Chinese Selfie APP Maker Meitu Launched A Blockchain-based Intelligent Passport Without Issuing An ICO
Meitu Inc., the developer of China’s most popular beauty-enhancing selfie APP, launched its Blockchain Solution White Paper on 22th of January, 2018. According to the white paper, Meitu plans to create a decentralized, secure encrypted identity passport: the Meitu Intelligent Passport (MIP), which enables users to use features-based recognition algorithms as a passing-through secret key to complete the decentralized know-your-customer (KYC) process on blockchain.
On one hand, MIP allows users to anchor assets of different APPs distributed across the blockchain to build a sane Meitu Smart Profile. Users will be able to use various applications more conveniently and securely with privacy protection through face recognition Artificial Intelligence (AI) authentication. On the other hand, MIP also enables some services that require strong authentication (such as medical treatment and education services) to make use of blockchain technology more effectively.
To demonstrate the far-reaching reforms of developing a blockchain-based platform, Meitu pointed out that: Firstly, blockchain is a anonymous, decentralized network due to its technical characteristics. Users in the digital world can not corresponding to each personal identity in the real world due to the lack of a KYC mechanism. Meitu hopes to use MIP as a tool to make the connection of the digital and the real worlds to build up a trustworthy blockchain environment.
Secondly, as users’ data is fragmented distributed across different applications and platforms , they have to retrieve data from numerous applications which causes significant inconvenience. The applications cannot draw enough user data portraits to provide their service in a higher-quality level either. At this point, Meitu’s Smart Profile can help to bring all the user data together. As it is a data center(DC) based on the features-based recognition passport and the data are also been stored decentralized, no one can accessed the original data but the user themselves, so it is much safer than a traditional DC.
In addition to serving users from its own platform, Meitu will also support other applications from a third party to join its platform. Meitu Inc. will provide them with Meitu Intelligent Passport, AI interface of Meitu Blockchain and some more ecological supports.
Meitu also stated that Meitu Blockchain will never launching an ICO or doing any other forms of capital-raising activities and will not issue their tokens either in an interview. Avoiding ICO may be a good way to start their blockchain business under the strict regulation in China. In the meantime, a number of executives of Chinese internet firms also revealed that their company has formed a team to study blockchain technology and they are “looking for a right way to cut in this area.”