— — Interview after THEKEY Launched Research into Social Insurance Blockchain Applications

The commercialization and application of social insurance data is facing an as yet unresolved dilemma. On one hand, social insurance data is strictly regulated by the PRC’s “Social Insurance Law” and cannot leave the custody of the government, can never be downloaded, and can never be seen by unauthorized persons. On the other hand, the broad array of social insurance data aggregated by healthcare and related fields are of incredible value to government, the greater medical and pharmaceutical domains and beyond, and therefore must be fully deployed in service to increase healthcare efficacy and the greater development of society and the economy. With the emergence and development of blockchain, a perfect technical solution to this greater dilemma is emerging.

In address to the above opportunity, the cooperative agreement in researching social insurance blockchain applications was reached by THEKEY, the Information Center of the Ministry of Human Resources and Social Security (MHRSS) and the China Social Insurance Association (CSIA) (https://nulltx.com/thekey-enters-into-cooperation-with-chinese-government-on-research-into-social-insurance-blockchain-applications/). The official kick-off meeting was held at the end of June, 2018, and attracted intense discussion and attention among leaders from relevant departments within MHRSS and other vested interest social organizations, enterprises, experts and scholars. “China Social Security” magazine, the official academic journal of China social security, has reported the event extensively and made an exclusive subsequent interview with some central and municipal government officials from social insurance department. Here are some insightful opinions from the officials.

Mr. Xiaoyi Hu, former Vice Minister of MHRSS and Chairman of CSIA:

“We should be curious towards new scientific discoveries and advanced technologies, embrace them enthusiastically and explore aggressively. Meanwhile, we must realize that new technologies come with uncertainties.” said Mr. Hu. “The utilization of blockchain will indisputably create a technical revolution in the social insurance industry.”

Yali Zhang, Vice Chairman of CSIA:

Blockchain is the representative of advanced technologies. Social insurance blockchain applications will, on one hand, expand the blockchain application scenarios, and on the other hand, enhance the social insurance service by utilizing the core technologies of blockchain, including the consensus mechanism, distributed storage, digital signature, and smart contract etc. This will consequently promote the social insurance data socialization and commercialization.

Yanli Zhai, Director of Information Center of MHRSS:

Blockchain is a subversive technology to traditional thoughts and authorities, and can be applied in various scenarios. Blockchain application in social insurance is still in its infancy and is closely related with national security and social welfare, therefore conducting massive trials and evaluation is necessary.

Yutu Yan, Vice Researcher, Social Insurance Administration Center of Zhejiang Province:

Zhejiang Province has firstly set up a “distributed” information system in China which plays an important role in social insurance development and improvement. However, data fragmentation and information “isolated island” due to dispersed government functions has largely impeded the application of social insurance data. The decentralized blockchain technology can be utilized in the new social insurance system and could solve the above-mentioned problems.

Tongfei Li, Director, Information Center of General Office of Human Resources and Social Security of Guizhou Province:

Being open, transparent, unalterable and decentralized, blockchain technology will better facilitate social insurance informatization by ensuring safe data storage, transmission and transaction among various stakeholders. But there’s still a long way to go before large-scale application can be launched.

Zhenzhong Jiang, Vice Section Chief, Pension Insurance Administration Section for Government Departments and Public Institutions, Beijing Chaoyang District Social Insurance Center

Blockchain can and will largely improve the efficiency of social insurance payments, transactions, clearance and settlement. It can be applied in specific and microcosmic scenarios related with social insurance. For instance, based on blockchain and smart contract, settlement transparency will be largely improved; blockchain and identity verification (IDV), as what THEKEY is developing, will enhance the accuracy and efficiency of survival authentication, and the combination of blockchain and big data technology will strengthen the reliability of cross-regional social insurance record and fund transmission, and avoid repetition.

In conclusion, most experts and leaders believe that the utilization of blockchain will inevitably bring a technical revolution to social insurance industry, however bold experiments and cautious evaluations are still required. Blockchain is deemed as the most effective technical solution to ensure data security and protect privacy in social insurance industry. It can efficiently reduce or eliminate fraud, abuse and waste of social insurance fund.

About THEKEY

THEKEY is a decentralized ecosystem of Identity Verification (IDV) tools integrating national big-data and the blockchain. THEKEY’s project team is now developing its identification verification (IDV) tool with blockchain using its proprietary Dynamic Multi-dimension Identification (BDMI) platform, uniquely using Personally Identifiable Information (PII) that has been exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method by which to settle smart contracts signed between all participants across THEKEY Ecosystem. THEKEY testnet was launched in May 2018, and its mainnet is scheduled to be released at the end of this year. TKY is currently tradable across a number of exchange platforms such as HitBTC, Bit-Z, KuCoin, Lbank, Coinrail and LATOKEN.

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