THEKEY's Mobile Medical Insurance Platform - Laying the Foundations for Real World Usage of Cryptocurrencies

Tired of the endless waiting at hospitals? Here's a solution for you.

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Apr 30, 2018, 09:00 ET

SINGAPORE, April 30, 2018 /PRNewswire/ -- THEKEY's tokens (TKY – now tradable on www.kucoin.com & www.lbank.info) will be utilised in the second generation of DMI technology known as BDMI (Blockchain-based Dynamic Multidimensional Identification). The Testnet for BDMI is scheduled to be released in the middle of this year, and the Mainnet is planned to be released at the end of this year. There will be 3 components in the BDMI ecosystem: participants (validators, service providers and individual users), smart contracts and TKY.

In use by 350,000 users in Kaifeng city, Jiaxing city and Heilongjiang Province combined

TKY is the only method to settle smart contracts signed between the participants in THEKEY's BDMI Ecosystem. Once the Validator, Service Provider and the Individual User all sign-off on the transaction via the smart contract, the parties will use TKY Tokens to settle the contract according to the agreed price and payment sharing plan. Services that currently utilise THEKEY's DMI technology will gradually migrate to BDMI technology after the release of the Mainnet and after intensive pilot cities testing. THEKY has been laying down an extensive ecosystem which will result in real-world cryptocurrencies use cases. One such product is THEKEY's Mobile Medical Insurance Platform with already 350,000 users in Kaifeng city, Jiaxing city and Heilongjiang Province all together, and more than 45 more million in population to tap on. We will further explore below.

Introduction

The recent decades have witnessed a progressive decline in the average attention span of individuals thanks to the birth of smartphones, gadgets and an overall more convenient lifestyle. Every new generation only gets more impatient and this is a massive problem the current breed must ultimately learn to manage. Take an ordinary visit to the hospital for instance; upon obtaining a queue number, the patient proceeds to wait for his turn in the waiting area. Assuming the patient is not an urgent medical case, this would already be a typically long wait. When his turn is finally up, the patient enters the doctor's office for what would probably seem like a jiffy before he is ushered out to continue waiting for payment to be processed for his consultation and medication. Following this, the patient will then proceed to the pharmacy to, again, wait for his prescription to be issued. The whole process essentially boils down to a waiting game; a colossal pain in the neck for an originally short consultation with the doctor and definitely not a tolerable situation for the increasingly impatient generation.

THEKEY's mobile medical insurance platform

This problem is solved in an instant with THEKEY's mobile medical insurance platforms. With already 350,000 users in Kaifeng city, Jiaxing city and Heilongjiang Province all together, and more than 45 more million in population to tap on, China is the most suitable ground to grow this platform. In essence, THEKEY's mobile medical insurance platform works to hasten payment processes in hospitals and outpatient clinics by integrating medical visitation and social security details onto a single online platform, enabling secure self-service payments anywhere, anytime, without any of the unnecessary queuing, waiting and standing around.

What sets this apart from ordinary mobile payment methods, you ask? Well, no one likes to pay straight out from their own pockets, hence THEKEY's mobile medical insurance platforms are already winning in that. The platform works with social security support services to help patients offload parts of their medical bills to their social insurance accounts in real-time. This way, patients can instantly split their bill into two parts: social insurance public account payments and the amount they must dispense on their own. Additional features offered by this revolutionary platform includes high-security identity requirements, GPS tracking as an added layer of security check as well as product audit. In short, the mobile medical insurance platform is an upgraded, more sophisticated sibling of the soon-to-be obsolete ordinary mobile payment platform.

Extensive modes of payment

While the instant bill split program has been an exciting novelty to most, users are still given full liberty to choose from a range of payment options. Patients who prefer to pay for their medical services in full retains the right to do so and may complete their cashless transactions through a variety of merchants, including AliPay, WeChat and UnionPay. For patients who already have a commercial insurance provider, the platform offers the option of a direct compensation. This basically means that as long as the patient is tied to a running insurance package, they will be able to pass the full expenses directly to their insurance provider without having to take a single penny out of their own pockets. The commercial insurance company will then quickly settle the medical bills upon receiving the official medical statements. If these are not enough, there is also an option to make payments via installments as long as the user holds a favorable credit score.

The Dynamic Muti-Dimension Identification (DMI) Technology

In an elaborate attempt to work around the security lapses a self-service payment platform could be susceptible to, the application has incorporated additional features – a Dynamic Multi-Dimension Identification (DMI) technology – to ensure an ideal level of security. Traditionally, hospitals ensure payment security and accurate identification of the patient through comprehensive administrative processes and checks – from presentation of a social security card at the counter, to physical contact with the reader device, to human verification of the patient's identification card with the social security card linked to their insurance plans. In this case, the platform deters fraudulent usage of social security accounts through their DMI technology.

The DMI Technology comprises of 6 core modules, namely "Personal Data Collection", "Verification of Personal Data with Governmental Authorities", "Validation of Transaction through GPS Location Services", "Cross-validation of Convict and Death Information", "Review of Medical Insurance Settlement" and "Data Audit of Transactions". Of these core modules, the first four would have already solved the potential issue of fraudulent impersonations in social security payments effectively. This raises the efficiency of social security payments at hospitals and outpatient clinics without compromising the security of insurance funds.

Offsite medical access – Purchasing pharmaceutical products from your home

Besides on-site hospital visits, THEKEY's medical insurance platform is also programmed to give users ease of access to medicine from their home. Through its DMI technology, individuals on the platform are screened for their rights to purchase before being given the access to online pharmaceutical catalogues where they can browse, purchase and receive medicine from the comfort of their own homes. These expenses will then be paid for hassle-free, through their tagged social security accounts.

Moving forward – Blockchain-based Dynamic Multidimension Identification (BDMI)

To make things more exciting, THEKEY's tokens (TKY – now tradeable on www.kucoin.com & www.lbank.info) will soon be utilized in the second generation of DMI technology known as BDMI (Blockchain-based Dynamic Multidimension Identification). This means that the mobile medical insurance platform will be transiting as well, adding a dynamic new element to its already unparalleled technology. The BDMI technology will consist of 3 components, namely, participants (validator, service providers and individual users), smart contracts and TKY tokens to establish an unparalleled platform. In essence, the BDMI technology synergistically combines DMI and the blockchain technology to generate undeniable and unalterable IDV results.

The Testnet for THEKEY's BDMI technology is scheduled for release in the middle of this year, with the Mainnet following closely behind to be released towards the end of the year. Services that currently utilize THEKEY's DMI technology, including the mobile medical insurance platform, will gradually migrate to BDMI upon the Mainnet release and completion of intensive testing in pilot cities.

About THEKEY:

THEKEY is a blockchain based identity verification technology (IDV) being developed to create secure digital identities for the future. Built on a decentralized ecosystem, THEKEY uses blockchain based dynamic multidimensional identification (BDMI) to store big data. Headed by Catherine Li, voted the most Outstanding Women Entrepreneur in China, the technology handles Personally Identifiable Information (PII) which has been exclusively authorized by government authorities.

For more information of THEKEY, please visit the following links:

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Related Files

THEKEY White Paper.pdf

Related Images

thekeys-mobile-medical-insurance.jpg
THEKEY's Mobile Medical Insurance Platform
In use by 350,000 users in Kaifeng city, Jiaxing city and Heilongjiang Province combined

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Facial Recognition Inteface
Facial Recognition done by THEKEY's DMI technology

bill-splitting-via-the-platform.jpg
Bill splitting via the Platform
User interface that facilitates bill splits between the patient and their social security providers.

payments-on-the-app-via-alipay.jpg
Payments on the App via Alipay, UnionPay and WeChat
Ease of payment through multiple merchant services, including AliPay, Wechat as well as UnionPay.

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