.

Harbin Institute of Technology is the national key university and directly subordinate to Ministry of Industry and Information Technology of the People’s Republic of China (MIIT). The Lab was selected as one of the 27 national key laboratories by MIIT in 2018, and plays important role in the national big-data technology research and development. The cooperation of THEKEY and the Lab focuses on the hybrid consensus mechanism development, where the Lab will work out the solutions theoretically and technically, and THEKEY will verify them through various application scenarios.

On June 1st, the seminar was held in Nanjing Financial Technology Research and Innovation Center. There were over 30 government officials, experts and scholars attending the seminar, among which included Yingshen Dong, Party Secretary of the Information Center of the Ministry of Human Resources and Social Security (MHRSS), Jianshe Lv, Vice-chairman of China Social Insurance Association(CSIA), Haiming Xia, Deputy Director of Nanjing Healthcare Security Administration, Guoqing Jiang, Director of Digital Currency Institute of People’s Bank of China and Nanjing Financial Technology Research and Innovation Center, Jifa Gu, former Chairman of International Federation for System Research (IFSR) and former Deputy Director of System Science Institute of Chinese Academy of Sciences, and many other officials and leaders from departments across social security and medical insurance fields, as well as across China RE, CITIC Group, China Unicom, Tsinghua Unigroup and other vested interest social organizations and enterprises.

Blockchain Hybrid Consensus Mechanism Seminar in Nanjing

THEKEY’s Dr. Yidong King delivered the opening speech in the seminar. He pointed out that after more than 20 years’ development, China’s social security data has become the world’s largest population database and health database, with incredible social and economic value. However, safety is still the great challenge that the social security data socialization facing. Blockchain technology provides a perfect solution to the quandary, which will fundamentally improve the user experience of China social security, lower the service cost, and facilitate the social security data socialization under the premise of data security. On the other hand, China social security also provides the most complicated and practical application scenarios for blockchain research and development.

Dr. Yidong King delivering opening speech

Guoqing Jiang, Director of Digital Currency Institute of People’s Bank of China and Nanjing Financial Technology Research and Innovation Center pointed out that as a financial technology incubator, the Center is committed to constructing Nanjing financial technology ecosystem and providing a set of public infrastructures for citizens. As the exclusive IDV service provider in National Digital Assets Registration, Clearance and Settlement Center launched by the Center, THEKEY brings vitality and innovation to the program, lays solid technical foundation and broadens up application scenarios.

Guoqing Jiang delivering speech

Afterwards, Jianshe Lv, Vice-chairman of CSIA, shared the blockchain application case in the Medical Insurance Credit Evaluation System, which was jointly established by National Healthcare Security Administration, Chinese Academy of Labor and Social Security and THEKEY. Yu Zhang, associate professor of the Lab, briefly introduced the rationale and solution of the Research.

“The Research is of incredible practical significance and social value, which not only can enhance the user experience of China’s social insurance, but also mobilize the government data interconnection and enrich the government data socialization scenarios, therefore bring benefits to the society and the people.” Yingshen Dong, Party Secretary of the Information Center of MHRSS, commented.

Yingshen Dong commenting the Seminar

Before the seminar, Catherine Li, Chairwoman and CEO of THEKEY, showed the attendees around THEKEY’s Nanjing office.

Catherine introducing THEKEY’s Nanjing office to Yingshen Dong

Patents and Software Copyrights of THEKEY

About THEKEY

THEKEY is a decentralized ecosystem of Identity Verification (IDV) tool integrating national big-data and the blockchain. THEKEY’s proprietary Blockchain based Dynamic Multi-dimension Identification (BDMI) platform has been using Personal Identity Information (PII) exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method to settle smart contracts across THEKEY Ecosystem, which is tradable on HitBTC, Bit-Z, KuCoin, Lbank and LATOKEN, etc. THEKEY mainnet was launched in Nov 2018. THEKEY was granted the National “Technology Innovation Award of 2018 Chinese Government’s Information Product”; won the International Competitive Bidding co-launched by People’s Bank of China and Nanjing Municipal Government, and achieved social security data socialization and commercialization for the first time in Kaifeng, China.

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