WISeKey International Holding Ltd., a global leader in cybersecurity and IoT, has announced the successful execution of its Proof of Concept (PoC) for Transactional-IoT (t-IoT) technology, codenamed Project SEALCOIN. This achievement signifies a major leap in disintermediating service providers for interconnected devices, highlighting SEALCOIN’s innovative platform’s transformative potential.
Key Highlights of SEALCOIN’s PoC
- Disintermediation of Service Providers:
- SEALCOIN enables devices to transact directly, eliminating intermediaries, thus enhancing efficiency and reducing costs within the IoT ecosystem.
- Advanced Security:
- The Secure Element embedded in semiconductor devices protects private keys and certificates, ensuring the highest standards of security and trust.
- Integration with Hedera:
- Leveraging elliptic curve cryptography (ECC) compatible with Hedera’s Decentralized Ledger Technology (DLT), devices can authenticate and sign transactions on-chain in real-time.
Technological Innovations
- Transactional-IoT (t-IoT):
- Automated communication and transactions between IoT devices, demonstrated through SEALCOIN’s PoC, showcase advanced technology that validates and verifies transactions autonomously.
- Secure Element:
- This embedded security hardware protects the device’s unique identity, ensuring secure on-chain interactions by using ECC for authentication and signing.
Strategic Developments
- Establishment of SEALCOIN AG:
- WISeKey is forming SEALCOIN AG, a Special Purpose Vehicle (SPV), to house its decentralized technology project, SEALCOIN.
- Development and Launch Timeline:
- Mr. Moreira, WISeKey’s CEO, announced the development of the SEALCOIN platform, targeting a Minimum Viable Product (MVP) release by Q4 2024.
Infrastructure and Future Plans
- Hedera’s Decentralized Ledger Technology:
- SEALCOIN leverages Hedera’s DLT for its high performance, security, and stability, supporting the efficient operation of the SEALCOIN platform.
- Commitment to Innovation:
- The successful PoC execution reaffirms SEALCOIN’s dedication to innovation and setting new standards in the IoT landscape, aiming to create a safer, more interconnected world.
The successful execution of SEALCOIN’s PoC marks a pivotal milestone in IoT technology, showcasing WISeKey’s commitment to enhancing security and efficiency through advanced cryptography and decentralized ledger technology. As the company progresses with its SEALCOIN platform, it aims to revolutionize secure, autonomous device interactions.
