WISeCoin, the Innovative Tokenized Service of WISeKey, Authenticates People, Products and Machines Using Blockchain and AI
WISeKey allows Connected Electric Cars to Pay with WISeCoin Cryptocurrencies at Autonomous Electric Charging Stations
ZUG, Switzerland – December 21, 2020 – WISeKey International Holding (“WISeKey”, SIX: WIHN, NASDAQ: WKEY), a leading cybersecurity IoT company, today announced that its WISeCoin IoT solution enables secure people-to-people, people-to-machines and machines-to-machines digital communications using blockchain and AI technologies.
WISeKey combines its blockchain technology, with extensive experience in digital identities and PKI, and expertise with secure microcontrollers, to create a tokenized service offering, the WISeCoin utility token. WISeCoin provides an innovative way to verify connected objects wanting to interact with one another. Through this unique service offering, WISeCoin AG, a Special Purpose vehicle created by WISeKey to build the infrastructure for secure intra-object interactions and transactions, aims at becoming the ubiquitous industry solution for facilitating secure IoT interactions.
The solutions provided by WISeCoin AG allows any person, object or machine to exchange information or value in a trusted manner while significantly reducing the risk of malicious cyber threats, frauds and hacks. WISeCoins are however not a means of payment, but a service offering. It is enabled through the token which is stored in a digital wallet and entitles the holder to the service offering of the WISeCoin. The token is indifferent to the wallet provider and can be incorporated into any ERC-20 compatible wallet.
The WISeCoin Validation Service uses AI provided by HIRO (via the certificate’s validation authority) to analyze the digital certificate of different actors and recognize and trust the identity of other parties they are interacting with. To do this, WISeCoin token gives its token holders (stored on digital wallets) access to the WISeKey Public Key Infrastructure (PKI), which provides the verification service in order to mitigate malicious actors and hackers from compromising interactions.
Objects send the validation authority the third party’s public key and the digital certificate for validation. WISeKey checks that the corresponding public key holds a valid WISeCoin and if so, the identity is verified. In order to get the verification, the object making the request needs to hold at least 1 WISeCoin in its wallet, which is valid for 12 months or 100 requests. WISeCoin AG can, over time, adjust the number of tokens required to get verified, the longevity of the token and entitled verifications per token. The WISeCoin Validation Service is used for the verification of the validity of digital identity of the object in real time, thus ensuring secure use of digital identities for authentication of an object connected to the Internet and the activation of attributes such as digital signing, transactions, or sending WISeCoin Machine to Machine Cryptocurrency technology allows connected cars to pay with WISeCoin at the Electric Charging Stations, completing the transaction without using credit cards or any other traditional payment. Connected car owners can charge their cars and pay by transferring WISeCoins via NFC technology, from their car wallet to the electric charging station.
WISeKey is already providing the integration of WISeKey IoT and PKI in the manufacturer’s connected car solutions allowing them to authenticate legitimate car components and enabling owners to securely interact with the car’s smart features. The fact that the electric car includes a WISeKey digital certificate stored on a WISeKey microchip acting as a secure hardware module it allows to send securely the WISeCoins required to execute the payment transaction between the electric car and the electric charger without any intermediaries or paying any transactional fees.
WISeCoin also includes an unforgeable digital identification for the ecar and echarger, securing both. Virtually all new cars on the market today include electronic technologies that could pose vulnerabilities to hacking or privacy intrusions if data security is not addressed. For example, smart cars without cybersecurity protection technology could allow hackers to gain remote access by exploiting vulnerabilities in their ecosystem of connected components and online services. As the number of cars connected to the Internet is growing quickly smart car manufactures are working to identify and reduce potential hacking vulnerabilities in their vehicles.
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN, NASDAQ: WKEY) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
Press and investor contacts:
|WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
|WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSA’s predecessor legislation or advertising within the meaning of the FinSA, or within the meaning of any other securities regulation. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
The securities offered will not be, and have not been, registered under the United States of America Securities Act of 1933, as amended, and may not be offered or sold in the United States of America, absent registration or an applicable exemption from the registration requirements of said Act.