Trusted Identity for Blockchain
WISeCoin and WISeKey Trusted Blockchain Of Identities
WISeCoin is a new innovative tokenized service for authenticating people, products and machines to secure the IoT by preventing unauthorized third-party interactions.
WISeCoin’s IoT solution enables secure digital communications from people-to-people, people to-machines and machines-to-machines. We combine Blockchain technology, with our extensive experience in digital identities and PKI, and our expertise with secure microcontrollers to create a tokenized service offering, the ‘WISeCoin’ token, which is a utility token. It provides an innovative way to verify connected objects wanting to interact with one another. Through this unique service offering, WISeCoin AG aims at becoming the ubiquitous industry solution for facilitating secure IoT interactions.
The solutions provided by WISeCoin AG will allow 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 (the certificate’s validation authority) analyses the digital certificate of different actors to recognize and trust the identity of other parties they are interacting with. To do this, the WISeCoin token gives its token holders (stored on digital wallets) access to the WISeKey Public Key Infrastructure, 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 data.
WISeKey and the Blockchain Research Institute (BRI) sign an agreement for the creation of a number of interconnected Blockchain Centers of Excellence around the world.
The spirit of this initiative is to promote the use of blockchain technologies internationally, facilitate the rapid adaptation and on-boarding of blockchain based solutions, foster stronger collaboration between the public, private and academic sectors and cooperate to ensure that the latest technological standards are made available in a safe and trusted manner. The Blockchain Centers of Excellence will also be instrumental in prototyping, the co-creation of use cases and IP creation on blockchain technology and platforms. They will also become a channel to engage companies and governments globally in the work of the BRI, as well as a distribution channel for the BRI’s research.
The Blockchain Centers of Excellence will operate as a coordinated, interoperable blockchain ecosystem around the world, allowing all partners to fully benefit from shared learnings, experiences and resources. Each Blockchain Center of Excellence is expected to develop a particular expertise that can be shared among all centers. For example, the Blockchain Center of Excellence in Buenos Aires will spearhead the development of particular platforms and applications to fight counterfeiting, illicit trade and corruption, while the Geneva Blockchain Center will focus on Fintech, particularly digital private banking and commodity trading applications.
Carlos Moreira, WISeKey’s CEO & Founder, noted: “The creation of Blockchain Centers of Excellency represent an important step to overcome the tremendous trust deficiency we currently live with and represent an unprecedented effort in fostering stronger collaboration between the public, private and academic sectors for the adoption of latest technological blockchain standards in a safe and trusted manner.”
Don Tapscott, Founder and Executive Chairman of the Blockchain Research Institute, noted: “Blockchain represents the second era of the Internet – from an Internet of Information to an Internet of Value. We at the BRI are delighted that the Centers of Excellence initiative will help the world get access to and take advantage of our work. ”
The Blockchain Research Institute (BRI) is a division of The Tapscott Group Inc. It is an independent, global think-tank, co-founded by Don and his son Alex Tapscott. The Tapscott’s are the authors of Blockchain Revolution – the number one global best seller about blockchain. BRI brings together the world’s top global researchers to undertake ground-breaking research on blockchain technology. Funded by a membership consisting of international corporations and government agencies, BRI’s multi-million-dollar research program features over 100 projects exploring the strategic implications of blockchain on business, government and society. From market opportunities to best practices and implementation challenges, BRI is dedicated to inspire and prepare private- and public-sector leaders to be the catalysts of the blockchain transformation.