SEALCOIN Technology Successfully Tested in a Proof of Concept for Transactional-IoT M2M
August 05 2024 - 1:00AM
For more information see this video presentation:
https://youtu.be/daOvoOxqGvQ
WISeKey International Holding Ltd. (“WISeKey” or the “Company”)
(SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity and IoT
company operating as a holding company, today announced the
successful execution of its groundbreaking Proof of Concept (PoC)
for Transactional-IoT (t-IoT) technology codenamed Project
SEALCOIN. This milestone marks a significant step forward in the
disintermediation of service providers for interconnected devices,
showcasing the transformative potential of SEALCOIN's innovative
platform. Of note, WISeKey is in the process of establishing
SEALCOIN AG, a Special Purpose Vehicle (“SPV”) to house its
decentralized technology project, SEALCOIN.
Transactional-IoT refers to the automated communication and
transactions between devices within the Internet of Things (IoT)
ecosystem. SEALCOIN’s PoC demonstrates the use of advanced
technology embedded within a semiconductor device to validate and
verify transactions autonomously. At the heart of this innovation
is the Secure Element, an embedded security hardware that protects
the private key and certificate representing the device's unique
identity. Leveraging elliptic curve cryptography (ECC) compatible
with Hedera’s Decentralized Ledger Technology (DLT), the device can
simultaneously authenticate and sign transactions on-chain.
Key Highlights of the PoC:
- Disintermediation of Service Providers: By
enabling devices to transact directly with one another, SEALCOIN
eliminates the need for intermediaries, enhancing efficiency and
reducing costs in the IoT ecosystem.
- Advanced Security: The Secure Element ensures
that the device’s set of keys are protected, maintaining the
highest standards of security and trust.
- Seamless Integration with Hedera: Utilizing
ECC, the same cryptographic algorithm employed by DLT, devices can
authenticate and sign transactions in real-time, ensuring secure
and transparent on-chain interactions.
Mr. Moreira, WISeKey’s CEO noted, “This significant milestone
triggers the launch of the development of the SEALCOIN platform. We
are excited to announce that we are starting these developments and
are aiming to deliver a Minimum Viable Product (MVP) by Q4 2024.
The SEALCOIN Platform will further enhance the capabilities of our
Transactional-IoT technology, providing a comprehensive solution
for secure, autonomous device interactions.”
Furthermore, SEALCOIN is leveraging Hedera's Decentralized
Ledger Technology as the underlying decentralized infrastructure.
Hedera's DLT offers high performance, security, and stability,
making it an ideal choice for supporting the seamless and efficient
operation of the SEALCOIN platform.
The successful execution of this PoC reaffirms SEALCOIN's
commitment to driving innovation and setting new standards in the
IoT landscape. As the company continues to advance its technology,
the team is excited to explore new possibilities and applications
that further the mission of creating a safer, more interconnected
world.
About SEALCOINSEALCOIN is dedicated to
revolutionizing the Internet of Things (IoT) through innovative
technology that empowers devices to autonomously transact and
coordinate service-for-payment exchanges. By leveraging advanced
blockchain technology and secure semiconductor solutions, SEALCOIN
aims to create a decentralized infrastructure that enhances
security, efficiency, and trust in the IoT ecosystem.
About WISeKey: WISeKey International Holding
Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in
cybersecurity, digital identity, and IoT solutions platform. It
operates as a Swiss-based holding company through several
operational subsidiaries, each dedicated to specific aspects of its
technology portfolio. The subsidiaries include (i) SEALSQ Corp
(Nasdaq: LAES), which focuses on semiconductors, PKI, and
post-quantum technology products, (ii) WISeKey SA which specializes
in RoT and PKI solutions for secure authentication and
identification in IoT, Blockchain, and AI, (iii) WISeSat AG which
focuses on space technology for secure satellite communication,
specifically for IoT applications, (iv) WISe.ART Corp which focuses
on trusted blockchain NFTs and operates the WISe.ART marketplace
for secure NFT transactions, and (v) it is in process of
establishing SEALCOIN AG to focus on decentralized physical
internet with DePIN technology and house the development of the
SEALCOIN platform.
Each subsidiary contributes to WISeKey’s mission of securing the
internet while focusing on their respective areas of research and
expertise. Their technologies seamlessly integrate into the
comprehensive WISeKey platform. WISeKey secures digital identity
ecosystems for individuals and objects using Blockchain, AI, and
IoT technologies. With over 1.6 billion microchips deployed across
various IoT sectors, WISeKey plays a vital role in securing the
Internet of Everything. The company’s semiconductors generate
valuable Big Data that, when analyzed with AI, enable predictive
equipment failure prevention. Trusted by the OISTE/WISeKey
cryptographic Root of Trust, WISeKey provides secure authentication
and identification for IoT, Blockchain, and AI applications. The
WISeKey Root of Trust ensures the integrity of online transactions
between objects and people.
For more information on WISeKey’s strategic direction and its
subsidiary companies, please visit www.wisekey.com.
Press and Investor Contacts:
WISeKey International Holding Ltd Company
Contact: Carlos MoreiraChairman & CEOTel: +41 22 594
3000info@wisekey.com |
WISeKey Investor Relations (US) The Equity
Group Inc.Lena CatiTel: +1 212 836-9611 / lcati@equityny.comKatie
MurphyTel: +1 212 836-9612 / kmurphy@equityny.com |
Disclaimer: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.
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.
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