WISeKey International Holding Ltd, a leading global cybersecurity and IoT company, has achieved a significant milestone with the successful execution of its Proof of Concept (PoC) for Transactional-IoT (t-IoT) technology, known as Project SEALCOIN. This groundbreaking development marks a major step forward in the disintermediation of service providers for interconnected devices, demonstrating the transformative potential of SEALCOIN’s innovative platform.
Transactional-IoT refers to the automated communication and transactions between devices within the Internet of Things (IoT) ecosystem. SEALCOIN’s PoC showcases the use of advanced technology embedded within a semiconductor device to autonomously validate and verify transactions. At the core of this innovation is the Secure Element, an embedded security hardware that safeguards the device’s unique identity represented by the private key and certificate.
One of the key highlights of the PoC is the disintermediation of service providers. By enabling devices to transact directly with each other, SEALCOIN eliminates the need for intermediaries, enhancing efficiency and reducing costs in the IoT ecosystem. Additionally, the Secure Element ensures advanced security, maintaining the highest standards of protection and trust for the device’s set of keys.
SEALCOIN leverages elliptic curve cryptography (ECC) compatible with Hedera’s Decentralized Ledger Technology (DLT). This enables devices to authenticate and sign transactions in real-time, ensuring secure and transparent on-chain interactions.
Carlos Moreira, CEO of WISeKey, expressed his excitement about this significant milestone, which triggers the launch of the development of the SEALCOIN platform. The company aims to deliver a Minimum Viable Product (MVP) by Q4 2024, further enhancing the capabilities of their Transactional-IoT technology and providing a comprehensive solution for secure, autonomous device interactions.
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 to support the seamless and efficient operation of the SEALCOIN platform.
This successful PoC reaffirms SEALCOIN’s commitment to driving innovation and setting new standards in the IoT landscape. As WISeKey continues to advance its technology, the team is excited to explore new possibilities and applications that further their mission of creating a safer and more interconnected world.
WISeKey International Holding Ltd is a global leader in cybersecurity, digital identity, and IoT solutions platform. With several operational subsidiaries dedicated to specific aspects of its technology portfolio, WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. The company’s semiconductors, deployed across various IoT sectors, play a vital role in securing the Internet of Everything.
For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.