BEIJING, June 30, 2018 /PRNewswire/ -- In order to realize the full societal benefit of the invaluable social insurance data that is increasingly being aggregated from China's hundreds of millions of current and future healthcare patients, THEKEY, the Information Center of Ministry of Human Resources and Social Security (MHRSS), and China's Social Insurance Association (CSIA) reached an agreement on the 20th of June, 2018 to cooperate on research in the area of social insurance blockchain applications. As a result of this agreement, and with the full support of the leadership of the above national Ministries and agencies, THEKEY has launched a USD $20 million scientific research fund (https://www.thekey.vip/#/Fund) focusing on better understanding, better innovating with, and better promoting blockchain-based social insurance applications. A press conference announcing this fund was held in Beijing, China on 30th of June, 2018.

Catherine Li, Chairwoman and CEO of THEKEY, made the launch announcement, and Larry Wu, Secretary General of the Fund, gave a comprehensive introduction to the fund, its significance, and its application procedures.

The Fund has been established to accelerate innovation in both the technological and regulatory aspects of blockchain as relates to social insurance services and IDV, which in turn, is intended to not only enhance platform outcomes but generally and greatly enhance the welfare of the people and the society. Research topics will include security supervision mechanisms; the aggregation, processing and commercialization of the China population's social insurance data within the context of strict data protection laws; research on the operation and maintenance of medical resources Group Purchasing Organizations (GPO); research on the application of blockchain technology to China's greater social insurance industry; and in general, research on the future of processing, analyzing and mining healthcare-centric big data to the benefit of all.

With respect to potential applicants, any highly accomplished academic, commercial, government or NGO individual or institution with outstanding achievements in relevant fields that have intensive international working background and are willing to follow all data security regulations and rules set by Chinese government are eligible to apply to this fund.

THEKEY, as the initial sponsor and organizer of the Fund, will provide significant support to all winning beneficiary/research partners. This support can include, but is not limited to: industrial and technical resources; government support as makes sense; key data support, including the personal health data and other supporting data from statistically significant populations of users; the processing of health data; the provision of data experimental environments; and direct access to THEKEY's highly accomplished and award-winning technical team.

The Ministry of Human Resources and Social Security is the world's largest insurance payer and provider, serving over 1.4 billion people. The application of blockchain as measurable acceleration to the real-world needs of the Chinese social insurance industry will surely impact the global social insurance and healthcare industries – for the better. The Fund's purpose is to facilitate the research and development required to build new technologies, business models and efficiencies in service to the Chinese, then global masses.

To apply for the Fund, please go to the THEKEY's official website (https://www.thekey.vip/#/Fund) and follow the stated application rules and procedures.

About THEKEY

THEKEY is a decentralized Identity Verification (IDV) tool and ecosystem, the first commercial company to combine blockchain with national big-data and blockchain. THEKEY project team is now developing an IDV tool with Blockchain-based Dynamic Multi-Dimension Identification (BDMI) by using Personally Identifiable Information (PII) that is exclusively authorized by government authorities. THEKEY's token (TKY), is the only means by which to settle smart contracts signed between the participants in THEKEY Ecosystem. THEKEY's Mainnet platform is scheduled to be released at the end of this year/2018. THEKEY's TKY token is currently tradable on various exchange platforms, such as Bit-Z , KuCoin , LBANK, Hitbtc.

For more information, please visit:

Website: www.thekey.vip

Twitter: https://twitter.com/thekeyvip

Telegram: https://t.me/THEKEYOFFICIAL

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SOURCE THEKEY